Best Emergency Small Business Loans For Good & Bad Credit

Lenders for Emergency Business Loans

Emergencies happen. From cash flow dilemmas to irresistible opportunities some lenders can offer faster funding than others for emergency business loans. While you may be in a hurry, it’s important to choose a reputable lending partner and make sound financial decisions. Here are our top picks for emergency business loans: 

Kapitus

Kapitus offers working capital loans, business lines of credit, SBA loans and more, which can all be used for emergencies. With loan amounts ranging from $10,000 to $20,000,000, Kapitus can help with small and large emergencies. With glowing reviews, Kapitus is a top lender for business loans. Business owners that need fast funding and may not have perfect credit should consider Kapitus. Take advantage of a variety of lending products and options. 

Credibly

Credibly offers working capital loans up to $400,000 directly or through one of their lending partners. With more options in one place, business owners can increase their chance of qualifying. At Credibly, access working capital loans, business line of credit, and merchant cash advances. Plus, with a minimum time in business of only 6 months, Credibly is ideal for new businesses or startups. To qualify though, businesses will need to meet high annual revenue requirements for most loans. Business owners with bad credit can take advantage of Credibly’s low minimum credit score requirement of only 550. 

Bluevine 

Bluevine specializes in business lines of credit up to $250,000. A business line of credit can come in handy for emergencies. With 6 or 12 month repayment periods and simple interest, Bluevine proudly offers straightforward funding solutions that are ideal for emergencies. At Bluevine, you can get approved in as little as 5 minutes. 

Lenders for emergency business loans for bad credit

Bad credit can present challenges when it comes to obtaining funding, especially so in an emergency situation. Without the time to boost your score, you’ll need to get creative and find the right lending partner. Here are our top picks for emergency business loans for bad credit.

#1. Kapitus

• Minimum credit score: 600
• Loan amounts between $10,000 up to $20,000,000
• Variety of lending products

#2. Credibly

• Minimum credit score: 500 
• Loan amounts up to $400,000
• Direct loans and a network of lending partners 

#3. Bluevine

• Minimum credit score: 625 
• Business line of credit up to $250,000
• Get approved in as little as 5 minutes

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Lenders for Emergency Business Loans with Low Interest

Keeping loan costs down can make borrowing more manageable while protecting the bottom line. When you’re in a hurry, you may feel the need to move faster, but be sure to compare offers and total loan costs. It’s important to make sound financial decisions, emergency or not. Here’s our top pick for emergency business loans with low interest

Credibly 

APRs as low as 9.99%

Credibly offers a variety of lending products, thus expanding opportunity for business owners. With the ability to provide funds fast, check offers with Credibly for low interest emergency business loans.

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What is an emergency business loan?

As hard as we try personally and professionally to always be prepared, it’s easier said than done. As a business owner, your success often impacts the lives of others, making it even more critical to always find a solution when emergencies arise. So what happens when an emergency happens and you need access to cash to make it through? 

While you may be able to liquidate assets or get help from a friend or family member, it’s common for business owners to take out an emergency business loan. 

Emergency business loans are a type of financing specifically designed to help businesses cover urgent expenses during unexpected events such as natural disasters, equipment breakdowns, or sudden market changes. These loans can provide a much-needed cash infusion to help businesses stay operational and recover from the financial impact of unforeseen circumstances. Sometimes these come from the federal government, but they’re also available through financial institutions that are able to provide fast funding for emergency cases. 

How do emergency business loans work?

Emergency business loans can come in various forms, such as lines of credit, term loans, or even government-backed loans. It’s helpful to know how they work before you might need them so you’re able to move fast when an emergency hits. Emergencies can cause stress, but don’t let them catch you off guard. 

The following types of business loans can be used for emergencies:

• Business line of credit: Business may already have access to a line of credit. If so, they can draw available funds to overcome the emergency. If a business does not have a business line of credit, they can see if they qualify for one. A business line of credit has a credit limit (which can vary)that businesses can draw from as needed. You’ll only be charged interest on the amount borrowed, and once you’ve repaid the amount borrowed, the credit line is replenished. This is a great option for emergency situations where expenses may continue adding up for several weeks or months. 

• Traditional term loans: Term loans are a common type of financing that can be used in emergency situations. To expedite the process of getting a business term loan, visit mySMBscore to check offers from top lenders you can trust. With the power to compare offers within minutes you can fasttrack your way to the finish line and leave this emergency as a thing of the past. Term loans are funded as a lump sum and can be secured without collateral. 

• Government-backed loans: When there’s a natural disaster or other federal emergencies, the government may offer low-interest loans to businesses affected by disasters or other emergencies. These types of loans are only available in specific situations. The U.S. Small Business Administration can offer Disaster Loan Assistance. 

Do banks offer emergency business loans?

Yes, banks are key institutions that can offer emergency business loans. As a business owner you probably have a business checking and or savings account established with a bank. It can make sense to see if the bank you already do business with can help with an emergency business loan. The downside to most banks is their processes may not be as streamlined as online lenders that experience a greater demand for emergency business loans. If you are on a timeline, ask the bank or lender of your choice what funding times look like before accepting a loan offer.

How can I get funding for my business fast?

When an emergency hits, getting money fast is imperative to make sure your business stays up and running and is able to recover from whatever situation it’s working through. If you need money fast, there are a few sources of funding to look into: 

• Online Lenders: Online lenders often have faster application and approval processes than traditional banks, thanks to their streamlined process that’s open 24/7. Many online lenders can provide funding within a few days or even hours after approval.

• Invoice Factoring: If your business has unpaid invoices from clients, you can consider selling them to a factoring company for instant cash without incurring additional debt. The factoring company can collect the outstanding invoices and pay you a portion of the amount collected.
  
  
• Merchant Cash Advances: A merchant cash advance is a type of financing that gives businesses a lump sum of cash in exchange for a percentage of their future credit card sales. While MCAs can be costly, they can be  a quick way for businesses to access funds.

Beyond knowing where to look for fast funding, be sure to submit accurate information during the application process. Regardless of how fast the loan process is, expect the lender to take a good look at your application and requirements before approving a loan. Just as you want to make good business decisions, so do they. 

What can I use an emergency business loan for?

In most cases, the need for an emergency business loan is to cover impending charges that are absolutely necessary to keep your business running or safe. The type of emergency business loan and lender can impact what it can and can’t be used for, otherwise known as spending restrictions. 

That being said, depending on spending restrictions, you can use emergency business loans for issues such as:

• Unexpected expenses: Natural disasters, equipment breakdowns, or sudden market changes can all require unexpected costs that might require a lot of cash. An emergency business loan can help cover these expenses and keep your business running smoothly.

• To cover cash flow gaps: If your business is currently experiencing a temporary shortage of funds, an emergency loan could be a much-needed solution to cover your expenses and keep your operations running smoothly.

• Inventory or equipment purchases: In some cases, you may need to quickly purchase new inventory or equipment to meet increased demand or replace damaged items. An emergency business loan can help.

• Paying employees: If you need fast money to cover payroll expenses, an emergency business loan can provide you with the funds to keep your employees paid.

What are the types of emergency business loans?

There are countless types of financing products you could get to cover emergency expenses. Since “emergency business loan” is more of an umbrella term to cover a variety of products, here are some examples of emergency business loans: 

• Business lines of credit: A business line of credit allows businesses to draw funds up to a predetermined limit, with interest charged only on the amount borrowed. This flexible financing option can be especially helpful in emergency situations where the expenses can vary.

• Short or long-term loans: A short or long-term loan is a traditional type of financing that can help businesses get a lump sum of cash upfront. Oftentimes short and or long-term business loans come with fixed payments making them easier to manage. In an emergency situation, you’ve got enough surprises. The last thing you want is another one with a variable rate and ever changing monthly payment. 

• SBA disaster loans: In some cases, the government may offer low-interest loans to businesses affected by disasters or other emergencies. These loans typically have more favorable terms and may be easier to qualify for than traditional loans.

So, where do you start? Visit mySMBscore today to receive personalized business loan offers from top lenders. We’re here for you, good days and bad. 

Can you get an emergency business loan with bad credit?

Getting a business loan with bad credit is challenging. If you have bad credit, a good place to start is by checking your SMBscore. Lenders can look at your SMB (small-medium sized business) score and or your personal credit score. Understanding your strengths and weaknesses as a borrower with bad credit can help you find a more competitive loan offer. You could also consider borrowing money from a friend or family member if you are unable to qualify for a business loan. 

Does the SBA offer emergency business loans?

Yes, the Small Business Administration (SBA) can offer emergency business loans through its disaster loan program. 

These are low-interest, long-term loans to businesses affected by federally declared disasters, such as natural disasters or economic crises. You can use these loans for specific needs like repairing or replacing damaged property, covering working capital needs, or addressing other financial hardships resulting from the disaster.

How to apply for an emergency business loan

Rushing into a financial decision could lead to costly mistakes. In the event of an emergency do your best to slow down and clearly think through the decision of getting an emergency business loan. By taking advantage of our platform, you can access valuable insights and personalized loan offers within minutes. With the right information and a trusted source, you can be on your way to getting the funds you need to cover an emergency, thus solving one problem without creating others. 

Here’s 3 straight forward steps you can take to get an emergency business loan: 

• Determine how much you need to borrow 
• Check your SMBscore to determine what you can do to increase your chance of approval 
• Receive personalized offers from top lenders in minutes at mySMBscore

At mySMBscore you can streamline the process of getting a business loan, all the while arming yourself with valuable information. We’re in the business of helping business owners prosper - emergency or not.