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Are you looking for Alabama’s best business loans & startup financing companies? For your small business in the Cotton State, many banks, credit unions, and unconventional lenders are offering different loan types. Don’t forget that Alabama is home to 449,000+ small businesses, a key reason why so many lenders are keen to operate in the Yellowhammer State.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 10 business loans & startup financing options in Alabama to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Alabama-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! It is important to talk directly to Swoop’s experts to determine your creditworthiness, though.

2. Sweet Loans Alabama

A play on the famous song Sweet Home Alabam, this lender deserves the #2 spot based on its unique services and flexible terms. At Sweet Loans Alabama, 100+ funding specialists work for the sole sake of making the lives of small business owners better. You’ll get up to $2 million in funding from this generous lender with more than a dozen funding options. Also, funds will be made available to you in like 48 hours.

3. First Metro Bank

There’s nothing better for a Cotton State startup to get financing help from an Alabaman loan provider. That’s why we’re mentioning First Metro Bank. It’s a pretty credible lender that caters to the various needs of local businesses. It gives you commercial real estate, working capital, cash flow, and normal business loans. This bank offers you local processing & decision-making along with highly competitive rates.

4. Ameris Bank

This lender offers you diverse financing services. If you operate a business in Alabama, then you can apply for SBA 7(a) and 504 loans via this provider. As for 7(a) loans, Ameris begins it at $400k and takes it up to $5 million. However, 504 loans go up to $6 million. Keep in mind that 504 is ideal for businesses with a net worth of $15 million or less and an average net income of less than $5 million over the past two years.

5. United Bank

This lender has branches in Florida and Alabama. So, you can apply for various loan types at this bank, getting much-needed financial assistance for your startup. If you want to take out SBA 7(a) loans from this lender, here’s what it’ll offer you:

• Up to 25-year terms, with no balloon payments
• Fixed or variable rate loans, often with lower interest charges than traditional loans
• As little as a 10% down payment on commercial real estate
• Less stringent collateral requirements than with traditional loans

6. Bryant Bank

Bryant Bank proudly serves Alabama-based businesses, offering them unique lending solutions to make sure that no startup in the Yellowhammer State is left behind due to the lack of funds. So, you can apply for commercial real estate, working capital loans, term loans, and many other variations of startup financing. So, find where Bryant Bank’s nearest branch is located. You can go there to apply for business loans easily.

7. River Bank & Trust

Another great way to fund your unique business idea (by establishing a company) or keep your already existing startup thriving (with more cash flow) is to get in touch with River Bank & Trust. This lender has the following key features:

• The largest community bank in Alabama
• Experienced SBA lenders
• Lending minimum $25,000
• Lending limits up to $5,000,000
• Loans processed locally

8. Redstone Federal Credit Union

This credit union could be a great alternative to traditional financing means for your business. In the lender’s own words: “Redstone’s primary business member is defined as an owner-manager with 10 or fewer employees and annual sales of less than $10 million in manufacturing, real estate, investments, professional services, non-profit, and religious organizations.”

9. Citywide Banks

This loan provider comes as a subdivision of HTLF Bank. At Citywide Banks, you can get the full dose of SBA’s lending support and other services. You can apply for SBA loans and invest in commercial real estate confidently. So, get in touch with the customer service section of this loan provider and see what sort of lending opportunities they’re throwing your way.

10. Business Capital USA

Lastly, we’d like to mention Business Capital USA as a loan provider for local businesses. But they require business owners to fulfill these requirements if they wish to receive a loan:

•  1 year in business
•  Monthly revenue is not less than $15,000
•  The business owner possesses a Social Security Number
•  The Business Tax ID / EIN is valid
•  3 months’ bank statements available

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Yellowhammer State in this economy. Don’t forget to check out small business lenders in Mississippi, Georgia, and Tennessee, since they cater to Alabaman startups as well.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.