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Are you looking for Arizona’s best business loans & startup financing companies? If you run a small business in the Grand Canyon State, then you can access different types of loans to meet your financial needs. Since more than 641,000 small businesses operate in this state, different loan types are offered to them to support 1.1 million jobs provided by these companies. these companies contribute heavily to Arizona’s economy.
Understand the unique features and benefits of different loan types to empower your business. That’s how you can choose the best lender for your business. In the Grand Canyon State, you’ll find both traditional and unconventional loan types. So, carefully choose which option is the best 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 Arizona to get started:
1. Swoop Funding
Swoop Funding is every Arizona-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 and innovative financing options with a simplified funding process. Swoop Funding gives you quick access to essential business loans. The online application process is swift, easy, and efficient. Also, this lender’s repayment schedule is quite flexible.
2. Foothills Bank
This lender operates in multiple Arizonian cities. So, you can easily get funded with this bank & get your business operations funded. Get in touch with their nearest branch and talk about your options. This bank is, in fact, a division of the more famous Glacier Bank. Foothills Bank will offer you ample funding for purchasing business equipment, agricultural loans, commercial construction loans, and various other business endeavors.
3. Celtic Bank
With Celtic Bank’s SBA 7(a) loans, you can get up to $7 million in funding. The term length can be 25 years with no balloon payments required. This lender also gives you up to 90% LTV. The interest rate is as low as prime plus 2.75%. Even though this financial services provider is based in Utah, it offers wide-ranging financing services to small businesses in Arizona, supporting many industries. These industries include car washing, gas stations, restaurants, daycares, and other facilities.
4. First Union Lending
This client focuses on Phoenix-based businesses. So, they offer short-term loans, lines of credit, equipment financing, credit card processing, health care provider loans, invoice factoring, merchant cash advances, and much more to local startups. So, you can schedule your free consultation session with First Union Lending’s experienced staff. They can look at your business profile and recommend the best loan type suitable for your services. This lender operates in Tuscon and Phoenix; however, they have branches in many US states.
5. Sunflower Bank
At Sunflower Bank, you’ll get ample funding for various business operations. This lender offers SBA loans for equipment financing, international trade and export, commercial real estate purchases, acquiring another business, and other stuff. Since Sunflower Bank is a preferred lender of the Small Business Administration (SBA), working with them will help you easily acquire another business, finance business equipment, or even purchase commercial real estate in a business owner’s capacity.
6. Alerus/Metro Phoenix Bank
Alerus has now occupied Metro Phoenix Bank. Alerus has a branch in Phoenix. So, you can go there to ask about business loans and personal lines of credit (LCs). This lender offers you both secured (requires collateral) and unsecured (doesn’t require collateral) loans. Even though the webpage says that these loans are of a personal nature, you can rest assured that you can use them for business purposes as well.
7. Fast Capital 360
At Fast Capital 360, you can get up to half a million in funding, with the term length being up to 5 years. The interest rate is high, though (starts at 7%), but you can get funded in 1 to 2 days. Their application process takes like 2 minutes and you’ll get the necessary funding within the next 24 hours of applying. So, get in touch with the prime lenders in Arizona and fulfill your business dream.
8. PNC Bank
This lender can help your Arizona-based business get Small Business Administration (SBA) loans, too. The interest rate can be 6.46% or just as high as Wells Fargo Bank’s interest rate. Also, the average loan size is $600,000 (that’s why this lender is rated the lowest on our list). PNC Bank also has pretty low down payment requirements. this lender has a pretty extensive history of helping business owners
9. Navajo Small Business Credit Initiative
Navajo business owners in Arizona, Colorado, or New Mexico can get ample funding (up to $20 million) from this credit initiative. So, we are just putting it here as an honorary mention. You can apply for these loans if you happen to be a majority Navajo artisan, a Navajo-controlled nonprofit, or a Navajo sole proprietor. The purpose of this initiative is to help the entrepreneurs in the Navajo community were couldn’t find ample funding for their business ventures via traditional means.
10. Arizona Central Credit Union
Lastly, you should look into Arizona Central Credit Union to get ample funding for your business ventures. Term loans come with fixed & heavily competitive rates. On the other hand, you’ll get terms up to 5 years at Arizona Central Credit Union. You may also open a new line of credit to make sure that your business gets ample funding. This credit union will give you enough funds so you can purchase business equipment easily. If you wish to invest in commercial real estate, you will get up to 25 years of amortization with rates fixed for the next 5 years.
Conclusion
Keep in mind that the Treasury Department awarded $7.9 million to support small businesses.
Choosing the right financing partner is important for startups and established businesses alike. Therefore, your Arizona-based business needs to choose a lender based on factors like loan terms, interest rates, customer service, and online reputation.
Contact Sophisticated Investor to get started and pave the way for sustainable business growth & innovation. That’s how you can reach the heights of business success in the Copper State.
Brandi is a financial writer and entrepreneur with decades of expertise covering U.S. business and financial topics. Her work has been featured on Consumer Affairs, ASBN Small Business Network, Koho and many other top financial publications.
