Common types include SBA loans, term loans, business lines of credit, equipment financing, and invoice factoring. SBA loans tend to offer the lowest rates but have stricter qualification requirements. The best choice depends on how much you need, how quickly you need it, and what you plan to use the funds for.

Lenders typically evaluate your business credit score, personal credit score, annual revenue, time in business, and cash flow. They may also require a business plan and collateral for larger loans. Having strong financials and organized documentation speeds up the approval process.

Business loan rates vary widely, from around 4% for SBA loans to 30% or more for short-term online lenders. Rates depend on the loan type, your creditworthiness, and the lender. In general, secured business loans and SBA-backed loans offer lower rates than unsecured personal loans.