Where can I find a $3 million business loan? | Options in 2022


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How can you get a $3 million business loan? Explore your options.

Every business owner finds themselves in need of one critical asset at some point in their business lifetime: capital. 

Whether you’ve been in business for 30 years or are just taking your first steps, managing your capital can be a challenge, especially if you’re in an industry that deals with cyclical or seasonal periods of low business activity. 

But, even if you aren’t in one of these industries, you might find yourself needing capital to handle unexpected expenses, update your equipment, or afford new growth opportunities. 

Unfortunately, these are often expensive tasks, but you can potentially secure the capital you need to grow through a business loan or financing option.

Growth opportunities cost money. Sometimes, it’s a substantial amount, like $3 million, which many entrepreneurs might find daunting.

1. Requirements for a $3 Million Business Loan

If you don’t have $3 million on hand to afford the venture, you can secure a $3 million loan to break down the sizeable expense into much more manageable monthly or weekly payments. 

Securing a $3 million loan isn’t something you can do in a few hours; You’ll have to plan accordingly to find a lender offering a loan of this size. Banks and credit unions will likely be your first stop, as these organizations are considered the “traditional” business lenders.

If you’re working with a bank or credit union, at a minimum, you’ll have to provide the following information to get a $3 million business loan:

Last 2-3 years of Business Tax Returns Last 2-3 years of Personal Tax Returns
Last 2-3 Years and YTD Financials  Cash Flow Statement 
Personal Financial Statement  Collateral: Real Estate or Quality B2B Account Receivables
Be Profitable  Projections
Established Business credit (700 minimum) Personal credit score (700 or more)
Business plan (including information on your industry, competitors, growth strategy, etc.)

However, while they offer low-interest rates, the eligibility requirements of banks and credit unions are strict, and the underwriting process is lengthy

They might also require you to offer an asset as collateral to further minimize the lender’s risk of financing your business, which essentially shifts the liability onto you, the borrower. 

Alternatively, online lenders have more inclusive eligibility requirements, but the interest rates are higher. You’ll need to find a middle ground, and what better way to do so than teaming up with National Business Capital’s 75+ lender marketplace.

$3 Million Business Loan Qualifications

1 Year in Business

Newer businesses can secure the capital they need to grow

$120K in annual revenue

If your business produces $10,000 in monthly revenue, you can qualify for a business loan

No Minimum Credit Score

We can find financing options for businesses with excellent or poor credit.

National’s experienced Business Finance Advisors will do the heavy lifting for you, allowing you to get back to what matters most—your business.

2. How Much Will a $3 Million Business Loan Cost?

The cost of your $3 million loan will depend on many factors, including your credit score, the type of loan, the repayment terms, the lender you’re doing business with, and more. Typically, higher credit scores and shorter repayment terms will result in lower interest rates, but it also depends heavily on the lender you’re dealing with.

Banks and credit unions feature low-interest rates with strict eligibility requirements, whereas online lenders are more lenient with their eligibility but tend to carry higher interest rates. 

There are other options for financing, too, like angel investors, but these individuals will likely require an equity transaction to qualify, which won’t work for some entrepreneurs.

Generally, you’ll likely have repayment terms of 7 to 25 years with a loan of this size. Interest rates vary depending on other factors, but you can expect anywhere between 7% to 15%.

Understanding The Loan ApplicationProcess

National's simplified small business loan application process removes the usual pain and frustration, while giving you more option to choose from


To qualify, your business must be generating a minimum of $10,000 in monthly revenue


Even as a young growing business, you can still find credit line options


We have financing options for business with excellent and bad credit.

Applicants with strong credit scores, lengthy times in operation, and comprehensive business plans are often given the most favorable rates. You can still qualify for a $3 million business loan without these credentials, but you may have to pay higher interest rates as a result.

3. 5 Types of $3 Million Business Loans

Your $3 million business loan can be structured differently depending on your needs. Here are five popular types of $3 million business loans that you can use to grow your business:

3.1 Business Term Loans

Your first option for multi-million dollar business loans are business term loans.

This type of financing option is what most people think of when they think of business loans. Term loans are given in a one-time lump sum payment and are used for a variety of business purposes, including equipment purchases, working capital needs, growth opportunities, and more. 

Typically, a business owner would secure a term loan if they know exactly how much they’ll need to afford an expense or new venture. 

Borrowing too much or too little can result in a serious headache, so you’ll want to review your business information and needs to ensure you’re taking a loan for the correct amount.

You can structure your repayment plan to your needs, but you may have to pay higher interest rates if you want extended repayment terms. 

Additionally, you might have to show a comprehensive plan to use the borrowed funds before a lender approves you for financing. Although it might seem unnecessary, the lender is simply mitigating as much risk as they can.

3.2 Business Line of Credit

Although this option might seem like a business credit card at first, a business line of credit is a revolving line of credit that you can draw on whenever you need physical cash. This option offers increased flexibility compared to other financing structures. 

When you pay off the balance on your credit line, you can draw the same funds again, allowing you to take a proactive approach to any challenge your business may face. 

However, business lines of credit often carry higher interest rates on average, especially when you’re first setting up. Some lenders will also try to sneak in hidden fees and terms to your contract. 

For example, there have been cases where a lender has included a clause that requires the borrower to hold a zero balance for 30 days before they can draw from the line again. 

Sneaky behavior like this can be frustrating, to say the least, so you should make sure to work with a lender that offers complete transparency throughout their process.

3.3  SBA Loans

SBA loans are some of the most coveted financing options available to entrepreneurs. They feature high borrowing limits, up to $5 million, making it an attractive option for anyone seeking to secure a $3 million business loan. 

The government partially backs these financing options, meaning that 75% to 85% of the borrowed amount is guaranteed to the lender if you end up defaulting on the loan.

SBA loans carry some of the lowest interest rates in the industry, but the lengthy underwriting process might not work for business owners who need fast financing. 

Additionally, SBA loans are broken down into a few subcategories, including SBA 7(a) loans, SBA 504 loans, and microloans, allowing entrepreneurs in all stages of business to secure the capital needed to grow. 

But, if you’re looking to secure a $3 million loan, you likely won’t find too much benefit from microloans, as they’re designed for smaller financing needs.

3.4 Invoice Financing

Your next option is invoice financing. In some cases, late customer invoices can cause serious disruptions in your business activity. 

If you need the money from the impending invoices to pay your expenses, you should consider invoice financing, a way to turn future payments into cash today. 

The lender you team up with will likely require a percentage of your total invoices as payment for the financing, typically between 5% to 15%, which might not work for some entrepreneurs. 

However, if you need capital in the short term, you might want to secure invoice financing to ensure you can continue serving your clients at full capacity.

3.5 Merchant Advance

Similar to a term loan, merchant advances provide a lump sum payment to meet the needs of your business. The financing does come at a price—a percentage of your future sales—but it provides you with the capital you need to manage your business activity. 

Businesses that commonly deal with cyclical or seasonal periods of revenue benefit most from merchant cash advances, as they can manage their working capital through their down periods and start their busy season on a strong footing.

4. Compare $3 Million Business Loans With National Business Capital

A $3 million business loan is a serious undertaking. Some lenders might not offer a loan of this size, and the ones that do will likely require strong credit scores, lengthy times in business, and strong revenue statements to approve you for financing. 

The search can feel daunting, especially if you’ve worked at it for a while, but you can streamline your search for a $3 million business loan by teaming up with a marketplace like National Business Capital.

At National, we connect our clients with competitive financing options through a marketplace of 75+ lenders. Our team of experienced Business Finance Advisors takes the time to learn about you, your business, and the challenges you face to find a deal that best fits your situation. 

We build a relationship with our clients to help them solve future financing challenges, and we have 1,500+ reviews across TrustPilot and Google to prove it. Our process is streamlined, our team is top-notch, and we’re there for you every step of the way. What more can you ask for?

Ready to get started? Fill out our digital application in minutes and kickstart your search for a $3 million business loan.


Is It Possible to Get a 3 Million Dollar Business Loan?

Yes! You can secure a $3 million loan through traditional lenders, like banks and credit unions, or through online lenders. The SBA has various programs to help you secure a loan of this size, like their SBA 7(a) program, which features maximum borrowing amounts of $5 million.


Can I Get a Million Dollar Loan to Buy a Business?

Million-dollar loans are available through a variety of lenders, including banks, credit unions, online lenders, and SBA-approved lending institutions. The SBA has many programs with borrowing maximums of $5 million, which are great options for entrepreneurs seeking a loan of this size. 

Repayment periods and interest rates will vary depending on the lender you’re doing business with, but you can secure favorable terms if you have a high credit score, lengthy time in operation, and produce strong revenue. 


How Much Money Do I Need for a 3 Million-Dollar Loan? 

The amount you’ll pay on your $3 million loan will depend on the lender you’re dealing with, your business’s financial information, and other factors. Your credit score, time in business, and the revenue you generate will all play a role in determining your interest rate and whether you’ll need to offer collateral to secure the financing. 

Generally, businesses with high profitability tend to secure the best rates and terms, but those with lower credit scores and short times in operation can still secure $3 million loans to support their business growth.

National Business Capital is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure $2 billion in financing for small business owners to date.

Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.

We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!