Where Can I Get a $2 Million Business Loan - Compare Lenders


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Where Can I Get a $2 Million Business Loan?

A $2 million business loan is a large sum of funds and is enough capital to jumpstart your business’s next phase of growth. You can purchase inventory, open a new location, or even embark on a new direction entirely. You can apply for a $2 million business loan at a bank, credit union, or online lender. Keep in mind that $2 million business loans aren’t as common as smallers lending solutions. Which means they can be fairly difficult to qualify for - especially at banks and credit unions. Your likelihood of obtaining a $2 million business loan depends on the lender and your own financial criteria. Online lenders, or fintech lenders, tend to be more lenient. If you’re applying at banks or credit unions, you can count on having to provide the following.

Business credit score (700 or more) (at least 700) Personal credit score (700 or more) (at least 3 years)
Bank statements (going back at least one year) Business plan (including information on your industry, competitors, growth strategy, etc.)
Business history (at least 3 years) Cash flow
Collateral Entity type
Profit margins Revenue levels

Banks and credit unions maintain strict requirements as a way to minimize risk. They need to know your business is financially capable of managing payments on time that you’re well-positioned for growth.

Lenders are always looking for ways to protect themselves in the event of a crisis - leading many to insist on collateral in exchange for financing. Collateral is any type of asset you own that holds value. In order to secure a loan, you may have to agree to give up your collateral in case you’re unable to make payments.

As you can imagine, offering up collateral adds an extra layer of risk for you as the borrower. On the other hand, collateral provides lenders with additional protection - which is why many may require it.

If you’re looking for more flexible financing solutions, you’ll want to consider online lenders or fintech lenders. Online lenders offer a larger selection of financing products for various types of business criteria. In many cases, it’s possible to obtain loans even if you have a lower credit score or shorter business history.

2 Million Business Loan Qualifications

1 Year in Business

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

$120K in annual revenue

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

No minimum credit score

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

Fintech lenders and online lenders can be more flexible. They usually offer a larger array of financing products for different businesses in various situations. It’s even possible for some businesses to secure funds with lower credit scores or shorter business history. Learn more here.

How Much Will a $2 Million Business Loan Cost?

How much you’ll pay for a $2 million business loan depends on your credit score, the type of lender, the length of the loan term, the type of loan, and more. On average, $2 million business loans are on the higher end of what most lenders offer.

Most loan terms are between 7 to 25 years, with rates from 7% to 15% APR. SBA 7(a) loans generally feature the lowest interest rates, at about 6%.

To qualify for the best rates, you’ll need to show solid credit scores and strong revenue. Applicants with less impressive credentials may also qualify for funding, but may have to contend with paying more.

Banks and credit unions tend to offer the lowest rates on business loans. Unfortunately, it’s also more difficult to obtain financing with these types of lenders. Different loan products, such as term loans or SBA loans, are generally less expensive than lines of credit.

Loans with shorter repayment periods feature higher monthly payments, but tend to charge less in interest over the entire duration of the loan. Long-term loans have lower monthly payments, however, they’re also more expensive over time.

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.

There are a variety of $1 million business loans to choose from. Each lending product features different interest rates, repayment schedules, and more. Some loan types may be better suited for specific situations.

5 Types of $2 Million Business Loans

Different types of $2 million business loans feature distinct interest rates and terms. Certain loan types may be a better fit depending on what you need the funds for.

Business Term Loan

Business term loans feature a single, lump sum of capital with installment payments over a set time frame. Most term loans are between 7 to 25 years for a $2 million funding amount. One of the benefits of term loans are fixed interest rates and predictable monthly payments.

Term loans are best for one-off expenses or in scenarios where you know exactly how much money you’ll need - such as real estate purchases, equipment financing, debt refinancing, and more.

Business Line of Credit

A business line of credit offers access to a pool of funds you can withdraw from as you need - up until your approved credit limit. The best part is that you won’t have to pay interest on the funds you don’t withdraw. In this way, lines of credit are a more flexible form of financing and ideal for businesses who don’t know the exact funding amount they’ll need.

Another reason why business lines of credit are so flexible is that you’re oftentimes free to use your approved funds however you see fit. You can use a business line of credit to finance operational expenses, ongoing purchases, unexpected costs, or new growth ventures.

Business lines of credit typically feature fixed interest rates and have a flexible payment schedule. Depending on your lender, you may be able to choose between fixed installments or monthly minimum payments.

SBA 7(a) Loan

Small Business Administration (SBA) loans are oftentimes the first choice for business owners. These loans feature funding amounts up to $5 million with long terms and some of the lowest interest rates on the market.

SBA loans are partially government-backed. In other words, the government agrees to cover a portion of the loan amount in case you default. Lenders face less risk and offer lower interest rates as a result.

Despite their many benefits, SBA loans feature strict eligibility requirements that can make them difficult to obtain.

Invoice Financing

Invoice financing lets business owners exchange their outstanding invoices for cash. Invoice financing has some of the highest approval rates of any type of business loan.

Your credit score, business history, and other factors tend to weigh less. The approval process is also typically fast and it’s not uncommon to receive your funds quickly as well.

On the downside, invoice financing features more fees than other types of business loans. It’s also rare to receive the full value of your unpaid invoices.

Merchant Cash Advance

Merchant cash advances are a helpful financing solution for retailers and brick-and-mortar businesses. They provide borrowers with a lump sum amount of capital to be paid back as a small percentage of future sales.

Merchant cash advances are ideal for retailers that struggle with seasonal sales drops or frequent cash flow disruptions.

Compare $1 Million Loans

Most $2 million business loans aren’t easy to come by. You’ll need to have good credit and enough revenue to convince lenders you’ll be able to manage payments. It’s also not uncommon to have to put up collateral.

It helps to work with a team of dedicated professionals to guide you through the process. When in doubt, turn to National: a fintech marketplace connecting businesses with financing opportunities. We work with over 75 different lenders to offer you tailored solutions based on your business’s qualifications. Our team of Business Financing Advisors will help you explore various types of loan products - offering expert advice every step of the way. Our lenders emphasize your growth potential - rather than lock you into tight qualifications. Our funding solutions are also flexible and work fast - in mere hours. Ready to get started? Fill out the 60-second application here.

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!