Finding business loans is easy. But knowing which ones are the best business loans in Cleveland, Ohio isn’t. Fortunately, there are several places where you can ensure you’re finding the best local business loans.
There are many local banks that finance business expenses in Cleveland. But they aren’t your only options. If you need a business loan fast, it’s better to look elsewhere. Your best options will also be determined by other factors such as your credit score.
Let’s go over some of the best lenders in Cleveland. We’ll also be going over what you can do if you want to find the best business loan but don’t know where to start.
The Best Business Loans In Cleveland
There are several places to find the best business loans in Cleveland. First of all, there are huge local credit unions. Ohio is home to several credit unions that serve the state’s business community. Such examples include the Wright-Patt Credit Union. The Wright-Patt Credit Union is the largest credit union in Ohio by membership and loan volume. Other business loans come from local banks like:
- Key Bank (Cleveland, OH)
- Huntington (Columbus, OH)
- Fifth Third (Cincinnati, OH)
- First Federal of Lakewood (Lakewood, OH)
Local banks are great, provided however that you qualify. That there is the issue; after COVID-19, qualifications for business loans increased. Also if you received government money from your bank, they may not be willing to increase their exposure to you further. However there are other options.
Where To Find The Best Alternative Business Loans In Cleveland
Cleveland and Ohio are home to many banks and credit unions. But your financing options aren’t restricted to your local banks.
Online business borrowing options have made it far easier to find better loans. You can apply for loans from many financial institutions online, regardless of your location. For example, the Economic & Community Development Institute provides small business loans to less established businesses. If your business is located in Cleveland, you can still apply to micro-loans of $750 to $350,000 from them.
The online lending space is full of lenders that can provide loans quickly. Alternative lenders typically provide loans across state lines. Some even provide loans to every state in the US mainland.
The Best Alternative Business Loans For Cleveland Businesses
Alternative lenders offer an ease of access that other lenders often can’t. They are also the fastest lenders you will find. But they are often far from perfect.
The alternative lending industry offers more expensive loans than those offered by banks. Some alternative lenders also don’t offer the customer support you’d expect from an honest lender. So, you’ll need to discriminate between alternative lenders, as you’d have to with any lender.
Stick To The Basics
In the end, the best business loans in Cleveland can come from one of several lenders. You can find the business financing you need from:
- Traditional lenders (banks and credit unions)
- Alternative lenders
- New fintech-supported lending platforms
The quality of your business loan will depend on the lender’s standards and your qualifications. You should compare lenders and make sure you’re getting the loan you’re best qualified for. For help finding the best business financing, read our business loans guide here.
Need Help Sorting Through Business Lenders?
You don’t need to contact each individual business lender for a quote. Fortunately, you can get some help sorting through your available loans so you don’t have to.
Capital Source Group is a business loan brokerage firm located in Ohio City with an HQ in Chicago. They have access to a network of over 70 lenders. They will walk you through the process and get you the best deal. Contact a representative in the firm’s Ohio City office to get started.
