1. Home
  2. Business Loans

Find the Best Small Business Loans in Detroit, MI

Whether it’s to expand a business, attract new talent or get a start-up off the ground, it might be time to consider a business loan if costs outweigh your capital. We researched the best business loans in Detroit to help you start or expand your company with the right lender.

Take a Financial Relief Quiz

Get matched with an Authorized Partner

Compare Top Business Loans

Seek Business Capital
Overall satisfaction rating
  • Funds start-ups & small business
  • Mortgage lending services
  • Available in Detroit
  • Same day funding offered

Startup Consulting • Business Services

 Learn More Read More
Imperial Advance
  • Wide variety of financing options
  • Funding available in 24 hours
  • Available in Detroit
  • A+ BBB Rating

Imperial Advance is a business loan broker that finds loan offers for you. Simply create an account, fill out your financial information and you will receive several different quotes. Funds are available within 24 hours.

 Read More
National Business Capital
  • A+ BBB rating
  • Approval in 24 hours or less
  • Variety of financing options
  • Available in Detroit

Founded in 2009, National Business Capital is a business financing provider best known for their fast approval and funding processes. NBC specializes in business equipment financing, lines of credit and small business loans.

 Read More
Detroit Development Fund
  • Pre-development, pre-construction and small business loans
  • Loans for entrepreneurs of color
  • No specific credit score requirements
  • Term loans & lines of credit with rates of six to nine percent
 Location
1300 Broadway St., Ste. 300
Detroit, MI 48226
(313) 784-9547
 Read More
ProsperUs Detroit
  • Microloans for start-ups and small businesses
  • Loans for businesses in specific neighborhoods
  • One to five-year terms at a rate of seven percent
  • Must complete program for eligibility
 Location
2385 Bagley St., Ste. 800
Detroit, MI 48216
(313) 297-0083
 Read More
Invest Detroit
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • investdetroit.com
 Location
600 Renaissance, Ste. 1710
Detroit, MI 48243
(313) 259-6368
Detroit Community Loan Fund — BizLoan
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • detroitcommunityloanfund.com
 Location
1300 Broadway St.
Detroit, MI 48226
(313) 800-5400
Motor City Match
  • M-F: 10am - 4pm
  • Closed Sat and Sun
  • motorcitymatch.com
 Location
500 Griswald St., Ste. 2200
Detroit, MI 48226
(844) 338-4626
LVRG Detroit
  • M-F: 8:30am - 5:30pm
  • Closed Sat and Sun
  • lvrgllc.com
 Location
615 Griswald St., Ste. 700
Detroit, MI 48226
(313) 305-0582
Urban Partnership Bank
  • M-F: 9am - 5pm
  • upbnk.com/our-communities/locations/detroit/midtown
 Location
4830 Cass Ave., Wayne State Campus
Detroit, MI 48201
(773) 420-5050

How to get a business loan in Detroit

describe what the image is

Detroit is alive with entrepreneurial spirit, and the area’s most prominent players are doing their part to support an atmosphere of innovation through business incubators, networks, venture capital and loan programs. If you have a good idea and are willing to work hard, Detroit has the professional networks, support systems and access to capital needed to make your business a reality.

To go along with this entrepreneurial wave, Detroit has a multitude of lenders, investors and programs that aim to support new businesses and start-ups. There are many types of business loans available, and different factors determine which is correct for your company. Some of the available loans are:

Type Best for Pros Cons
Term loan Expanding, established businesses with good credit Cash upfront; offered by banks and online lenders Often requires collateral; costs vary by lender
SBA loan Established businesses refinancing existing debts or purchasing property High borrowing limits; long repayment terms; low rates Long wait times; extensive qualifications
Business line of credit Short-term business needs and unexpected expenses No collateral required; no interest on unused funds Requires consistent revenue; often includes multiple fees
Equipment loan Businesses that need to purchase new equipment Competitive rates; builds equity; secured by purchased equipment Down payment usually required
Accounts receivable financing Businesses with accounts receivable or unpaid invoices Provides quick cash Can be costly compared to other options
Merchant cash advance Businesses with a consistently large volume of credit card sales Fast cash; doesn’t require collateral High interest rates; intense repayment schedule
Microloans Start-ups and small businesses Low costs; often comes with additional services Smaller loan amounts

Many lenders provide financial advisors who can help you determine which type of loan is right for your company. When comparing loan offers, be sure to consider any fees that come with the loan.

Business lines of credit often charge draw fees, while term loans might include an underwriter fee for verifying your information and a loan-packaging fee if you’re approved. Before taking out a loan, inquire about all costs and fees, and know your rates and repayment schedule.

A good way to compare loans is by using the annual percentage rate (APR). Unlike the interest rate, the APR also includes all fees that you might incur with the loan.

Programs to help start-ups in Detroit

If you’re starting a new company, Detroit has many programs that will help provide advice, mentorship and funding. Some of these programs are:

  • TechTown offers multiple programs to help tech start-ups and business owners starting or expanding a retail business.
  • Automation Alley helps manufacturers take their businesses to the next level through a diverse collection of partnerships.
  • The Indus Entrepreneurs (TiE) Detroit strives to foster entrepreneurship through mentoring, network and education.
  • Spark provides entrepreneurial services and business development resources for companies in the Ann Arbor region.

There are also groups and organizations like the Great Lakes Women’s Business Council and the Build Institute that provide support, networking opportunities and assistance with funding.

Business Loans Reviews

Seek Business Capital

For quick funding without restrictions, Detroit residents can turn to Seek Business Capital. Their online application process provides estimates in a matter of hours, and the company has a 92 percent funding approval rate for qualified applicants. Customers in Detroit love the quick and easy service and friendly staff.

 Seek Business Capital Learn More

Imperial Advance

Imperial Advance has 25 years of experience in the business loans industry and an extensive network of lenders. Imperial Advance offers great rates and flexible terms to qualified applicants and makes funds available within 24 hours. Detroit customers love the company’s knowledgeable employees.

 Imperial Advance

National Business Capital

National Business Capital advises entrepreneurs and connects them to capital to help them succeed. They provide a variety of business loans, an easy application process and funding in 24 hours. The company will work with borrowers with low credit scores. Customers in Detroit appreciate the fast service and regular updates on their loan status.

 National Business Capital

Detroit Development Fund

This nonprofit is a certified community development lender with a mission of revitalizing Detroit. DDF offers loans for local entrepreneurs and small businesses. The nonprofit has a lengthy application process but provides loans to business owners who have been unable to access traditional funding. Past borrowers say DDF believed in them when no one else did.

 Detroit Development Fund

ProsperUs Detroit

Offering microloans ranging from $15,000 to $25,000, ProsperUs Detroit has financed more than $500,000 in loans to neighborhood entrepreneurs. ProsperUs Detroit also offers entrepreneur training courses and access to affordable business services. Detroit residents love the training and lending services provided by this organization.

 ProsperUs Detroit