Yes, $1 million business loans can be obtained from banks, credit unions, SBA-backed institutions, lending marketplaces, and some online lenders. Securing loans of this size can be more challenging than getting a smaller quick business loan.
Criteria for Million Dollar Loans
- Generally only offered by banks, credit unions, and SBA lenders
- May require collateral or a down payment unlike smaller loans
Financing Options
Another option is the CDC/504 loan program, which finances purchases like real estate or equipment. The max amount depends on the loan’s use.
- Business loans under $1 million typically require you to have been in business for at least two years
- For $1 million dollar business loans or more, that requirement can increase to at least three years
- Differentiating between large and small business loans
If you’re hoping to get a million-dollar real estate loan, you generally have two options: banks and private lenders.
The actual lending criteria for $1 million business loans will vary from lender to lender and the type of loan you are trying to obtain.
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