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Small Business Loans in Alabama

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By Erin Ryan Social Community Manager and Senior Writer at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Whether in the Heart of Dixie or another state, being a small business owner has its advantages as well as its challenges. 

One struggle entrepreneurs often face is having enough capital to compete with similar businesses and stay relevant with their consumer base. If you’re looking for small business loans in Alabama, we’re here to help. Here’s what you need to know.


Alabama’s Small Business Landscape

According to the Small Business Administration (SBA), Alabama is home to some 401,700 small businesses, which employ nearly 803,000 workers. Companies with 20-99 employees contribute the largest share of that employment.

Some of the sectors with the greatest workforce include:

  • Health-care and social assistance
  • Accommodation and food services
  • Retail trade
  • Manufacturing
  • Construction

5 Banks for Alabama Business Loans

1. Merchants Bank of Alabama

Not only is this financial institution accredited by the Better Business Bureau (BBB), but it’s earned the organization’s A+ rating. 

Find the following small business loans at this Alabama bank. 

  • Inventory loans
  • Agricultural loans
  • Municipal loans
  • Construction loans
  • Working capital loans
  • Land development loans
  • Commercial building loans
  • Multi-family apartment loans
  • Business acquisition loans
  • Machinery and equipment loans

2. SouthPoint Bank

If you’re looking for SBA loans in Alabama, consider this bank. It’s earned a 5-star rating from WalletHub as well as an A+ rating with the BBB. SouthPoint also offers a variety of commercial loans and customized financing programs. Business credit cards are available, too.

3. Renasant Bank

Here’s another SBA lender in Alabama. Renasant Bank also offers business lines of credit, commercial loans and accounts receivable financing. Borrowers can use financing to expand, purchase real estate, buy inventory, relocate, buy equipment and more. 

This bank has earned an A+ rating with the BBB as well as a 4.8-star rating from more than 400 reviewers on WalletHub. It also made WalletHub’s list as a Best Bank in Alabama for 2021.

4. Regions 

Regions ranked among Forbes’ list of America’s Best Banks of 2021. It also is accredited by the BBB, where it’s earned an A+ rating.

Whether you’re in search of an Alabama SBA lender or commercial loan provider, you’ll find it here. Head to 1 of 5 full-service branches in the state to speak with a representative about their small business loans and lines of credit.

5. Progress Bank

This bank isn’t only BBB-accredited, but it’s earned the organization’s A+ rating. For more than a decade, small business owners have been able to turn here for funding. Not only are SBA loans available at this Alabama bank, but so are the following:

  • Land loans
  • Equipment financing
  • Commercial real estate loans
  • Working capital lines of credit
  • Commercial construction loans

Alternative Financing Options in Alabama

While you could look to conventional lenders, such as those noted above, when you’re in need of a business loan, the minimum qualification requirements are often challenging for small business owners to meet. The process to apply and get funded can also take some time.

These days, there are other options when you’re in search of business financing. In many cases, alternative lenders are able to offer funding to entrepreneurs who may have been turned down for a bank loan. 

If you’re in Alabama, a merchant cash advance or short-term loan offered through an alternative lender could offer a fast solution to your financing needs. That said, the repayment terms will typically be shorter, payments more frequent and interest rates higher than you’d find with conventional lenders.

  • Applying for Business Funds Through Fast Capital 360

    Whether you’re in search of an Alabama merchant cash advance or an SBA loan, we can help. 

    Here’s how:

    Speed

    Our online application takes just a few minutes. Additionally, our funding process for approved applicants is touted for its speed. 

    Multiple Offers

    Because we partner with lenders throughout the U.S., your single application with us could return multiple funding offers. 

    Expert Guidance

    One of our Business Advisors will be in touch to review your offers with you so you can choose the best option for your company’s needs.

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Additional Resources for Alabama Entrepreneurs

Here are a few organizations in the state that offer free or low-cost resources to small businesses in Alabama.

SCORE

This nationwide nonprofit has been in operation since the 1960s. It’s committed to being a resource for small business owners, offering workshops, seminars, educational tools and assistance to startup and experienced entrepreneurs alike. Free mentoring from experienced business advisers also is available.

Atlas Alabama

Get help planning, launching, managing or expanding your small business. Find information about state requirements for regulations and permits, legal requirements when going into business and local requirements for your particular municipality. 

Access helpful business checklists on relevant topics, such as recordkeeping, cybersecurity, insurance, disaster preparation and more. Educational events are also available.

Alabama Small Business Development Center Network

Reach out to this organization and speak to a business adviser who can provide guidance if you’re looking for loan programs or business grants in Alabama. Find workshops and seminars or get help matters such as:

  • Starting a business
  • Importing and exporting
  • Disaster assistance
  • Procurement 
  • Business growth

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