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Washington, D.C., Business Loans

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By Erin Ryan Staff Writer and Editor 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

With a diverse range of residents and visitors, not to mention the massive student and public servant populations, opportunities for businesses abound in Washington, D.C. 

There’s immense competition for small businesses, however. For many business owners, reshaping or refreshing their current space or services can go a long way in enticing new customers and retaining current ones.

Without capital, though, that’s often challenging. That’s where Washington, D.C., business loans can help. Here are several top lenders to consider if your company is in need of financing as well as organizations that offer assistance to local entrepreneurs.


Small Business Landscape in Washington, D.C.

More than 78,000 small businesses make up the Washington, D.C., scene and are responsible for employing 47.5% of the area’s private-sector workforce, according to the U.S. Small Business Administration (SBA). 

Thanks to the National Mall, iconic museums, a rising presence in professional sports and a popular hospitality and culinary scene, Washington, D.C., welcomes people from all over the world. What’s more, the area is recognized for its hub of government projects, which bring in many competing businesses.

According to the SBA, other small business sectors responsible for the greatest employment, include:

  • Professional, scientific and technical services
  • Health care and social assistance 
  • Administrative, support and waste management
  • Educational services
  • Construction

5 Banks for Small Business Loans in Washington, D.C.

1. MainStreet Bank

This bank is accredited by the Better Business Bureau (BBB), where it’s earned an A+ rating. It also has earned a 4.3-star rating on WalletHub. For decades, this bank has been helping businesses with their short- and long-term financing needs.

Small business loans at this D.C. institution include the following:

  • Medical practice loans
  • Hospitality industry loans
  • Commercial real estate loans
  • Government contracting loans
  • Construction and renovation loans
  • Professional service loans
  • Business lines of credit
  • SBA loans (i.e., 7(a), 504, Express lines of credit, CAPlines and Veterans Advantage loans)

2. M&T Bank 

This bank is accredited by the BBB, where it has an A+ rating. It also ranked No. 78 on Forbes’ America’s Best Banks list. Head to one of several branches in Washington, D.C., and speak to a bank representative about the following:

  • Term loans
  • SBA loans
  • Business credit cards
  • Business lines of credit
  • Equipment financing

3. EagleBank

More than 400 reviewers on WalletHub have given EagleBank a 4.8-star rating. This financial institution has also earned an A+ rating with the BBB. Whether you need working capital or funding to buy new machinery, you can find it here. 

Washington, D.C., business loans available include the following:

  • Term loans
  • Letters of credit
  • Equipment leasing
  • Commercial real estate loans
  • Commercial lines of credit

4. Bank of America

Bank of America was ranked No. 74 on Forbes’ list of America’s Best Banks. It’s also A+ rated by the BBB. Small business loans at this Washington, D.C., bank include these:

  • SBA loans
  • Franchise financing
  • Business credit cards
  • Commercial real estate loans
  • Secured loans and lines of credit
  • Unsecured loans and lines of credit

5. Chase 

JPMorgan Chase was named No. 51 on Forbes’ list of America’s Best Banks. It also was named one of 2021’s Best Banks in Washington, D.C., by WalletHub. Available loans include these:

  • SBA loans
  • Trade financing
  • Equipment financing
  • Business credit cards
  • Business lines of credit
  • Commercial real estate loans

Fixed and variable rate term loans also are available, starting at $5,000, with repayment terms from 12 to 84 months.


Alternative Forms of Small Business Financing in Washington, D.C.

When business owners start researching loan options, they often think of conventional lenders, such as the banks noted above. However, these aren’t the only funders in town. 

Today, alternative lenders are on the scene, touting more streamlined applications, less stringent qualification requirements and faster funding times. Although interest rates are typically higher and repayment periods shorter, for small business owners who need quick access to capital, these lenders are a viable alternative.  

  • Applying for Small Business Funding in Washington, D.C., Through Fast Capital 360

    When you’re in search of business loans in Washington, D.C., we can help – from short-term financing to equipment loans and more. 

    Here’s how you’ll benefit:

    Speed

    A fast online application is all it takes to get started. Once approved, you could be funded within a day. 

    Multiple Offers

    Because we partner with lenders throughout the country, your single application could return several financing offers.

    Expert Guidance

    Speak to one of our Business Advisors to review your offers and determine which terms work best for you.

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Additional Resources for Washington, D.C., Entrepreneurs

Now that you have a list of lenders to consider, here are a few additional resources to help you on your entrepreneurial journey.

Department of Small and Local Business Development

This government agency offers a wealth of resources to new as well as experienced entrepreneurs. Speak to an agency business development representative to learn about funding options for your company.

Or enroll in the organization’s Small Business University, which offers complimentary or low-cost courses hosted by experienced professionals. Also, sign up for workshops, seminars, individualized technical assistance and other services. 

Topic examples include: 

  • Contracting opportunities in the District of Columbia
  • Payroll cost reduction strategies
  • Green business operations

D.C. Chamber of Commerce

Consider joining the D.C. Chamber of Commerce. Benefit from financial assistance as well as network and find resources to help increase your marketing presence. Take advantage of business development programs and register for special events, roundtable discussions or forums on topics of interest to business owners.

SCORE

Check out the Washington, D.C., chapter of SCORE, a nationwide nonprofit organization committed to the success of small business owners. Find a mentor and take part in no-cost 1-on-1 consultations with experienced entrepreneurs, or sign up for a business workshop or seminar. Also browse the free online library, replete with helpful articles, informational videos, business document templates, COVID-19 resources and more.

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