Small business financing tools

min. read

March 1, 2024

There are a lot of moving parts to running a small business, but one of the most important things for any small business owner is maintaining a healthy bottom line. Eventually, if you want to grow your business and/or keep things running smoothly, you may need access to business financing.

From business credit cards and working capital loans to long term project lending, each form of business financing serves a specific purpose. Read our recommendations below if you want to learn more about financing providers and the different types of funding and credit that are available to small business owners.

Recommendations

All-In-One Platform (Spend Management + Business Cards)

Airbase: Airbase includes accounts payable tracking, a business card program, and a tool for employee expense reimbursements. Airbase is a good choice for businesses that want a user-friendly, all-in-one solution
Divvy: Divvy is a spend management tool that automatically generates expense reports, collects transaction details in real-time, and takes pictures of receipts. Divvy also offers a business card that delivers excellent rewards. In particular, Divvy is best for businesses that can pay off the card each week and spend a lot on travel, restaurants, and hotels
Torpago: Torpago is a spend management platform and card provider that gives small business owners the ability to monitor everything on the go. Torpago allows you to record expenses in your ledger instantly through their bookkeeping integrations and lets owners issue as many employee cards as they want, for free. Business owners can set spending limits for each employee as well as other transaction restrictions, such as time of day and location. Their business cards offer 1.5% cashback through our referral link.

Legacy Business Card Providers

Blue Business Plus Credit Card (AMEX): The Blue Business card offers 2X reward points on everyday business purchases such as office supplies or client dinners
Capital One Spark Cash Plus: With the Capital One Spark Cash Plus card, you’ll earn at least 2 percent cash back on all purchases. If your spending varies and you don’t want to think about maximizing rewards by category, this flat-rate cash back card is a good choice

Business Growth Funding

Blue Vine: Blue Vine provides online banking and financing for small businesses, offering lines of credit up to $250,000. Since you only have to show six months of history, Blue Vine is best for businesses that are just starting and need a line of credit
Ondeck: OnDeck is another online platform offering financing for small businesses, specializing in short-term (3 to 36 months) loans between $5,000 and $500,000. OnDeck is best for businesses that want short-term loans without an established credit history
Pipe: Pipe provides instant funding to businesses based on their recurring revenues. Pipe is best for businesses that want to grow without giving up equity or paying high interest on loans
Camino Financial: Camino Financial is a small business lender offering 24 to 60-month term loans, paid back in monthly installments. Camino is known for its excellent customer service and Spanish language resources. Camino is a good choice for Spanish-speaking business owners that want financial services in their own language

Bank Account Services

Mercury : Mercury is an online banking platform with a business checking account, a business savings account, and no monthly fees. Mercury is a good choice for businesses that want to handle all of their finances online and transact without having to pay fees
Relay: Relay is an online banking platform with no monthly fees or minimum balance requirements on checking accounts. Business owners can open up to 20 business checking accounts. Relay is best for businesses that use QuickBooks and Xero for accounting (Relay integrates with QB and Xero software directly). Right now, they’re offering $150 to all businesses that switch from Brex to Relay.
Chase: Chase offers a variety of accounts and products to small businesses. While Chase is not the cheapest banking provider, it’s more widely available than many banks. Chase is best for businesses looking for an established banking provider that has a lot of experience dealing with small businesses

If you need further information or advice on business financing, reach out to info@withhansa.com and schedule a free consultation (in English or Spanish) with a Hansa expert. We can go through everything in more detail - ask as many questions as you want.

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