SMB Compass vs. Funding Circle
SMB Compass and Funding Circle both offer term loans, lines of credit and SBA loans. SMB Compass caters to a broader range of business owners who require a greater variety of loan products since it offers a total of nine loan products, as well as longer terms and higher loan amounts.
One thing that stands out about Funding Circle is that the lender does not assess prepayment penalties, which means businesses can save on interest if they decide to pay off their loans early. Although it is unclear what fees businesses may face with SMB Compass, APR start as low as 5.25 percent, which is lower than Funding Circle's starting APR of 7.49 percent.
To qualify with either lender, you'll need fair-to-good credit. At a minimum, you’ll need at least $50,000 in annual revenue for a term loan and $150,000 in annual revenue for an SBA 7(a) loan. SMB Compass requires businesses to have at least $100,000 to $500,000 in annual revenue, with the range varying widely based on the type of loan. For example, its business term loans and SBA loans require at least $500,000 in annual revenue.
SMB Compass vs. Credibly
SMB Compass and Credibly are online lenders offering diverse business financing solutions, including SBA loans, invoice factoring and equipment loans.
While both provide speedy application processing and loan funding, Credibly specializes in smaller, short-term loans, whereas SMB Compass caters to businesses seeking larger amounts of financing with extended terms. Credibly business loans range from $5,000 to $10 million, with terms spanning three months to 10 years. SMB Compass allows businesses to access $10,000 to $10 million, with terms from six months to 25 years.
Credibly specializes in offering financing to businesses that may struggle with approval from traditional lenders, so it only requires a minimum of six months in business, a credit score of 550 or higher and an annual revenue of $300,000 for approval. SMB Compass also requires six months in business, but its annual revenue requirement of $500,000 for certain loans may pose a challenge for younger businesses.