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Find the Best Small Business Loans in Bakersfield, CA

Entrepreneurs and small business owners need access to capital to start new enterprises, grow capacity and keep businesses running. You’ll want to find a business loan with reasonable interest rates, low fees and a small or no prepayment penalty. We researched the best business loans in Bakersfield to find the ones that will help your company grow.

Compare Top Business Loans

Seek Business Capital
Overall satisfaction rating
  • Funds start-ups & small business
  • Mortgage lending services offered
  • Available in Bakersfield
  • Same-day funding

Startup Consulting • Business Services

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Imperial Advance
Overall satisfaction rating
  • Wide variety of financing available
  • Funding in 24 hours
  • Available in Bakersfield
  • A+ BBB Rating

Imperial Advance is an online business loan marketplace that focuses on providing small businesses with access to the funds they need. After you apply for a quote, a financial consultant will contact you with loan offers from numerous lenders.

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Accredited Partner
National Business Capital
Overall satisfaction rating
  • A+ BBB rating
  • Approval in 24 hours or less
  • Variety of financing options
  • Available in Bakersfield

Founded in 2007, National Business Capital & Services is a Bohemia, New York-based business financier. It is known for providing loans to small businesses across the US, Peurto Rico and Canda in a quick and efficient manner. The company also offers business equipment financing and business lines of credit, in addition to small business loans.

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Bank of the Sierra
  • Several locations in Central California
  • Small business loans starting at $1,000
  • Online application
  • Agribusiness lending
Location
4456 California Ave.
Bakersfield, CA 93309
(661) 401-2230
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Union Bank
  • Three locations in Bakersfield
  • Small business financing department
  • Options for veteran, woman and minoroty-owned businesses
  • Secured or unsecured business loans available
Location
5400 Stockdale Hwy.
Bakersfield, CA 93309
(661) 322-5035
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Valley Republic Bank
  • M-Th: 9am - 5pm
  • F: 9am - 6pm
  • Closed Sat and Sun
  • valleyrepublicbank.com
Location
5000 California Ave., Ste 110
Bakersfield, CA 93309
(661) 371-2000
Mission Bank
  • M-Th: 9am - 5pm
  • F: 9am - 6pm
  • Closed Sat and Sun
  • missionbank.com/index.htm
Location
1330 Truxtun Ave.
Bakersfield, CA 93301
(661) 859-2500
Westamerica Bank
  • M-Th: 9am - 4pm
  • F: 9am - 6pm
  • Closed Sat and Sun
  • westamerica.com
Location
2130 Chester Ave., Ste. 100
Bakersfield, CA 93301
(661) 864-4900
Tri Counties Bank
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • tcbk-4027768.hs-sites.com
Location
5201 California Ave., Ste. 102
Bakersfield, CA 93309
(661) 325-9321
Bank of the West
  • M-Th: 9am - 5pm
  • F: 9am - 6pm
  • Closed Sat and Sun
  • bankofthewest.com/customer-service/branch/california/bakersfield
Location
5201 California Ave.
Bakersfield, CA 93309
(661) 327-5345

How to get a business loan in Bakersfield

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Bakersfield is a growing city, and business loans help small businesses grow to cater to the needs of an expanding population. Start-up businesses need capital to bring ideas to market and reach potential customers.

Some Bakersfield residents have chosen to take advantage of the county’s many acres of rural land, and small farm and agriculture businesses are popping up in the area. Vineyards, horse ranches, hobby farms and other types of entrepreneurial ideas are taking shape. Special types of business loans are available for agricultural businesses in Bakersfield.

Types of business loans

  • Term loans:
  • Loans in which the borrower receives upfront funding and repays it over a specified term.
  • Business lines of credit:
  • Loans that are similar to credit cards. The borrower can use funds up to a predetermined limit and only owes interest on the funds they use.
  • SBA loans:
  • Loans that are partially guaranteed by the U.S. Small Business Administration and offered through partner lenders.
  • Microloans:
  • Small loans that are generally under $100,000. Microloans are often available from alternative and online lenders.
  • Equipment loans:
  • Loans used to purchase business equipment. These loans usually require a down payment and use the purchased equipment to secure the loan.

Many lending institutions have financial advisors to help you determine which type of loan works best for your business. There are also additional business resources available in Bakersfield, including The California State University Small Business Development Center, located on the CSU-Bakersfield campus, which offers guidance and resources for aspiring entrepreneurs in Kern County.

To apply for a business loan, a business owner must prepare for an examination of the company’s finances. Factors lenders may look at when considering your business for a loan include:

  • How long the company has been in business
  • The credit history of the business
  • The borrower’s personal credit history
  • The company’s annual revenue and cash flow
  • Any documentation of finances (ledger, bank statements, etc.)
  • The company’s business plan
  • Available collateral or personal guarantee

Secured loans are tied to collateral, which may be equipment, stock, vehicles or unpaid invoices. Unsecured loans are granted without collateral and generally have higher interest rates because the lender is at more risk. Some types of loans require a down payment, such as U.S. Small Business Administration (SBA) loans and equipment loans.

Small business borrowers often choose short-term loans for quick access to capital and the brief repayment periods. Long-term loans have a more rigorous application process and an extended repayment period. Terms range from six months to ten years or longer, depending on your loan. Be sure to ask about prepayment penalties for both types of loans.

Online and alternative lenders offer options for borrowers with poor credit. Online lenders provide funding from in-house or work with a network of lenders to find the right match for your business. Banks and lending institutions set their own requirements, so some lenders are more likely to work with borrowers with poor credit than others.

In 2018, California adopted the nation’s first truth in small business lending law, which is designed to create transparency by requiring lenders to clearly communicate the terms of the loan. At the time the financing is offered, the lender must disclose:

  • The total amount of financing
  • The total cost of financing
  • The term length of the loan
  • The frequency and amount of payments
  • Policies regarding loan prepayment
  • The annualized rate of the loan

This information lets you compare offers to find the best loan for your business. By partnering with the right lender, you’ll take advantage of the current growth in Bakersfield and help your company flourish.

Business Loans Reviews

Seek Business Capital

Seek Business Capital is a national online lender that offers business funding procurement. Start-ups in Bakersfield appreciate the company’s range of services, including viability assessment and business plan protection. Reviewers praise the professionalism of customer service agents and say they were able to get new businesses off the ground with the company’s help.

Seek Business Capital

Imperial Advance

Imperial Advance works with lenders to find the best loan options from third-party lenders. Bakersfield business owners hoping to expand their construction or landscaping businesses to take advantage of the booming homebuilding here will appreciate the range of industries that receive funding through Imperial. Local reviewers praise the helpful customer service team.

Imperial Advance
Accredited Partner

National Business Capital

National Business Capital is an online lender that can secure funding in 24 hours in some cases. They have no minimum credit score requirement and will lend to new companies that have been in business for as few as six months. Bakersfield borrowers say they appreciated the personal follow-up on their business loans.

National Business Capital

Bank of the Sierra

Bank of the Sierra serves Central California with several locations and offers small business loans starting at $1,000. Bakersfield business owners can take advantage of their agricultural lending, which offers multiple types of loans designed for agribusinesses. Reviews from Bakersfield laud the company’s customer service, especially at the central Bakersfield location.

Bank of the Sierra

Union Bank

Union Bank offers small business financing in California, Oregon and Washington. The bank offers loans beginning at $5,000 and has three locations in Bakersfield. Some Bakersfield clients found customer service to be friendly, but others said they had trouble getting assistance from the bank’s staff.

Union Bank