The best options for a $1 million business loan are: Merchant Fund Express, if you have strong sales and need the capital fast; an SBA 7(a) loan, if every owner is a U.S. citizen or national and you can wait; an SBA 504 loan, if the money is for a building or heavy equipment; a bank or credit union, if you have solid financial statements and collateral; and real estate or equipment loans when the money buys a specific asset.
At this size, the question is no longer just "who lends." Very few online funders go as high as $1 million, and the ones that do ask for far more information. Below we cover who lends this amount, what they review and how to put together a file that gets taken seriously.
Key takeaways
- Many popular online loans don't reach $1 million; check the published maximum before you apply.
- SBA 7(a) loans go up to $5 million and 504 loans up to $5.5 million, according to sba.gov.
- Since March 2026, SBA 7(a) and 504 require 100% of owners to be U.S. citizens or nationals.
- For a building or heavy equipment, match a long term to the life of that asset.
- At this scale, expect requests for financial statements, several years of tax returns and a detailed use-of-funds plan.
- Revenue-based financing is the fast lane for large working capital needs.
Who lends $1 million (and who doesn't)
Many well-known online loans have much lower caps. For example, according to their sites checked in October 2026, OnDeck's term loans go up to $400,000 and Bluevine's up to $500,000. So for $1 million, the list narrows to:
- Funders with high ranges that review sales, like the one we recommend, with amounts up to $5,000,000.
- SBA programs: 7(a) up to $5 million and 504 up to $5.5 million.
- Banks and credit unions with conventional commercial loans.
- Asset-backed loans: commercial real estate or equipment.
If your need sits between $100,000 and $500,000, also look at the best funding options over $100k. To see what other businesses typically borrow, check average small business loan amounts.
How we chose these options
We don't use numeric ratings. We apply the same criteria to every option, explained in how we rank business funding options: speed, minimum time in business, minimum credit, ITIN acceptance versus SSN only, documents, amounts and collateral. For this list we added one more filter: the published maximum has to reach $1 million. Program and competitor details come from their official sites, checked in October 2026.
The best $1 million business loans
Merchant Fund Express (recommended funder). Best for: established businesses with strong sales that need $1 million without waiting months. Amounts run from $5,000 to $5,000,000, so $1 million sits well inside its range. It reviews your sales and deposits, not just your credit, and decisions often come in 2 to 4 hours. In most cases collateral isn't required, and applying is free with no impact to your credit. At this size, approval and the amount depend heavily on your sales volume: stronger sales and cash flow usually mean better offers.
SBA 7(a) loan. Best for: all-citizen ownership teams that can wait through a long process in exchange for long terms. It's the SBA's main program, with a $5 million maximum according to sba.gov. You can use it for working capital, equipment, refinancing debt, buying a business or real estate. If you qualify, it usually costs less than private financing. Since March 1, 2026, 100% of owners must be U.S. citizens or nationals.
SBA 504 loan. Best for: buying or building a facility, or heavy long-life equipment. It provides long-term, fixed-rate financing for major fixed assets through Certified Development Companies (CDCs) working alongside a bank. The maximum is $5.5 million, according to sba.gov. It can't be used for working capital. The same 2026 citizenship rule as 7(a) applies. Our 504 vs. 7(a) comparison walks through which fits.
Conventional bank or credit union loan. Best for: businesses with several years, solid financials and collateral. For $1 million, a bank reviews financial statements, several years of tax returns, existing debt and collateral. If your business fits that profile, this can be the cheapest route. It's also the slowest and the most paperwork-heavy.
Commercial real estate loan. Best for: buying the property you operate from. If the million is for your building, a commercial mortgage uses the property as collateral. Expect a down payment and an appraisal. Compare it with an SBA 504 if you qualify.
Equipment financing. Best for: machinery, fleets or heavy equipment. When the million buys equipment, the equipment itself secures the loan. Dealers, banks and specialty funders offer terms tied to the equipment's useful life, which keeps the payment manageable.
Quick comparison
| Option | Published maximum | Main use | Speed | Collateral |
|---|---|---|---|---|
| MFE | $5,000,000 | Working capital and growth | Decision often in 2 to 4 hours | Not required in most cases |
| SBA 7(a) | $5 million | Broad use | Weeks to months | Usually required when available |
| SBA 504 | $5.5 million | Buildings and long-life equipment | Weeks to months | The asset itself |
| Bank or credit union | Varies | Broad use | Weeks | Almost always |
| Commercial real estate | Varies | Buying your property | Weeks | The property |
| Equipment | Varies | Machinery and fleets | Days to weeks | The equipment |
The rule of thumb: if the million buys an asset that lasts for years, get a long-term loan tied to that asset. If it's for working capital, a big contract or fast growth, weigh the cost of waiting months against the cost of faster financing.
Is your business ready for $1 million?
Before you apply, run this honest check. If you answer no to several, you may be better off borrowing less now and growing in stages:
- Steady sales: are your deposits consistent month to month, or do they hinge on one or two big customers? Customer concentration worries every funder.
- Real margin: after costs, payroll and current debt, is there enough left to carry a new payment without squeezing the business?
- Revenue-producing use: does the million buy something that generates sales (a contract, a fleet, a second location), or does it just cover losses?
- Books up to date: do you have monthly financial statements and filed taxes?
- Plan B: if sales dip for a few months, how would you keep paying?
A typical example: a construction company lands a large contract and has to buy materials and hire crews before it gets paid. There, the money has a clear return. Borrowing a million to cover months of losses without a fundamental change usually makes things worse. If you're unsure, fund one phase of the project and come back once that phase is producing revenue.
What you'll be asked for at $1 million
At this scale, the funder wants to see that your business can repay comfortably. Prepare:
- Bank statements for 6 to 12 months from every business account.
- Tax returns, business and personal, for 2 to 3 years.
- Current financial statements: profit and loss and balance sheet, ideally prepared by an accountant.
- A debt schedule with balances, payments and maturity dates.
- A use-of-funds plan: where each part of the million goes and how it produces revenue.
- Asset documents if relevant: equipment quote, purchase contract or appraisal.
- Company documents: articles, operating agreement and an owner list with percentages.
For SBA, confirm every owner's status before you start: the 2026 rule requires 100% U.S. citizen or national ownership. If you don't meet it, don't lose months in that process. Prefer Spanish? Leer en español.
Common mistakes when asking for $1 million
- Asking for a round number without backing it up. A million "just in case" costs more and erodes trust. Build the budget line by line.
- Using short-term money for a long-term asset. If you're buying a building, match the term to it.
- Applying everywhere at once. Every hard inquiry counts, and funders can see recent applications.
- Hiding debts. They show up on your bank statements; it's better to explain them.
- Not reading the guarantees. At this level there's almost always a personal guarantee or collateral. Have an attorney or accountant review the contract.
If you need large capital and your business has strong, steady sales, you can apply with Merchant Fund Express and see your offer with no impact to your credit. It accepts applicants with an ITIN (no SSN needed) and offers Spanish-speaking support.
Frequently asked questions
Who lends $1 million to a small business?
SBA 7(a) and 504 programs, banks and credit unions, real estate and equipment lenders, and some high-range funders that review sales. Many popular online loans cap out lower, at $400,000 or $500,000 for example. Merchant Fund Express handles amounts up to $5,000,000.
How much revenue do I need for a $1 million business loan?
There's no universal number; each funder works it out from your sales, cash flow and existing debt. In general, the payment has to fit comfortably inside what your business generates each month. If your sales can't support it, borrow less or split the project into phases.
Can I get a $1 million SBA loan as a green card holder?
Not through the 7(a) or 504 programs. Since March 1, 2026, the SBA requires 100% of direct and indirect owners to be U.S. citizens or nationals with their principal residence in the country. Private options like banks or revenue-based funders set their own rules. This isn't immigration advice; talk to an immigration attorney about your situation.
Do I need collateral for $1 million?
Banks and the SBA almost always take collateral when it's available, plus a personal guarantee. With real estate or equipment loans, the asset itself is the collateral. Some revenue-based funders don't require collateral in most cases, though they usually ask for a personal guarantee.
How long does a $1 million loan take?
A bank or SBA loan usually takes weeks to months, especially with an appraisal or a property purchase. Revenue-based funders can decide in hours if your file is complete. Having financial statements ready is what shortens any process the most.