Camino Financial Business Loan Review
Pros and cons of
Pros
- Low minimum annual revenue requirement
- No prepayment penalties
- Collateral isn’t required
- Provides educational resources for women and minority entrepreneurs
Cons
- Low funding amounts
- High interest rates
- Some restrictions on how to use the funds
- Not available in HI, NJ, PR, MI, NV, or the Caribbean Islands
small business loans review
- Businesses needing small loan amounts.
small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated interest rates | Fees |
|---|---|---|---|---|
| Term loans | months | Origination fee: |
Term loans
A short-term business loan from versus . While
borrower requirements
| Minimum annual revenue | |
| Minimum time in business | |
| Minimum credit score |
doesn’t offer loans in Hawaii, New Jersey, Puerto Rico, Michigan, Nevada or the Caribbean Islands, and doesn’t work with the following types of industries:
- Transportation
- Warehousing
- Real estate
- Financial investing or processing
- Cannabis
- Adult entertainment
- Car dealerships
Required documents
suggests having the following business documents on hand when applying for a small business loan to ensure the process goes as smoothly as possible:
- Several months of personal and business bank statements
- One to two years of personal and business tax returns
- Business registration
- Articles of incorporation, bylaws or operating agreements
- Business licenses and permits
- Employer Identification Number (EIN)
- Profit and loss statements
- Balance sheets
- Accounts payable and receivable
- Business plan
- Financial projections
- Details on other debts, if applicable
Alternatives to
| Minimum credit score |
| ||
| Loan products offered | Term loan |
| Business line of credit |
| Time to funding | 1 to 3 days | Prequalification takes 15 minutes; time to funding not specified | Next business day |
| Starting interest rate | |||
| Maximum loan size | |||
| Minimum annual revenue |
vs.
(AOF) is a nonprofit lender that, similar to , focuses on providing affordable funding to diverse business owners with low credit or limited revenue. If you need access to more funds, AOF could be a better fit since it offers up to $200,000 more in funding than .
As far as business loan interest rates, AOF advertises a starting rate of , which is significantly lower than Camino’s lowest rate of . However, making a direct comparison can be hard since AOF doesn’t disclose its maximum interest rates. It could be worth applying to both lenders and seeing who offers the better rate. The lower your rate, the more you can save in the long run.
Both lenders offer extensive educational resources and support for minority entrepreneurs and women-owned businesses, making either lender a valuable resource for starting and growing your small business.
vs.
minimum credit score requirement is lower than , you’ll need to generate at least $30,000 in annual revenue to qualify for either lender.
Compare business loan offers
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