Explore a variety of loan options for nontraditional businesses.
- Best for nontraditional businesses looking for smaller loans.
- Pick something else if you want a quick, online process.
$25,000
Min. Amount
$150,000
Max. Amount
Details
Product Name Diamond Business Loans Min. Amount $25,000 Max. Amount $150,000 Loan Term 1 to 5 years Min. Credit Score 680 APR 5.9%-19.99% Requirements 680+ personal credit score, no late payments or bankruptcies How much will this loan cost me?
Diamond offers small business loans up to $150,000 with rates ranging from 5.9% to 19.99% — very competitive for a lender that works with nontraditional businesses. Like most lenders, your loan term will last anywhere from one to five years. However, there is a high 10% origination fee on every loan.
You can use the calculator below to estimate your monthly payments with Diamond Business Loans.
Business loan calculator
See how much you’ll pay
Your loan Loan amount $Loan terms (in years) Interest rate $%Fill out the form and click on “Calculate” to see your estimated monthly payment.
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How it works
While you only need to submit a copy of your credit report to qualify for preapproval, Diamond Business Loan determines your rate based on factors like your credit score, income and your loan term. If you only meet the minimum credit score requirements, your business may only qualify for the maximum APR and a smaller loan. If you exceed them — or have a high revenue — you may be eligible for Diamond’s lowest APR.
Cannabis funding
Businesses in the cannabis industry, from startup growers to established dispensaries, may be eligible for funding from Diamond Business Loans despite the shaky legal status in different states. You can get an idea of the rates you might qualify for by sending over a copy of your personal credit report — a service many other lenders that work with nontraditional businesses aren’t always able to provide.
You can also learn more about how to get funding for a business that works with cannabis to see what other options are available.
What do I need to qualify?
For your business to qualify for funding through Diamond Business Loans, you must meet these requirements:
- At least a 680 personal credit score
- No late payments listed on credit report
- No past bankruptcies
What information do I need to apply?
Once you fill out Diamond Business Loans’ contact form, you will need to submit a full copy of your personal credit report. From here, Diamond Business Loans will determine if you’re eligible and may request other documents, like your business tax returns or business plan, to finalize your application.
What industries does Diamond Business Loans work with?
Diamond Business Loans works with businesses in a variety of nontraditional industries, including businesses involved in cannabis and adult entertainment. While it doesn’t have a set list, you can contact a representative to ensure your business falls within Diamond’s scope.
What other types of financing does Diamond Business Loans offer?
Diamond Business Loans offers a variety of financing options for businesses, including:
Secured or unsecured? Purpose Startup loansUnsecuredFunding a new businesses with limited revenueSBA 7(a) loansUnsecuredBorrowing at a lower rate through a government-backed programCommercial real estate loansSecuredBuying or refinancing property for your businessEquipment leasing and financingSecuredFunding equipment on a short-term or long-term basisAccounts receivable financingSecuredAlso known as invoice factoring — selling unpaid invoices for more flexible cash flowDebt restructuring and refinancingUnsecuredSwitching from daily repayments to weekly or monthly repaymentsBusiness acquisition financingNot statedBuying a business or funding a franchiseMerchant cash advancesUnsecuredCovering gaps in cash flow on a short-term basisExact loan amounts, terms and collateral requirements will depend on your business needs.
Pros
- Cannabis and startup friendly
- Preapproval process only requires credit report
- Personal application process
Cons
- High 10% origination fee
- No online application
- Funding may take up to two weeks