SoFi Introduces Small Business Loans to Help Members Pursue Their Business Ambitions

SoFi Technologies, Inc. , the everything app for digital financial services, announced the launch of SoFi Small Business Loans, to help entrepreneurs and small business owners access fast, transparent financing to run and grow their businesses.

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Today’s small business owners are ambitious but increasingly constrained by cash flow. Access to capital can be time-consuming and expensive, leaving some owners reliant on credit cards, waiting on slow bank decisions, or wary of alternative lenders with unclear fees or high rates.

In a recent survey of small business owners, 75% who applied for a business loan or line of credit in the last year said it was difficult to access affordable capital and the Federal Reserve found that more than half of borrowers chose online lenders for speed of decision or funding.

“For many of our members, their financial lives do not stop at personal goals, they also include the businesses they are building,” said Anthony Noto, CEO of SoFi. “With SoFi Small Business Loans, we are expanding our ability to serve members in more of the moments that matter, giving them access to business financing through the same digital-first platform they already use to manage their personal finances.”

SoFi has seen strong demand for financing across several small business categories including construction, healthcare, professional services, and more. SoFi Small Business Loans provides eligible business owners with:

• Capital to Help Small Business Move Forward: Fixed business loans of up to $250,000 to help members purchase equipment, stock inventory or hire new staff.
• Quick Eligibility Check and Funding After Approval: Members can check eligibility in minutes and, if approved, access funding as soon as 24 hours after approval¹, helping them stock up before a busy season or cover materials for a new job.
• Simple, Upfront Pricing: Members can view their offer before accepting, with no application fee, no origination fee, and no prepayment penalties.
• Predictable Payments for Easier Planning: Fixed business loans with predictable payments help members plan ahead, from managing payroll to investing in their business’s growth.

With SoFi Small Business Loans, SoFi is expanding its support for entrepreneurs and business owners and planning additional products and innovations to help meet their evolving needs.

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