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The SoFi Small Business Loan is a simple working-capital loan designed for small businesses that want quick funding, predictable weekly repayments, and a clear payoff date.
You choose a single draw amount (up to your approved maximum), see your total cost and repayment schedule upfront, and receive funds to your business checking account via ACH.
We periodically review your business activity to determine eligibility. There’s no separate application needed to be considered. Once your offer appears in the SoFi Small Business Loans tab, you’ll see your eligibility status. From there, you can opt in to view final terms. This all happens as a soft credit check with no impact to your credit!
From there, you are free to select any amount up to your approved maximum as a one-time draw for that offer. Funds are then deposited to your selected business checking account by ACH, typically within two (2) business days.
From there, automatic weekly or bi-weekly (twice a month) ACH debits occur on a set weekday for the duration of your loan’s term. You’ll see all payments and your payoff date upfront!
Small Business loans are currently available to businesses based in the 50 U.S. states, Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands.
To apply, business owners must meet the following requirements:
Before starting, make sure you confirm your business checking account for funding and repayments and review your offer summary, state disclosures (e.g., CA/NY), and ACH authorization.
Tip: Keeping your SoFi accounts connected and active helps us evaluate eligibility more accurately over time.
Small Business Loans can help in a variety of ways, such as assisting with payroll gaps, buying inventory ahead of demand, purchasing equipment and materials, or investing in marketing or growth with a defined payback plan.
In addition to that, you can enjoy the following benefits:
You’ll have access to the following information once your Small Business Loan has funded: