How Can I Get A 2 Million Dollar Business Loan?

$2 million is a large business loan, so you will need to provide a large business plan. Lenders aren’t willing to hand out loans to businesses that won’t give detailed and sufficient evidence that they will pay the money back.

To prove this to them, you have to provide a detailed business plan with an itemized list of finances. 

How Can I Get A 2 Million Dollar Business Loan

Startup businesses might struggle to get a business loan of 2 million dollars, as this is a large figure to promise to pay back - even with a bullet-proof business plan.

Existing businesses who have had the experience of paying back loans sufficiently, and who require a loan for an exciting and reliable new venture, might have a better chance of getting a large loan. 

This is because startup businesses don’t have proof or a track record of a successful business or credit score. To lenders and banks alike, this is a huge risk that they aren’t often willing to take. 

Banks and lenders might consider giving out a $2 million loan depending on the success of your business. Lenders care about the growth of your business and how it will benefit them, not how your business desperately needs money.

They will want to see timelines of everything - both past and future - that has benefitted (or disrupted) your business profit. 

If you are struggling with getting a business loan of $2 million, you should try to apply for the same loan with different lenders. When doing so, make sure to ask what you are doing wrong.

This might give you an idea of what loan you are more eligible for, and what short-term or long-term plans to achieve to be eligible for a larger loan. 

In most cases, the requirements of eligibility for receiving a loan for $2 million is: 

  • Detailed business plan with itemized finances (rent, utilities, equipment, salaries, employee benefits, training, furniture, marketing, services, and extra expenditures)
  • Personal and business minimum credit score of around 680 (depending on the loan type)
  • Proof of debt-to-income ratio
  • Time in business
  • Collateral
  • Personal assets

It’s all about providing proof that you can pay back the loan efficiently. Banks and lenders won’t care about your new business plan that is sure to sweep the nation - they care about how much money you will earn from the loan.

At the end of the day, a business loan should be a last resort option for businesses that have tried multiple times to earn more money. 

How can I get a $1 million business loan?

Lenders are probably more likely to offer a $1 million loan to businesses than a multi-million dollar loan, but $1 million is still a lot of money to lend. 

When it comes to wanting large business loans of these figures, you have to provide enough evidence to prove that you can pay these loans back efficiently.

This means you need to provide a detailed business plan (whether you’re a startup business or an established business) and an itemized list of finances. 

This financial list needs to explain that your business requires money for the appropriate purposes, such as salaries, equipment, employee benefits, rent, utilities, services, training, and more.

If you’re looking for a specific equipment business loan, you can apply for equipment-based loans that will act also as collateral. 

If you want a $1 million loan, you will need to find the lenders who will offer this amount - because not all banks and lenders are willing to provide businesses with loans this high. 

One of the most popular and common ways of getting a $1 million loan is through the Small Business Administration (SBA), as this loan can offer a maximum amount of $5 million. This figure might not apply to startup businesses.

Another option is the CDC/504 plan, which focuses on fixed assets like equipment and real estate. This is a great option for those who have a new office or building for their business that holds a lot of necessary equipment. 

7a SBA loans are the best option for startups and small businesses, but you must prove that you qualify as a “small” business.

This can only be determined by the SBA’s standards, which include that you have no debt obligations to the United States government, and that you have tried every other potential asset before turning to financial support through a loan. 

If your business has unfortunately been affected by the loss of an employee who is now committed to military duty, your business can apply for the SBA’s Military Reservist Economic Injury Disaster Loan program, which can offer up to $2 million if your business is struggling financially. 

How can I get a business loan for 3 million?

$3 million loans are fairly tricky to come by unless you have provided sufficient and detailed evidence that you have plans to pay it back. You can apply for loans of $3 million or more through banks, online lenders, and credit unions. 

If you have a small business, your best chance of receiving a loan of this size is to apply for an SBA loan.

These are government-backed loans that have low interest rates and don’t require much collateral, but they can take a couple of months for the money to be received after application. 

Online lenders are more willing to offer $3 million loans at a faster rate than banks or credit unions, however, they often charge more with higher interest rates. Even so, it’s a rare occurrence that a business can receive a loan of this amount. 

Depending on the lender or bank you choose to apply for a loan with, they will have different requirements of eligibility.

As with any business loan, you must provide substantial evidence of your business’s funding and credit scores (or your personal credit scores if it’s a startup business), an itemized list of what you intend to use the loan for, and proof of how you intend to pay the loan back. 

As a $3 million loan is rare and a lot of money, lenders aren’t always willing to give this money away to any old business.

They won’t care about how unique your new business plan is - they want to know that you have a detailed business plan that will pay this money back and earn more in the future. 

There are certain things to consider when looking to apply for a business loan of this amount. Most businesses who apply for $3 million loans require the money for equipment, where you can opt for an equipment-specific loan. 

Equipment financing is designed for businesses that require expensive equipment to function. This lease will pay for the equipment and might offer you the chance to buy the equipment from them afterward.

The benefits of Equipment financing include equipment upgrades, low-monthly fixed payments, tax benefits, and offering programs that spend your money saved from the lease on other business requirements. 


Business loans can range anywhere from $500 to $500,000 to $5 million. This is because there are so many loan programs available for a wide range of businesses.

Startup businesses are more likely to receive lower loan amounts than established businesses, but the truth is that it all depends on the lender and the business. 

Business owners need to provide a lot of information that explains their business plan, itemized finances, and the business’s finances to prove that they are eligible for a loan.

At the end of the day, lenders aren’t willing to hand out loans to every business, because it will make their own loan business bankrupt. 

It’s all about looking for the right type of loan. If you have tried everything possible to keep your business afloat, you must provide a timeline of evidence for this.

If you need a loan for equipment, you are probably eligible for an Equipment financing loan. If you’re a small business or a startup, you can find suitable loans through the SBA. 

In short, the best way to find a loan of $1 million, $2 million, or $3 million is to look at online lenders. Online lenders are more likely to offer loans of such high amounts than banks and credit unions, but the chances are still fairly low unless you have proven your eligibility.

It’s not all about what you intend to do with the loan, but how your business will benefit from it financially, and how it will therefore pay it back.