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Need A Cool $1 Million? BoomCity Funding Offers Loan Amounts Up to $10 Million

Whether you’re looking to expand operations or take on a new direction entirely, we offer loan amounts that can help you jumpstart your next phase of growth. 

Business Is Booming with BoomCity Funding

What $1+ Million Business Loan Options Are Available in 2024?

Growth isn’t cheap, and leveraging your cash flow can only take your business so far. If you’re truly committed to growing and scaling, there comes a point where you’ll need additional funding to make investments on your timeline.

Cash comes and goes, but with a business loan, you can give your business an influx of capital when you need it most. Whether you choose a term loan, a business line of credit, or revenue-based financing to reach your goals, you’ll have to ensure you’re working with the right lender to maximize your benefits.

With BoomCity Funding, you can apply to multiple lenders with one streamlined application. Our expert Business Finance Advisors assist you in choosing the best offer for your specific circumstances, and we’re always available after the funds are in your hand to help with additional capital needs in the future.

If you’re looking for a $1+ million business loan, you’re in the right place. BoomCity Funding has options for almost every business scenario.

There are a variety of situations where a business would need a loan of a million dollars or more. Here are a few examples of how specific industries have leveraged financing to achieve their goals:

  • Construction – Purchase upfront materials, invest in technology, upgrade equipment, and hire additional workers to maximize profit during their busy season.

  • Restaurants – Expand to new locations or renovate an existing location to increase capacity.

  • Manufacturing – Outfit your warehouse with the latest equipment and technology or secure a bulk discount on materials to maximize ROI.

  • Medical – Invest in new equipment, diversify care by purchasing cosmetic equipment, or hire/train new staff to increase productivity.

  • eCommerce – Redesign your website or establish a physical location to strengthen brand awareness.

These are just a few of the many ways entrepreneurs can apply $1+ million business loans to grow and scale their operations. As long as you have a $1+ million opportunity or challenge, you can leverage business financing to secure the funds you need to grow – and preserve your cash flow for future endeavors. The time is now to seize your opportunity to grow your business and gain access to the capital you need!

Who Needs a $1+ Million Business Loan?

5 Types of $1+ Million Business Loans

There are a variety of $1+ million business loans to choose from. Each lending product features different interest rates, repayment schedules, and so on. Some loan types may be better suited for specific situations.

Business Term Loans provide a single, lump sum of capital you’ll pay back in regular installments over a set time frame. Timeframes can range from 5 years up to 25 years for a $1+ million funding amount. Term loans come with fixed interest rates and predictable monthly payments.

Term loans are ideal for one-off investments where you know exactly how much money you’ll need. Many businesses use term loans for real estate purchases, equipment financing, debt refinancing, and more.


A Business Line of Credit is a type of business loan that works similarly to a credit card – albeit with lower fees and higher funding amounts. Borrowers have access to a pool of funds which they can withdraw from – up to their credit limit – as needed.

With a $1+ million credit line, you’ll have the option to use all of the funds or just a smaller portion. You won’t have to pay interest on the funds you don’t use. Many businesses opt for lines of credit when they value flexibility or don’t know the exact funding amount they’ll need.

Business lines of credit typically feature fixed interest rates and don’t have a set payment schedule. Depending on your lender, you may have the option of fixed installments or monthly minimums.

The Small Business Administration (SBA) offers loans up to $5 million. These loans are partially government-backed. Meaning the government agrees to cover a portion of the loan amount in case you default. Lenders appreciate this additional security and offer lower interest rates as a result.

Unfortunately, SBA loans can also be very difficult to obtain. The SBA maintains strict eligibility requirements. Fortunately, BoomCity Funding has SBA specialsts who can navigate the process with you.

Invoice Financing (also called Accounts Receivable Financing) allows business owners to exchange unpaid invoices for cash. Funding is usually fast and easy. Credit score, business history, and other factors tend to weigh less for invoice financing.

Fees associated with invoice financing can be high, and it’s unlikely you’ll receive 100% of the value of your unpaid invoices.

While not a loan, Revenue-Based Financing provides a lump sum of funds for a business to manage over a short term schedule. Borrowers repay the amount through small deductions from their daily sales, which aren’t static and correlate to your daily profitability.

Funding times are fast, and qualifications are less intensive because your credit score matters less than your annual revenue. The funds can be subordinated, too, which can help preserve banking relationships while you push for maximum growth.

$1 Million Business Loan Qualifications

1 Year in Business

$500,000 in Annual Revenue

No Minimum Credit Score

How You Can Get a $1+ Million Business Loan

If you’re working with a bank, expect the approval and negotiation process to last much longer than with non-bank lenders. Although banks and credit unions come with lower rates, the speed of their underwriting often leaves business owners waiting 30 to 90 days to hear back.

Non-bank lenders are much faster. Their rates are higher, but many entrepreneurs are turning to non-bank options because of the speed and simplicity of their process, especially in the high interest rate environment of 2023.

There’s no “best” lender for every business. If you’re looking for the best offer, you’ll need to apply with both types of lenders and review your approvals. Or, if you want the fastest process, work with a marketplace to receive multiple financing offers with one application. That's why we're here. You’re getting more than a resource for funding; you’re gaining a team of financing experts invested in your growth.

With over 70 years of combined financial experience, our team has the smarts and the skills to secure the capital that businesses depend on to fuel their success.

How Much Will A $1+ Million Business Loan Cost Me?

How much you’ll pay in interest and fees on your $1+ million business loan depends on several factors, including your credit score, the type of lender, the length of the loan term, the type of loan, and more.

Interest rates vary depending on your business’ unique criteria. Applications with solid credit scores, strong revenue, and collateral are more likely to be approved for lower rates. Applicants with less impressive financial criteria may also qualify for funding but will probably have to contend with higher costs.

Banks and credit unions tend to offer lower rates than online lenders. However, they also make it more difficult to obtain financing. Certain loan products, such as term loans or SBA loans, are generally less expensive than lines of credit.

Loans with shorter repayment periods come with higher monthly payments but tend to charge less in overall interest. Long-term loans have lower monthly payments, but interest over the entire duration of the loan tends to be more expensive.

On average, most lenders offer interest rates between 6% to 12%. SBA 7(a) loans generally feature the lowest rates, at about 6%.

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