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Best Photography Business Loans of 2022

Becky Hanson

Photography business loans can provide the capital you need to start or grow your operations and meet your business goals. We’ve evaluated the best photography business loans based on loan terms, fees, rates, customer satisfaction, and overall quality.

Quick approvals with fast funding process

$6,000,000

Max. Loan Amount

12+ months

Time In Business

$10,000+

Monthly Revenue

650

Min. Credit Score

Overview

Biz2Credit provides a fast application process that can take less than 4 minutes and provide funding within 72 hours.

What we like

  • Fast funding process
  • Funding advisors available
  • Various repayment options
  • Large funding amount

What we don't

  • Origination fee
  • Maximum term of 36 months
  • Business assets required

No prepayment and origination fees

$250,000

Max. Loan Amount

12+ months

Time In Business

$3,000+

Monthly Revenue

640

Min. Credit Score

Overview

If you require cash quickly due to a cash flow shortfall or have a less than perfect credit score, Kabbage could be a promising option.

What we like

  • Borrowers with fair credit can apply
  • No prepayment penalties
  • Streamlined application journey
  • No origination fees

What we don't

  • Late payment fees are applicable
  • Short repayment terms
  • Business assets required

Business loans tailored to your needs

$500,000

Max. Loan Amount

6+ months

Time In Business

$10,000+

Monthly Revenue

600

Min. Credit Score

Overview

National Funding offers small businesses working capital and equipment financing loans that are suitable for a broad range of businesses, and you could receive approval and funding within 24 hours.

What we like

  • Early payoff discounts
  • Fast approval and funding
  • High approval rates for loan applications
  • Personalized experience

What we don't

  • Daily or weekly repayment
  • High minimum annual revenue

Considers applicants with bad credit profiles

$500,000

Max. Loan Amount

6+ months

Time In Business

$8,000+

Monthly Revenue

500

Min. Credit Score

Overview

Uplyft Capital provides fast funding turnarounds and a straightforward online application process.

What we like

  • Bad credit businesses are eligible
  • Fast funding turnaround
  • Transparent factor rates
  • Simple online application process
  • Range of funding options

What we don't

  • High factor rate
  • Daily or weekly repayment
  • Low revenue businesses do not qualify

What is a photography business loan?

A photography business loan can be used to help you purchase new equipment and other assets for your business, such as a camera and a large selection of lenses, lights, tripods, and other accessories.

What are the requirements for a photography business loan?

The requirements for a photography business loan are:

  • Time in business: Most lenders want to ensure that you’ve been in business for at least six months before they give you any kind of loan because it shows them that your business has been profitable for at least that long. The longer you’ve been in business and successful, the better your chances are of getting approved for a loan.
  • Revenue: Lenders want to make sure you have enough money to cover the payments, so they look at how much your business makes every month as part of their decision process.
  • Credit score: Your credit score is essential when applying for any type of loan or line of credit. If your score is too low, many lenders will not consider giving you money because they do not feel comfortable lending money to someone with little or no credit history.

What are the types of photography business loans?

There are several different ways to fund your photography business. Here are the following:

  • Term loans: This type of loan is for a period of five or ten years. The lender provides a lump sum of cash upfront. You’ll be required to make, usually, monthly payments, which include principal and interest.
  • Business line of credit: A line of credit lets you borrow money from your bank on an as-needed basis without having to apply each time when you need more funds. The amount available varies between lenders. Some limit how much money can be borrowed at any given time, while others do not limit how much you can borrow.
  • Equipment financing: Equipment financing allows businesses to purchase the necessary equipment by borrowing against it as collateral. The borrower repays the loan in installments over time until the entire cost is paid off.
  • SBA loans: Small businesses can apply for up to $5 million in financing, and the repayment period is five years. The SBA provides loan guarantees to banks and other lenders, reducing the risk involved in the loan.

What are the benefits of getting a photography business loan?

Here are some of the benefits of getting a photography business loan:

  • Build credit history: If you don’t have much credit history or have had trouble with past payment obligations, getting a small business loan may help build your credit, so other lenders will want to lend to you in the future.
  • Tax benefits: You can earn tax benefits from your state and federal governments. The amount of tax deduction depends on how much money is spent on interest, equipment, labor costs, and other expenses related to running your business.
  • Grow your business: You can use the loan for any expense related to growing and running your business. You can use it for buying inventory or equipment, paying staff salaries, marketing expenses, or even covering operating expenses.

How can you use a photography loan to grow your business?

Here are some common ways photographers use business loans to grow their businesses:

  • Photography equipment: A business loan can help you buy the necessary equipment. For example, if you’re a wedding photographer, you may need a strong camera to purchase to take those stunning photos of brides and grooms on their big day.
  • Advertising: If you’ve got a great marketing plan for attracting new clients but need extra cash to get started, you might use the funds for advertising like billboards, bus benches, or maybe even pay-per-click ads on Google AdWords. These types of ads must be eye-catching to attract the attention of potential customers who might not otherwise notice them without the ads, so you might even need to pay a graphic designer.
  • Day-to-day expenses: If your photography business is growing, more people will need to be paid regularly, such as assistants. You may also need lights, lenses, and cameras to handle these jobs. A photography business loan can help cover these costs, so you can focus on improving your services and growing your business.
  • Studio or office space: Another everyday use of a loan is for studio or office space rental payments. Photographers often work out of their homes or in shared spaces where they have access to equipment and supplies but may not have a dedicated space for their work. If you want to reserve an office or studio space, you can use this type of loan to cover the cost of rent or buyout fees from current tenants if necessary.

How to choose the best photography business loans

Here are some factors to consider to choose the best photography business loan:

  • Purpose of the loan: The purpose of the loan should be clear to you before applying for it. If you are starting a photography business, you need funds to purchase equipment and supplies. You could also need money for marketing. The purpose of your loan should be related to your business and how it will help you grow.
  • Application process: Most banks and lenders want to know about your business plan to determine if the loan will be worth their time and money. They also want to know if there is an existing customer base or if there are any investors involved in the business venture. They might even ask for proof that customers are willing to pay for your services or products before they approve the loan request. If you cannot show this type of evidence, then chances are that they will not approve your request for a photography business loan.
  • Compare interest rates and fees: When comparing interest rates between different lenders, make sure that you consider all fees associated with getting a loan and any other hidden costs that may come up after receiving the money from one lender over another. These hidden fees can include application fees and administrative fees.
  • Customer support: You want to work with someone who will be able to assist you whenever needed and provide answers to any questions that may arise during the application process and after receiving your loan.
  • Flexible repayment schedule: Keep to note that a longer term will be less stressful on your cash flow since payments are stretched, but the overall interest you pay will be higher. This is the opposite for shorter terms.