Photography Business Loans

Can you get a loan for a photography business?

While launching a photography business can be thrilling, securing funding as a brand new venture can be challenging. Many traditional business lenders require established companies with at least one or two years of operating history before offering loans.

For aspiring photographers with limited business experience, utilizing a personal loan while still employed can be a strategic pathway to initial funding. This approach leverages your current income and creditworthiness to access capital, which can then be dedicated to business expenses like equipment purchase, marketing, or setting up a studio.

Remember, securing any loan requires responsible planning and financial discipline. Be sure to thoroughly compare personal loan options, considering factors like interest rates, repayment terms, and origination fees. Additionally, ensure your business plan is well-defined, outlining how the loan will be used to generate sustainable income and repay the debt.

What can a photography business loan be used for?

You can use a photography business loan for:

• Renting or purchasing a studio or business premises
• Equipment (cameras, lenses, lighting, computers, props, backgrounds, etc.)
• Software
• Outsourcing branding, website design
• Taxes and fees
• Hiring temporary or permanent employees

Best photography business loans

We recommend:

Best for Short Term Loans: OnDeck

OnDeck

✔ Funding: Borrow $5,000 - $250,000
✔ Minimum Credit Score: 600
✔ Loan term: up to 36 months
✔ Funding turnaround: as soon as same business day

OnDeck offers fast business loan options such as term loans, business lines of credit, and SBA PPP loans and funding as fast as 24 hours. Minimum requirements include: at least 1 year in business, 600 credit score, $100,000 in gross annual revenue and a business checking account.

COMPARE LOANS

OnDeck offers fast funding of short-term loans (6-12 months on average) and accepts those with lower credit scores.

• Minimum credit score: 600
• Minimum time in business: 1 year
• Minimum annual revenue: $100,000
• Interest rate: 9-99%
• At least 2 years must have passed since a bankruptcy
• Requires personal guarantee and business lien

Best for Business Line of Credit: BlueVine

BlueVine

✔ Funding: Borrow $5,000 - $250,000
✔ Minimum Credit Score: 600
✔ Loan term: 6-12 months
✔ Funding turnaround: 24-48 hours

With BlueVine, borrowers can get approval as fast as 24 hours and obtain a business line of credit for short term capital needs while only paying interest on the funds you borrow.

COMPARE LOANS

BlueVine offers flexible borrowing with a line of credit. Interest rates start at 15% and customers can access their line of credit in as little as 12 hours.

• Minimum credit score: 600
• Minimum time in business: 6 months
• Minimum annual revenue: $120,000
• Interest rate: starts at 15%
• Requires personal guarantee and business lien
• Weekly repayments
• Not available in the Dakotas or Vermont

Best for Equipment Loans: Triton Capital

Triton Capital

✔ Funding: Borrow up to $250,000
✔ Minimum Credit Score: 600
✔ Best For: Equipment Financing in various industries
✔ Funding turnaround: 1-2 business days

Borrowers seeking equipment financing can obtain a loan up to $250K with Triton Capital and obtain fast funding without prepayment penalties. Personal guarantee is required along with a $250,000 annual income to qualify. Repayment options are flexible and the minimum time in business must be 2 years.

COMPARE LOANS

Triton Capital offers equipment loans with rates starting at just 5%, flexible repayment options, and fast funding.

• Minimum credit score: 600
• Minimum time in business: 2 years (however startups can get funding in some situations)
• Minimum annual revenue: $250,000
• Interest rate: starts at 5%
• Requires personal guarantee and business lien

Types of photography business financing options

• SBA Loans: SBA loans are secured by the Small Business Administration and offered by a wide range of lenders. These loans are some of the most attractive business loans for businesses, as they offer long terms and low-interest rates. They offer 3 main loan programs: the 7(a) program (great for growing businesses with relatively high revenue), the 504 loan program (for large assets such as real estate), and the microloan program, which will be the best choice for most photography businesses.
• Microloans: Besides the SBA microloan program we touched on above, there are other local organizations that support small businesses with microloans. These microloans often have good terms, small loan amounts ($6,000 - $15,000 on average), and may offer (or require) business mentorship.
• Term Loans: Business term loans are essentially the personal loan of the business world, offered by banks, credit unions, and alternative lenders with a wide range of terms and rates. Short-term loans are usually offered by alternative lenders with high-interest rates (36% is common) for 3-12 months. Medium and long-term loans usually have better rates, but more stringent qualification requirements. These loans are generally for 2-5 years (with long-term loans being 5-10 years) with rates around 5-15%.
• Business Credit Cards: If you only need to cover small purchases for a short time, a business credit card can be a valuable tool. If you can, qualifying for a rewards credit card can help you earn back rewards on everyday expenditure. The key with credit cards is to not hold a balance at all, or at least not for more than 3-6 months at a time to avoid paying high interest. Credit cards are often more accessible for new businesses.
• Business Line of Credit: A business line of credit works like a credit card, giving you access to a line of credit up to a specified limit, and only charging you interest on the money you’ve borrowed. The difference here is it acts more like a bank account, and you aren’t limited to spending only on things that accept card payments. Most lenders offering lines of credit will only offer to businesses that have been active for 2 years or more.
• Equipment Loans: Equipment loans are term loans where the equipment itself acts as collateral. This makes securing them easier, often with lower rates, but it can make purchasing expensive (especially if what you buy quickly depreciates), and if you default the equipment will be taken from you. If that happens and the value of the equipment will not cover your remaining balance, you’ll still be liable for that debt. That said, used well, they are one of the best ways to finance equipment.
• Merchant Cash Advance: If you charge your customers via card or an online service like PayPal, you may be able to use a merchant cash advance. This is where your payment processor offers you a loan based on your transactions. This is a good option for newer businesses or business owners with a poor credit score, as they only care about how much money you’re turning over. They then take a percentage of every transaction until the loan is paid off.
• Invoice Financing: Invoice financing and invoice factoring are good options for photographers working with big brands and have to wait to be paid. Invoice factoring is where you sell the invoice to another company (a good option if you have poor credit, but not good if you want to keep control of the customer journey), and invoice financing is where you borrow around 80% of the value of your invoice and repay it when your customer pays you.