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Photography Business Loans: Best Options to Consider in 2023
Let’s face it - camera equipment is expensive. And while you may be able to start your photography business with just a camera or two, you’ll soon need to invest in more equipment if you want to grow your business and provide better service.
Written by:Christi Gorbett
Reviewed by: Jen Hubley Luckwaldt, Content Writer and Editor
It can be difficult for professional photographers to find funding through traditional banks and credit unions. Like other small business owners, many professional photographers net relatively small monthly revenue. So where do you turn when you need to purchase new photography equipment, build a studio, or pay for unexpected expenses?
The good news is there are plenty of alternative small business lenders with more lenient requirements to help you finance your photography business.
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Our Top Picks for Photography Business Loans
- American Express® Business Line of Credit - Best for Fair Monthly Revenue
- Lendzi - Best for Photography Businesses With High Revenue
- Bluevine – Best for Business Line of Credit
- Backd - Best for Working Capital Loans
- Biz2Credit - Best for Term Loans
- Fundera - Best for Photography Equipment Loans
In this review, we highlight the terms, rates and fees of each lender and explain what makes them a good option. We also share potential downsides of each lender, and provide a rating methodology you can use to select the best option for your needs.
Best Photography Business Loans for 2023 - Full Overview
Below, our experts overview some of the best lenders for photography business loans and the financial products they provide.
Best Overall
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American Express Business Blueprint™ - Best for Fair Monthly Revenue
Average Monthly Revenue
At least $3,000
Min. Time in Business
12 months
Min. Credit Score
640+
Key Features
- Monthly fee: 3-9% for 6 month loans, 6-18% for 12-month loans, 9-27% for 18-month loans
- Loan amounts ranging from $2,000 to $250,000
- No prepayment penalties and no origination fees
- Convenient application process
Pros & Cons
- Fair minimum credit score requirement (640)
- Straightforward application process
- Average monthly revenue of at least $3,000
- Borrowers with low credit scores typically pay higher monthly fees
- Fee system can seem complicated
Overview
American Express Business BlueprintTM program hosts the American Express® Business Line of Credit product. The lender offers a business line of credit ranging from $2,000 to $250,000. Because American Express Business Line of Credit is an unsecured loan, it can be an ideal choice for a photographer who’s just getting started.
Main Features
American Express Business Line of Credit also has fair credit score requirement of 640. However, all businesses are unique and are subject to approval and review. Just be aware that borrowers with lower credit scores typically face higher monthly fees.
Once approved, you can make multiple draws against your credit line. Each draw is a separate 6-,12-, or 18- month installment loan.
American Express Business Blueprint charges a monthly fee instead of an APR. Fees are as follows: 3-9% for 6-month loans; 6-18% for 12-month loans; 9-27% for 18-month loans.
American Express Business Line of Credit’s convenient processing time and reasonable qualification requirements make their line of credit an excellent choice for photographers facing an unexpected business expense. Just consider the fee structure when calculating your total costs.
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Lendzi - Best for Photography Businesses With High Revenue
Min. Annual Revenue
$180,000
Min. Time in Business
6 months
Min. Credit Score
At least 500
Key Features
- Borrow up to $400,000
- Competitive starting rates on most products
- Bad credit accepted
- See your options without hurting your credit
- Flexible terms: 3 to 15 months
- Excellent customer reviews on independent review sites
Pros & Cons
- Easy online application
- Fast funding times
- Many loan products to choose from
- Bad credit accepted
- Excellent customer service
- Annual revenue requirement may be high
- Must be in business for at least six months
Overview
Lendzi was founded in 2020 and works with borrowers with high revenue that have been denied a loan elsewhere. If you don’t have bad credit, you can still apply with Lendzi and get an excellent loan. Lendzi is both a direct lender and a lending marketplace, meaning they partner with over 75 other lenders to help you find the best loan for your photography business. Whether you need to purchase new cameras and equipment, purchase a photography studio, or simply pay for additional marketing expenses, Lendzi can help - even if your credit score isn’t quite as high as you’d like.
Main Features
Working capital loans from Lendzi allows you to borrow up to $400,000 with terms of three to 15 months. Factor rates start at just 1.15 and the minimum required credit score is 500. You also need to be in business for at least six months and have an annual revenue of $180,000. If your business isn’t meeting the annual revenue requirement, Lendzi also offers personal loans. A personal loan doesn’t have as strict income requirements, and can still get you the funding you need for your business. The only downside is the loan will be in your name, not your business name. And if you default, you are held liable for paying the loan back.
Lendzi caters to businesses with poor credit or to those who have been denied a loan elsewhere. If this sounds like you, head on over to their page and fill out an application. From there, a representative will be in touch in order to discuss your business and review your loan options.
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Bluevine – Best for Business Line of Credit
Min. Annual Revenue
$120,000
Min. Time in Business
6 months
Min. Credit Score
625+
Key Features
- Funding up to $250,000
- Interest rates as low as 4.8%
- Loan Repayment 6-12 months terms
- Quick and simple application
Pros & Cons
- An easy application process
- Fast disbursement of funds
- Low credit score requirements
- Fair interest rates
- Repayment required within 6 to 12 months
- Borrowers with poor credit may incur high APRs
- Not available in Nevada, North and South Dakota
Overview
Bluevine offers photography business loans in the form of a business line of credit. A line of credit is a flexible borrowing option for photographers who need fast cash to cover unexpected expenses, like a broken lens or camera. Loan amounts range from $6,000 to $250,000 but these are a short-term option with repayment expected within six to 12 months.
Main Features
Bluevine offers a business line of credit to photographers who need quick access to a flexible line of spending. Borrowers are approved for an amount between $6,000 and $250,000 and can make draws any time they need funds. APRs start at 4.8% with repayment required within 6 to 12 months.
To qualify for a business line of credit through Bluevine, you need to have a credit score of at least 625. Also, your photography business should be at least 6 months old and earn a minimum of $10,000 per month. There are no maintenance fees on this account.
Bluevine’s business line of credit is an excellent finance option for photographers who need money to cover the cost of doing business; it’s especially helpful when you need to pay for unexpected expenses. For example, if you’re hired for a big event and need help carrying equipment and setting up shots, you have access to funds to pay for additional personnel.
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Backd - Best for Working Capital Loans
Min. Annual Revenue
$100,000
Min. Time in Business
One year
Min. Credit Score
Not specified
Key Features
- Borrow up to $2 million
- Industry best factor rate for MCA - as low as 1.10
- APR for the Line of credit product starts at 35%
- Flexible repayment terms up to 16 months
- Get funding in as little as 24 hours
- Check your rate with a soft credit pull
Pros & Cons
- Fast lending decision and funding times
- No collateral required
- Loans tailored to meet your needs
- Flexible payment terms
- Not available to all industries
- Must be in business at least one year
- Rates not disclosed prior to applying
Overview
Backd was founded in 2018 and has funded more than $1 billion to over 10,000 small businesses. They tailor their loans to meet each individual business, making them ideal for photography businesses. Whether you want to build a physical location, market your business, or hire more employees, Backd can help you get the funding you need with either a working capital loan or a business line of credit.
Main Features
A working capital loan from Backd ranges from $10,000 up to $2 million. Terms are 16 months and no collateral is required. Payments can be made daily, weekly, or semi-monthly, whatever is best for your business model. If you need access to funds on a regular basis, Backd offers business lines of credit from $10,000 to $750,000. Terms are unlimited with this type of funding, and no collateral is required, either.
To qualify, you need to have at least $100,000 in annual revenue and to be in business for at least one year. Startup photography businesses will not qualify for funding from Backd
It takes just a few minutes to fill out an application from Backd and a lending decision is given instantly. From there, rates and fees are disclosed and you can choose whether or not you’d like to move forward with the loan. They make the entire process easy, so you can focus on the parts of your business that matter.
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Biz2Credit - Best for Term Loans
Min. Annual Revenue
$250,000
Min. Time in Business
6 months
Min. Credit Score
575+
Key Features
- Borrow up to $2 million
- Loan Repayment 12-36 months terms
- Variable APR depending on the applicant
- Multiple loan types available
- Funding in 72 hours
- Soft credit pull
Pros & Cons
- Easy, straightforward application process
- Loan disbursed quickly, often within 72 hours
- Lender offers various loan types
- High borrowing limits
- Rigorous loan eligibility requirements
- Few repayment options
- Origination fees assessed on loans
Overview
Term loans through Biz2Credit are a great option for photography business financing because they offer a wide range of loan amounts with repayment terms up to three years. This means no matter what you’re financing - whether it’s camera and lighting equipment, new studio space, or hiring an assistant - term loans can provide the funds you need.
Main Features
Biz2Credit offers term loans in amounts ranging from $25,000 to $500,000. APRs start at 7.99% for well-qualified borrowers with repayment terms between 1 to 3 years. Biz2Credit does charge an underwriting fee, which can range between $250-$400. Repayment can be made either weekly or bi-monthly; monthly payments are not permitted.
Qualifying for these photography loans may be challenging for some, especially if you’ve just started your business; you must be in operation for at least 18 months with $250,000 in annual revenue to qualify. It’s also recommended that you have a credit score of at least 660 to get the best loan terms.
Biz2Credit’s term loans are the perfect option for a successful photographer with good credit who’s been in business for more than 18 months. With their high loan limits and lengthy repayment terms, these photography business loans can be used for practically any expense you may incur.
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Fundera - Best for Photography Equipment Loans
Min. Annual Revenue
$180,000
Min. Time in Business
4 years
Min. Credit Score
680+
Key Features
- Connections to multiple lenders
- Competitive rates
- Soft credit check
Pros & Cons
- Offers a variety of loan types
- Borrowers can prequalify with a soft credit check
- Access to multiple lenders
- Competitive interest rates offered
- Borrowers with poor credit can apply
- Funding could take up to three weeks
- Higher APRs for borrowers with poor credit
- Loan origination fees may apply
Overview
Fundera’s photography equipment financing loans are a great choice if you need to purchase new cameras, lenses, lighting, backdrops, or computers to build or grow your business. Loans will cover up to 100% the cost of the equipment with generous repayment terms between 5 to 6 years. With low credit score qualifications and no minimum revenue or business history requirements, these are an excellent option for those who are starting their professional photography business.
Main Features
Fundera offers photography equipment financing up to 100% the cost of the equipment. Repayment terms are generous, with borrowers having between 5 and 6 years to pay back the loan. Interest rates for these photography business loans start at 4% but can reach up to 40% for borrowers with poor credit.
Fundera also offers a variety of other financial products including term loans, business line of credit, SBA loans, and microloans. To qualify for photography financing through Fundera, you need a credit score of 600. Past borrowers have typically been in business for over 2 years. Fundera’s annual revenue requirement is $130,000. Many of Fundera’s lenders do charge a loan origination fee and late payment fees may also apply.
Fundera’s equipment financing loans are the best choice for any photographer who needs funding to buy a new camera, lens, lighting, or any other business-related equipment. With their flexible requirements and long repayment terms, these loans are ideal for photographers who are at the beginning of their professional career.
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How to Choose the Best Photography Businesses Loan
Here are the factors you should take into consideration when comparing loans; these are also the criteria our experts have used when providing recommendations in this guide.
- Loan Features: The most important factor to consider is the loan features including loan amounts, how long you have to repay the loan, and repayment options (monthly, weekly, daily).
- Application Process: Take into account the invasiveness of the application, how difficult it is to complete, and how quickly you receive the funds. Check whether the lender conducts a hard credit pull that will reduce your credit score or a soft credit pull that has no effect.
- Interest Rates and Fees: Shop around to find the most competitive annual percentage rates (APRs). Also check whether the lender charges loan origination, maintenance, or prepayment fees, as these can add up quickly.
- Qualification Process: Each lender has its own set of qualifications. Check to make sure that you meet the minimum credit score, annual revenue, and business history requirements.
- Customer Support: Check to make sure they offer multi-channel customer service support with access to a live representative to help with photography financing.
- Online User Reviews: You can also find vital information about the lender through independent review sites like Trustpilot.
- Perks and Bonuses: Lenders may also offer additional bonuses such as payment flexibility, advanced technology, and transparency about rates and fees.
Main Features of the Best Photography Business Loans
Below is a summary of the features offered by each of our recommended lenders; use this to compare your options and find the one that best meets your needs.
| Company | Min. Credit Score | Min. Time in Business | Min. Revenue | Loan Amount | Interest Rate |
| American Express Business Line of Credit | 640 | 12 months | Average monthly revenue: at least $3,000 | $2,000 - $250,000 | See above. |
| Biz2Credit | 660 | 18 months | $250,000 | $25,000 - $500,000 | Starting at 7.99% |
| Fundera | 600 | 2 years | $130,000 | Up to 100% of the cost of the equipment | From 4% to 40% |
| Upstart | 550 | 12 months | Not disclosed | $5,000 to $200,000 | Max 35.99% APR |
| Bluevine | 625 | 6 months | $120,000 | $6,000 to $250,000 | Starting at 4.8% |
| Lendzi | 500 | 6 months | $180,000 | Up to $400,000 | Factor rates starting at 1.15 |
| Fundera | 600 | 2 years | $120,000 | Up to 100% of the cost of the equipment | From 4% to 40% |
What Are the Costs of Running a Photography Business?
As you make plans to open your photography business, there are several expenses you need to keep in mind. Some of the most common include:
- Cameras: Of course, you’ll need a variety of camera equipment to get your business started. While you may have a camera or two already on hand, you should assess how many cameras you’ll need to run a successful photography business. Financing a camera can run you anywhere from $1,250 to $8,000.
- Lenses: To take the best pictures, you’ll also need access to a variety of lenses, which can cost around $950 or more per lens.
- Lighting: To make sure your subjects are well-lit, you’ll need camera flashes, reflectors, and other lighting accessories; these will likely cost you approximately $300 or more.
- Backdrops: If you plan on taking studio portraits, backdrops are a must. These can cost you anywhere from $40 to $750 depending on the material, manufacturer, and type you choose.
- Computers and Software: You’ll need access to at least one work computer plus software to edit the photos you take. A computer will likely run you $1,300 with software costing at least $250 per year.
- Transportation: Though its often overlooked when calculating expenses, you shouldn’t forget to add in how much it costs for you to drive to and from events and photoshoot locations, which will vary depending on mileage.
- Rent: Another expense to include is rent for your studio or office, which can cost anywhere from $850 to $5,000 per month based on the size of the space and your location.
You’ll also need to factor in occasional costs, like when you need to replace or repair equipment. It’s recommended that you draw up a business plan detailing each of these costs, so you know what expenses to expect as your company grows.
Types of Loans Available to Photography Business Owners
Professional photographers have access to various types of loans. Some of the most common include:
Term Loans: These are a standard financial product offered by many banks, credit unions, and online lenders. The terms and loan amounts vary widely as do the interest rates and accepted loan uses, which makes it easy for photographers to find a term loan that matches their needs.
Business Line of Credit: When you open a line of credit, you’re given access to a fixed amount of capital that can be used any time your business needs a quick injection of cash. These are great for covering unexpected expenses or making ends meet when bookings are limited.
Equipment Financing: While other loans can be applied to practically any business expense, these are for one purpose only: to finance your photography equipment. However, the definition of equipment is fairly broad. Equipment financing loans can be used to purchase cameras, lenses, lighting equipment, backdrops, camera bags, and even computers for your business.
Business Expansion Loans: The purpose of a business expansion loan is to provide you with the capital you need to grow your business. For example, this loan can be used to lease a new space for your photography studio, hire personnel to assist at events, or purchase new equipment.
SBA Loans: These business loans are backed by the Small Business Administration and can be used in a variety of ways. They’re a popular option because they offer low APRs and long repayment periods, but they’re often difficult to qualify for.
How to Use a Photography Business Loan?
There’s a variety of photography financing options available on the market. Though loan purpose may vary by lender, you can often use borrowed funds on:
- Photography Equipment: Loans can be used to purchase photography gear including cameras, flashes, filters, reflectors, speed lights, backdrops, props, and tripods.
- Advertising: Borrowed funds can also be applied toward advertising costs. For example, you can use loans to pay for a professional website or hire a marketing firm to advertise your services through radio, newspaper, and social media.
- Continuing Education: If you want to improve your photography skills by taking a class or two, loans can be used to cover the cost of education.
- Studio or Office Space: Some loans can also be used to help you secure and update space for a photography studio or office. For example, you can use borrowed capital to renovate your recently acquired office space to transform it into a photography studio.
- Office Equipment: Loans can be used to cover the cost of any office equipment or other supplies you may need to buy. This includes computers, office furniture, a photo printer, business cards, telephones, and external hard drives for storing photos
- Day-to-Day Expenses: You can also use loans to cover the day-to-day expenses of running a business. For example, if you find you’re not getting many bookings during the winter, you can take out a loan to help make ends meet.
How to Qualify for a Photography Business Loan?
One of the biggest concerns photographers have when searching for business loans is “Will I qualify?” Thankfully, you can increase your chances of success by following the tips below:
- Have a Clear Purpose for the Loan
- Determine How Much You Want to Borrow
- Know Your Personal Credit Score
- Gather the Necessary InformationGather the Necessary Information
- Be Selective When Applying for Loans
Conclusion
Running your own photography business is an exciting venture; you not only have the chance to connect with people, but you also get to capture some of their most important moments in life. But being a business owner isn’t always easy; you may need to take out loans to help your photography business grow and thrive. Thankfully, there are many options for photography financing available on the market; all you have to do is compare the various options to find one that suits your needs
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Written by: Christi Gorbett
Freelance Content Marketing Writer specializing in finance, personal development, education, marketing, web development, food & beverage manufacturing, pet, and contracting/home improvement niches.
More about me)
Reviewed by: Jen Hubley Luckwaldt
Jen Hubley Luckwaldt is an editor, writer, and content strategist with a focus on personal finance, careers, and DEI. A small business owner for over a decade, Jen helps publications and brands create and optimize B2B and B2C content.
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