Our top picks for government-backed loans from banks, connection services and online lenders.
Finding the right Small Business Administration (SBA) lender can set your business up for success. Some can even save you time by helping with the notoriously complicated SBA loan application.
When compiling our list of the best SBA loan providers, we first confirmed each lender’s legitimacy, business practices and website security. We then analyzed each lender based on the variety of SBA loans offered, range of loan amounts, rates and terms, and how easy it is to apply.
We also considered factors such as how much these lenders typically fund in SBA loans and if they specialize in SBA financing.Customer reviews on sites like Trustpilot and the Better Business Bureau (BBB) factored into our decision as well. This list is regularly updated. Most recently, we added Wells Fargo as our pick for the best SBA loan from a bank.
SmartBiz is one of the top SBA connection services and works with a wide range of lenders that offer 7(a) loans. You can prequalify in a few minutes and get your funds in as little as a week after finishing the application — though it can take longer for larger amounts. It charges a referral and packaging fee in exchange for finding your business a lender and doing some of the more time-consuming paperwork for you. While it might cost more, it takes less time.
Pros
Potential to get funds in just a week
Does the time-consuming paperwork for you
Partners with SBA Preferred Lenders
Cons
Referral and packaging fees
Good credit required
Must be in business at least two years
Loan amount
$30,000 – $5,000,000
APR
6.25% to 8.50%
Min. Credit Score
660
Loan Term
10 to 25 years
Requirements
660+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
Pros
Potential to get funds in just a week
Does the time-consuming paperwork for you
Partners with SBA Preferred Lenders
Cons
Referral and packaging fees
Good credit required
Must be in business at least two years
Loan amount
$30,000 – $5,000,000
APR
6.25% to 8.50%
Min. Credit Score
660
Loan Term
10 to 25 years
Requirements
660+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
Main Street specializes in helping small businesses that struggled to qualify for an SBA loan in the past or didn’t think it was even an option. It works with you on improving your business’s finances and your own personal credit score to increase your chances of approval. This means it could take up to a year to get your SBA loan, though Main Street allows you to combine it with its bridge loans to keep your business afloat in the meantime.
Lendio is an online connection service that partners with lenders that offer a slew of SBA financing options, including loans through the 7(a), 504 and Express programs. And while there is technically no cost to use Lendio to compare your business loan options, you may pay an origination fee to Lendio once your loan has been funded.
Pros
Claims to offer financing in just 24 hours
Compare offers from multiple lenders at once
Cons
May pay an origination fee
Loan amount
$500 – $5,000,000
APR
Starting at 6%
Min. Credit Score
580
Loan Term
1 to 25 years
Requirements
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Pros
Claims to offer financing in just 24 hours
Compare offers from multiple lenders at once
Cons
May pay an origination fee
Loan amount
$500 – $5,000,000
APR
Starting at 6%
Min. Credit Score
580
Loan Term
1 to 25 years
Requirements
Operate business in US or Canada, have a business bank account, 560+ personal credit score
As a business loan connection and consulting service, Seek Business Capital specializes in connecting startups to funding — including SBA loans. It’s not for businesses that haven’t opened their doors yet, though. You’ll need to be up and running for at least six months to qualify. And it’s one of the slowest lenders on this list — it can take up to six months to get your funds.
Pros
Borrow up to $350,000
Open to businesses just 6 months old
Cons
Only offers SBA Express loans
Takes 3 to 6 months to get funds
Loan amount
$5,000 – $500,000
APR
Varies by lender
Min. Credit Score
680
Requirements
Personal credit of 680+, no bankruptcies in the last 4 years.
Pros
Borrow up to $350,000
Open to businesses just 6 months old
Cons
Only offers SBA Express loans
Takes 3 to 6 months to get funds
Loan amount
$5,000 – $500,000
APR
Varies by lender
Min. Credit Score
680
Requirements
Personal credit of 680+, no bankruptcies in the last 4 years.
Newtek is the only online lender that ranks in the top 10 list of the SBA’s most active 7(a) lenders. It offers financing up to $10 million with terms as long as 25 years. Instead of having business owners apply for an SBA loan specifically, it has you prequalify for a term loan, line of credit or commercial real estate loan. You then discuss your options with a loan specialist to decide if an SBA loan or other type of financing is the best fit. It’s not a good choice for startups, though: Your business must be around for at least two years to qualify.
Pros
Large maximum loan amount of $10 million
24/7 online support
SBA Preferred Lender
Cons
Must be in business 2+ years
May need to provide collateral
Can take 2 weeks to find out if you're approved
Loan amount
$1,000 – $15,000,000
APR
Starting at 6%
Min. Credit Score
650
Loan Term
84 to 300 months
Requirements
650+ personal credit score, at least two years of tax returns.
Pros
Large maximum loan amount of $10 million
24/7 online support
SBA Preferred Lender
Cons
Must be in business 2+ years
May need to provide collateral
Can take 2 weeks to find out if you're approved
Loan amount
$1,000 – $15,000,000
APR
Starting at 6%
Min. Credit Score
650
Loan Term
84 to 300 months
Requirements
650+ personal credit score, at least two years of tax returns.
National Business Capital has a unique approach to SBA funding that cuts the turnaround from six months to as few as 45 days. And while you’re waiting for your government-backed loan to come in, it works with over 75 lenders to help you find bridge financing in the meantime. But you’ll need to have a credit score of at least 685 to qualify. And it’s not open to fledgling companies just getting off the ground.
Pros
Get SBA funding in as little as 45 days
Access bridge financing while you wait
Cons
Good credit required
Need to bring in $120K+ a year
Only for businesses 2+ years old
Loan amount
$10,000 – $5,000,000
APR
Varies
Min. Credit Score
300
Loan Term
6 to 120 months
Requirements
In business for 3+ months, $120,000+ in annual revenue
Pros
Get SBA funding in as little as 45 days
Access bridge financing while you wait
Cons
Good credit required
Need to bring in $120K+ a year
Only for businesses 2+ years old
Loan amount
$10,000 – $5,000,000
APR
Varies
Min. Credit Score
300
Loan Term
6 to 120 months
Requirements
In business for 3+ months, $120,000+ in annual revenue
Wells Fargo offers a wide range of SBA loan programs, including 7(a), 504 and express loans. It’s an SBA preferred lender and is one of the most active 7(a) lenders in the country. If you already have an account, you can also apply online.
You can borrow up to $12.5 million through the SBA 504 program — making Chase a great choice if you plan on expanding your physical locations. It also allows you to finance up to 90% of the cost of your project with extended loan terms.
Pros
Borrow up to $12.5 million
SBA Preferred Lender
Cons
Limited information available online
Loan amount
$5,000 – $500,000
APR
Not stated
Loan Term
12 to 84 months
Requirements
Hold a Chase business checking account, have a realistic business plan and visit a Chase location in person.
Pros
Borrow up to $12.5 million
SBA Preferred Lender
Cons
Limited information available online
Loan amount
$5,000 – $500,000
APR
Not stated
Loan Term
12 to 84 months
Requirements
Hold a Chase business checking account, have a realistic business plan and visit a Chase location in person.
One of the most active lenders in the country, Live Oak Bank specializes in financing large expenses — like business expansion or an acquisition with 7(a) and 504 loans. Its loan specialists have expertise in financing for a wide range of industries, from healthcare to solar energy. But it doesn’t offer working capital financing — pick another lender to fund ongoing expenses.
Pros
Financing tailored to needs of your industry
Work closely with SBA loan specialist
One of the most active SBA 7(a) lenders
Cons
No online application
Doesn't finance working capital
Accepts fewer applications than other SBA lenders
Loan amount
Varies by industry
APR
Varies by loan type
Loan Term
Up to 300 months
Requirements
Strong financial history, meet standard SBA loan requirements
Pros
Financing tailored to needs of your industry
Work closely with SBA loan specialist
One of the most active SBA 7(a) lenders
Cons
No online application
Doesn't finance working capital
Accepts fewer applications than other SBA lenders
Loan amount
Varies by industry
APR
Varies by loan type
Loan Term
Up to 300 months
Requirements
Strong financial history, meet standard SBA loan requirements
A connection service that’s entirely SBA preferred lenders and offers loan packaging.
Main Street Finance Group
Businesses that have struggled to qualify
It works with borrowers to improve finances and credit to increase chances of approval.
Lendio
Comparing multiple SBA lenders
It has a network of over 75 providers that makes it easy to compare offers from multiple SBA lenders.
Seek Business Capital
Startups and young businesses
A network that specializes in helping startups find financing, and that offers consulting services.
Newtek
Online SBA loans
It’s the only online lender to make the SBA’s top 10 list of active 7(a) lenders.
National Business Capital
A quick turnaround
It funds SBA loans in as little as 45 days — and offers bridge loans to tide you over.
Wells Fargo
Bank loans
One of the most active SBA lenders and offers a range of options to businesses of all sizes.
Chase
Buying commercial real estate
Financing for up to 90% of the cost of your project with some of the highest 504 loan out there.
Live Oak Bank
Funding large projects
It’s consistently one of the most active SBA 7(a) lenders in the country with an average 7(a) loan size over to $10 million.
5 most active SBA lenders in 2021
These lenders offered more financing through the SBA 7(a) program than any other provider out there. Numbers are slightly lower this year, and doesn't include numbers from the Paycheck Protection Program (PPP) — even though it's technically a 7(a) loan.
The most active lenders aren’t necessarily the best choice for all small businessses. But they may be faster at processing applications, especially if you're looking for a loan closer to $5 million.
How to find the best SBA lender for your business
Ready to begin your search for an SBA lender? Here are some pointers to find the right one for your business.
Make sure your business qualifies. Qualifying for an SBA loan might not be as easy as you think. Make sure your business is eligible for an SBA loan in the first place before you start comparing lenders.
Research the different types of SBA programs. The 7(a) program is the most popular, but that also means more competition. You might want to look into the 504 or Microloan programs if 7(a) isn’t an exact fit for your small business.
Nail down your priorities. Decide what matters to your business most and let that guide you when comparing lenders. Do you have time to apply on your own, or do you want to pay a lender to package the application? How long can your business afford to wait?
Don’t limit yourself to banks. Going directly to a bank might be a popular choice, but banks aren’t the only SBA lenders out there. An online lender might be a better fit for smaller businesses, as can using a service like SmartBiz.
How much do SBA loans cost?
SBA loans are known for being inexpensive. That’s because the SBA sets limits to how much lenders can charge in interest and fees. Within those limits, lenders have some flexibility. They can decide whether to offer your business fixed or variable rates and the exact rate you qualify for.
SBA loans are notoriously difficult to qualify for and may take months to fund. If your business doesn’t qualify — or if you simply need fast access to funds — consider these alternatives:
Business term loans. Most SBA loans are term loans — but backed by the federal government. If your business doesn’t meet the rigid requirements set by the SBA, it may still qualify for a term loan offered by a bank, credit union or online lender.
Business lines of credit. If your business needs consistent access to funds, consider a line of credit. These have lower rates than business credit cards, and many can be secured with your business’s assets, making it easier to qualify for than an SBA loan.
Business credit cards. Business credit cards are also helpful for businesses that need frequent, quick access to funds. But while they give you access to rewards, they carry higher APRs than business term loans and lines of credit.
There’s no one best SBA lender for all small businesses. Banks could be a better choice for established businesses looking for a large amount of funds. But online lenders and connection services tend to be quicker and have more forgiving eligibility requirements. There’s also a chance that an SBA loan isn’t right for your small business at all.
These lenders are separate from the SBA loan program and offer private loans for businesses. For quick results tailored to your business, you may want to consider one of these lenders to bridge gaps in funding.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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