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Byline Bank SBA loans review

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This SBA Preferred Lender can streamline your application and might not require as much collateral as other providers.

  • Best for growing your business or refinancing debt for a lower rate.
  • Pick something else if you need working capital or fast funding.

$5,000,000

Max. Amount

Details

Product NameByline Bank SBA loans
Max. Amount$5,000,000
Loan TermUp to 300 months
APRVaries
RequirementsLive in eligible state, meet SBA's standard requirements for the 7(a) loan program

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 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.

Expert review

Byline Bank could be a good choice if you’re looking for a large, government-backed business loan but don’t have a lot of business assets.

The SBA backs between 75% and 85% of 7(a) loans. With other lenders, you might have to provide collateral to back the remaining 15% to 25%. But Byline Bank generally doesn’t require you to secure that full amount.

It’s also an SBA Preferred Lender and one of the most active SBA 7(a) providers in the country. On top of 7(a) loans, it also offers SBA 504 loans and CAPLines if you’re looking for equipment, real estate funding or a line of credit.

But it’s only available to businesses in nine states. And like other SBA providers, it can take a few days to hear back after starting your application.

Not sure Byline Bank is for you? Compare other options below.

First, do I qualify?

Byline Bank doesn’t disclose its eligibility requirements. But you’ll need to live in an eligible state and meet the Small Business Administration’s basic requirements for its 7(a) loan program at a minimum to qualify.

What states does Byline Bank operate in?

  • California
  • Colorado
  • Florida
  • Illinois
  • Indiana
  • Minnesota
  • Ohio
  • Texas
  • Wisconsin

What makes Byline Bank SBA loans unique?

Byline Bank offers government-backed funding with lower collateral requirements than your typical SBA lender. While the SBA backs up to 85% of the loan, many lenders require you to cover that additional 15% with your business’s assets. But Byline doesn’t always require this.

It’s also an SBA Preferred Lender, which means it can approve or reject your application without waiting for the SBA to weigh in. This can speed up and streamline the process, since it doesn’t have to go back and forth with the SBA to get approval.

What other loans does Byline Bank offer?

In addition to SBA 7(a) loans, 504 loans and CAPLines, Byline Bank offers the following types of financing:

  • USDA Business and Industry (B&I) loans. Businesses in rural areas can borrow between $1 and $10 million with terms up to 30 years from this government-guaranteed program backed by the US Department of Agriculture (USDA).
  • Franchise loans. Customize an SBA loan specifically for a franchise by working with an experienced franchise financing team.
  • Financial adviser loans. Customize an SBA loan for financial advisers. Borrow between $150,000 and $5 million with 10-year terms and up to 100% financing.
  • Equipment financing. Flexible funding for buying new equipment, buying out a lease, paying your supplier and more.

Pros

  • SBA Preferred Lender
  • One of the most active SBA lenders in the country
  • Wide range of SBA loan programs available

Cons

  • No information about costs online
  • Can take a few days to get a response
  • Only available in nine states

See how Byline Bank compares to other business loan options

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Varies
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

How do I apply?

You can get started through Byline Bank’s website, though you’ll have to speak with a representative before you can fully submit your application. Here’s how to begin:

  1. Go to the Byline Bank website.
  2. Select Small Business in the main navigation bar.
  3. Click Financing and select SBA & USDA loans.
  4. Complete the form with information about yourself and your business. Click Submit.

Byline Bank should be in touch to discuss your options within a few business days.

What documents do I need to apply?

That depends on your application, though SBA loans tend to require more paperwork than most other loans. You’ll likely need to provide a wide range of documents and forms with information about your business’s and personal assets, taxes, revenue and even the criminal history of any owners.

How do repayments work?

SBA loans come with monthly repayments. If you have a fixed interest rate, these should stay the same through the life of your loan. If you have a variable rate, these can change every few months.

You can find information about your loan repayments in the documents you signed when you took out the loan. If you have any questions or are struggling with repayments, you can reach out to customer service by calling 773-244-7000.

Find out how Byline Bank compares with other lenders by checking out our guide to business loans

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