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Best SBA loans for November 2026

Get lower rates with this government-backed loan and get funding within 24 hours.

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9.5 Excellent

Loan amount

Varies by lender

Turn around time

24 hours to 14 days

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Finder Score

9.5 Excellent

Loan amount

$5,000 to $5 million

Turn around time

As soon as 24 hours

What is an SBA loan?

An SBA loan is a small business loan that’s backed by the government. If your business can’t repay the loan, the government covers up to 85% of the cost.
The SBA sets caps on loan amounts, interest, fees, requirements and terms, making it a low-cost option for small businesses.

Here’s how SBA loans generally work:

  • Loan amounts: $50,000 to $5.5 million
  • Loan terms: Up to 25 years
  • Interest rates: Up to 11%
  • Guarantee fee: 0% to 3.75%
  • Turnaround time: 2 weeks to 3 months or longer

How to qualify for an SBA loan

To qualify for an SBA loan, your business must be:

  • For-profit
  • Located in the US
  • In an eligible industry
  • Within the SBA’s small business size standards
  • Unable to get funding elsewhere
  • Owner invested with equity

Additional criteria comes down to the SBA program and lender. See our guide to SBA loan requirements for additional eligibility.

What types of SBA loans are available?

Choose from seven of the SBA’s most popular loan programs:

SBA 7(a) loans

  • Maximum amount: $5 million
  • Maximum interest rate: 9.5%
  • Terms: 5 to 25 years
  • Percentage guaranteed: 75% to 85%
  • SBA guarantee fee: 0.25% to 3.75%
  • Uses: Working capital, debt refinancing, equipment, fixtures, renovations, inventory, starting a business, buying land or buildings, construction, expansion

The SBA 7(a) loan program is by far the most popular program offered by the agency. It’s easy to find lenders that offer them, but they’re also more competitive than other programs.

The standard 7(a) loan doesn’t have any additional eligibility requirements, though your lender might. You may need to back your loan with collateral, depending on how much you borrow. You’re also required to provide a personal guarantee and down payment of around 20%.

SBA Express loans

  • Maximum amount: $350,000
  • Maximum interest rate: 11.25%
  • Terms: 5 to 25 years
  • Percentage guaranteed: 50%
  • SBA guarantee fee: Up to 3%
  • Uses: Working capital, debt refinancing, equipment, fixtures, renovations, inventory, starting a business, buying land or buildings, construction, expansion

SBA Express loans are a version of the standard 7(a) loan that you can get more quickly — the SBA takes just 36 hours to give a decision. It requires less paperwork, making it a strong choice for businesses that don’t have months to wait for financing. Use the funds for just about any purpose, including working capital and real estate.

The SBA also offers an Export Express loan of up to $500,000 for small businesses involved in international trade. Rates and terms are the same. However, the SBA guarantees up to 90% of Export Express loans and can process the application within a fast 24 hours.

SBA 504 loans

  • Maximum amount: $5.5 million
  • Maximum interest rate:
    • CDC portion: Typically 3% to 4%
    • Bank portion: 11%
  • Terms: 10 to 25 years
  • Percentage guaranteed: 30% to 40%
  • SBA guarantee fee: 0.5%
  • Uses: Real estate and equipment

Also called a 504/CDC loan, this program is specifically for businesses looking to expand. It works differently than your typical SBA loan because it actually comes from two lenders: a community development corporation (CDC) and a third-party lender (often a bank).

  • CDC loan. From 30% to 40% of the project and entirely backed by the SBA.
  • Third-party loan. Not backed by the SBA and must be at least 50% of the project cost.

Your business must meet additional eligibility requirements and size standards. And the program is open to established businesses only, so startups need to look elsewhere.

SBA CAPLine

  • Maximum amount: $5 million
  • Maximum interest rate: 9.5%
  • Terms: 5 to 10 years
  • Percentage guaranteed: 75% to 85%
  • SBA guarantee fee: 0.25% to 3.75%
  • Uses: Working capital, filling a contract, real estate, construction

The SBA CAPLine program offers both revolving and fixed lines of credit to small businesses. It works a lot like a 7(a) loan when it comes to rates, terms and fees. However, the four CAPLine programs restrict who qualifies and how you can use your funds:

  • Seasonal CAPLines. Financing to prepare for a seasonal increase in sales.
  • Contract CAPlines. Funding to fill a contract.
  • Builder’s CAPLines. Financing for a real estate or construction project.
  • Working Capital CAPLines. Financing for businesses struggling with a short-term slump in sales.

SBA microloans

  • Maximum amount: $50,000
  • Maximum interest rate: 7.75% to 8% above lender’s cost to fund
  • Terms: Up to 6 years
  • Percentage guaranteed: None
  • Guarantee fee: None
  • Uses: Working capital, equipment, supplies and other startup costs — except real estate; some lenders also offer debt refinancing

The SBA microloan program is designed to offer startup funding and support to small businesses. It focuses on women, low-income, veteran and minority entrepreneurs.

Unlike other SBA programs, there’s no guarantee. Instead, the SBA lends money to nonprofit lenders at a discounted rate, which they pass on to borrowers. These loans are often found at community development financial institutions (CDFIs) and microlenders.

SBA Community Advantage loans

  • Maximum amount: $350,000
  • Maximum interest rate: Prime + 6%
  • Terms: Up to 25 years
  • Percentage guaranteed: 75% to 85%
  • SBA guarantee fee: 0.25% to 3.75%
  • Uses: Working capital, debt refinancing, equipment, fixtures, renovations, inventory, starting a business, buying land or buildings, construction, expansion

The SBA Community Advantage program is a pilot set for either expiration or extension by September 30, 2024. It’s designed to promote economic growth in underserved areas and markets. Community Advantage lenders tend to overlook factors like poor credit or low revenue as long as your business benefits an underserved area.

These loans are available through mission-driven lenders like CDCs and CDFIs only. Reach out to your local SBA office to find a lender near you.

SBA disaster loans

  • Maximum amount: $2 million
  • Maximum interest rate: 4% — or 8% for businesses that can find funding elsewhere
  • Terms: Up to 30 years
  • Uses: Costs of rebuilding after a natural disaster that insurance doesn’t cover, economic loss if an employee is called to active military duty

The SBA disaster loan program is unique in a few ways: It’s the only loan program the SBA funds directly, and it’s available to both businesses and homeowners. It’s designed to help people recovering from a natural disaster like a hurricane or flood, and also provides funding for businesses that employ military reservists on active duty. You can apply for a disaster loan through the SBA website.

More SBA loan programs to consider

Other SBA loan programs can better fit the needs of smaller businesses or those that receive revenue from on international trade.

SBA 7(a) Small Loans

Similar to the 7(a) program but with a lower maximum amount

$350,000

9.5%

5 to 25 years

75% to 85%

SBA International Trade

General-use financing for businesses actively involved in international trade or hurt by competition from imports

$5 million

9.5%

Up to 25 years

90%

SBA Export Working Capital Program

Short-term working capital for exporters backed by invoices or other business assets

$5 million

No SBA rate cap

1 to 3 years

90%

How to choose an SBA loan program

Find the right program for your business by asking yourself:

  • What do I need the loan for? Look for a program that specializes in your funding needs — like a 504 loan for real estate and CAPLines for seasonal working capital.
  • How much do I need to borrow? Different programs specialize in different funding amounts. Look for one with a maximum that fits your range.
  • How quickly do I need the funds? Small-dollar loan programs often come with a faster turnaround.
  • How much can my business afford to pay each month? Use our SBA loan calculator to make sure a program’s loan amounts, interest and terms fit your budget.
  • Can I qualify? Confirm that your program doesn’t require additional eligibility you can’t meet.

Where can I get an SBA loan?

You can get an SBA loan from any type of lender, though you might want to work with a certified or preferred lender that offers a more streamlined application process.

Certified lenders

Lenders that participate in the SBA’s Certified Lender Program (CLP) have experience with SBA loans and meet SBA standards.

The SBA expedites applications from certified lenders by reviewing its credit decision rather than underwriting the loan itself. For a 7(a) loan, this means cutting the underwriting process down to three days, instead of the standard five to 10 business days.

Preferred lenders

Lenders that participate in the SBA’s Preferred Lender Program (PLP) have the most experience working with the SBA and meet even more rigorous standards than certified lenders.

Preferred lenders have the authority to underwrite and set eligibility standards without the SBA’s application. For 7(a) loans, the SBA can give approval within 24 hours.

Lenders for special financing programs

A few SBA programs offer financing through specific types of lenders:

  • SBA 504 loans. You must apply through a bank or online lender and a certified development company (CDC).
  • SBA Community Advantage and microloans. Available through a community-based lender like a local bank, credit union or CDFI.

Not sure where to start? Try a connection service

Connection services can help you find an SBA preferred lender that your business can qualify with if you don’t know where to go first. Business lenders like SmartBiz also provide loan packaging services to further cut down the time it takes to apply for a loan.

How do I apply for an SBA loan?

  1. Confirm that you qualify. Make sure you meet all the basic SBA requirements.
  2. Choose a program. Look for a program that fits your budget and offers the funding you need to cover your costs.
  3. Compare lenders. Preferred and certified lenders offer the fastest turnaround, but compare all options to make sure you find the right fit.
  4. Compile your paperwork. Coordinate with your lender to figure out what documents you need to provide.
  5. Complete the application. Fill out the application form that your lender provides.
  6. Complete additional forms. The SBA requires borrowers to fill out several forms that provide details about personal assets, criminal records and more.

What documents do I need to apply?

Prepare to submit all or some of these documents when you apply for an SBA loan:

  • Detailed list of how your business will use the loan
  • Financial projections for the next one to three years
  • Cash flow statement
  • Current profit and loss (P&L) statement
  • Current balance sheet
  • Two years of business tax returns
  • Two years of owner tax returns
  • Owner financial statements
  • Owner resumes
  • Business plan – including an overview and history
  • Proof of ownership
  • Business licenses and leases
  • Business debt schedule
  • Information about other businesses you own

SBA loan alternatives

Not sure you can qualify and need funding fast? Consider an alternative lender for your business needs.

  • Bank loans. Banks offer traditional business loans with amounts that are similar to the SBA’s. These institutions have tough revenue and credit requirements, but they aren’t as strict as the SBA.
  • Online loans. Online lenders can get you money in a matter of days, often with minimal paperwork. But they tend to come with higher rates.
  • Microloans. If you’re looking to finance a startup, it might be easier to qualify for a small-dollar loan with a microlender.
  • CDFI loans. CDFIs tend to offer more competitive rates to small businesses that might not otherwise qualify for funding.
  • USDA loans. If you’re in agriculture or operate in a rural area, the USDA might offer funding more strongly suited to your needs

Bottom line

It’s hard to beat SBA loan rates and terms. But make sure you have the time to apply and meet the eligibility requirements.

Frequently asked questions

Learn more about SBA loans, including eligibility and requirements.

What’s an SBA guarantee?

An SBA guarantee is the government’s legal promise to cover part of the loan if your business defaults. The SBA typically guarantees between 75% and 85% of SBA loans, though it depends on the program and how much you borrow. Business owners that have more than a 20% stake in the company are required to back the rest of the loan with a personal guarantee or collateral.

What are the SBA’s loan rates?

SBA loan providers charge different rates depending on the specific program, loan amount and repayment term.

How hard is it to get an SBA loan?

SBA loans are among the more difficult types of financing to qualify for. Only 54% of SBA applications were approved in 2017, according to a Federal Reserve survey. This could be because SBA loans consider far more factors than traditional business lenders, including the arrest records of business owners with more than a 20% stake in the company.

How long does it take to get an SBA loan?

The time it takes to receive your SBA loan depends on several factors, including your lender and loan type. Most borrowers can expect to spend at least 30 days on the application from start to finish. However, it can take as little as a few weeks if you use a service like SmartBiz.

Why is there more paperwork involved with an SBA loan?

There’s more paperwork because SBA loans are backed by the government — or the public’s tax dollars. Extra regulations lead to extra paperwork and qualifications.

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