The U.S. Small Business Administration (SBA) partners with lenders to offer attractive loan terms and affordable interest rates for small business owners. Here are the best SBA loan lenders to help your business succeed. Not all of LendingTree's partners offer SBA loans. If you choose to get business loan offers through LendingTree, you may see results with different types of business loans.
$15,000,000
$1,377,745
Yes
As one of the nation’s top SBA lenders, Live Oak Bank offers large loan amounts through its SBA 504 program — with maximum amounts up to $15,000,000. Funds can be used for purchasing equipment, partner buyouts, commercial real estate and more. In addition to SBA 7(a) and 504 loans, Live Oak Bank offers USDA government loans, commercial loans and express business loans.
For the fiscal year 2024, Live Oak processed $1,983,953,500 in SBA 7(a) loans. Live Oak typically makes lending decisions a few weeks faster than non-Preferred lenders and provides lending options to eligible small business owners in all 50 states.
Read our full Live Oak Bank review.
In order to qualify, you’ll need to meet Live Oak Bank’s criteria of:
$5,000,000
$201,935
Yes
With an expedited application and review process, Huntington National Bank is ideal for businesses needing quick financing. Express loans are capped at $500,000 per SBA guidelines, with a turnaround time around 36 hours instead of the typical five to 10 business days for SBA 7(a) loans. If you need more funds, Huntington’s SBA 7(a) loan provides up to $5,000,000, but with a slightly longer wait time.
As the country’s leading SBA lender by approval rate and a Preferred SBA Lender, Huntington funded $1,530,064,700 in SBA 7(a) loans in the fiscal year 2024. Women-owned businesses, veterans and minority entrepreneurs can receive extra support in achieving their business goals via Huntington’s Lift Local Business program, which offers courses, planning support and loans.
Learn more about Huntington National Bank.
Huntington National Bank doesn’t offer specific qualification information, but you’ll generally need to meet the following criteria to get an SBA loan:
$15,000,000
$549,552
Yes
SBA 7(a)
Newtek is an alternative lender with over 24 years of experience serving 2.2 million businesses, providing term loans, revolving lines of credit, payroll services, insurance, processing solutions and more. As a direct lender, Newtek funded $2,098,740,400 in SBA 7(a) loans in the fiscal year 2024.
Established businesses in all 50 states can access up to $15,000,000 with long repayment terms. A dedicated lending specialist will work with you from the start, guiding you through the loan application process.
Read our full Newtek Bank review.
In order to qualify, you’ll need to meet Newtek Bank’s criteria of:
$5,000,000 or more
$520,250
Yes
With an equipment loan from Celtic Bank, businesses can finance up to 100% of new and used equipment purchases with low rates and flexible terms. Additionally, you can use Celtic’s SBA 7(a) or 504 loans to cover equipment expenses up to $5,000,000 or more with long-term fixed rates and no balloon payments.
As an SBA Preferred Lender, Celtic Bank funded $499,440,300 in SBA 7(a) loans in the fiscal year 2024. In addition to equipment financing and SBA loans, Celtic Bank also offers renewable energy financing, construction loans, partner buyout programs, working capital loans, commercial real estate financing and more.
Learn more about Celtic Bank.
In order to qualify, you’ll need to meet Celtic Bank’s criteria of:
$15,000,000
$254,960
Yes
Wells Fargo is our pick for best traditional bank for SBA loans since it has branches in 38 states and territories, in-person support and access to various small business solutions. You can access up to $15,000,000 in SBA funds to cover a wide range of business needs.
As an SBA Preferred Lender, Wells Fargo approved 2,224 SBA 7(a) loans totaling $567,031,300 in the fiscal year 2024. In addition to SBA loans, Wells Fargo provides lines of credit, term loans, merchant services, business bank accounts and more.
Read our full Wells Fargo review.
Wells Fargo doesn’t offer specific qualification information, but you’ll generally need to meet the following criteria to get an SBA loan:
$7,000,000
$292,035
Yes
SBA 7(a)
Ready Capital, through its subsidiary Readycap Lending, is a nonbank that strives to help small and mid-sized businesses access the funds they need to grow and expand. With SBA financing as high as $7,000,000, you can tackle various working capital expenses like payroll, inventory, hiring staff or seasonal fluctuations in revenue.
Ranked #4 for SBA Preferred Lenders in the U.S., ReadyCap approved 3,571 SBA 7(a) loans totaling $1,042,855,800 in the fiscal year 2024.
Learn more about Ready Capital.
Ready Capital doesn’t offer specific qualification information, but you’ll generally need to meet the following criteria to get an SBA loan:
$5,000,000
$512,248
Yes
Veteran-owned businesses can receive a 25% discount on administration and origination fees with an SBA loan from Bank of America. SBA 504 loans start at $400,000, with no maximum limit specified. Funds can cover working capital, equipment, business acquisition, owner-occupied commercial real estate and more.
As a traditional brick-and-mortar bank and a leading SBA Preferred Lender, Bank of America approved 1,190 SBA 7(a) loans totaling $609,574,600 in the fiscal year 2024. In addition to SBA loans, Bank of America offers secured and unsecured business loans, lines of credit, business credit cards and investing options.
Read our full Bank of America review.
In order to qualify for SBA financing, you’ll need to meet Bank of America’s criteria of:
$2,000,000
Not disclosed
No
Not specified
As a direct lender and a lending marketplace, Creditfy focuses on helping small businesses find the right funding solutions for their needs. With a lower credit score requirement than typical SBA lenders, Creditfy could be a good fit for those needing bad credit business financing.
In addition to SBA loans, Creditfy advertises a wide selection of business products that include lines of credit, term loans, equipment financing, invoice financing and bridge loans. However, Creditfy doesn’t specify which products it funds directly versus which loans are transferred to partner lenders, and there’s no available data on how many SBA loans they typically approve.
Plus it’s not an SBA Preferred Lender, which means that the application process may be slower than most of our other picks.
Learn more about Creditfy.
In order to qualify for SBA financing, you’ll need to meet Creditfy’s criteria of:
$10,000,000
Not disclosed
No
Not specified
Fundible is a marketplace lender that assesses your specific criteria and presents you with the most ideal SBA-approved lenders. While SBA providers typically require businesses to operate for at least two to three years before extending credit, Fundible offers startup financing after only six months of business history.
In addition to SBA loans, Fundible helps connect you with partner lenders offering business term loans, lines of credit and equipment financing. There are also options for next-day financing for non-SBA loans.
But like Creditfy above, they’re not an SBA Preferred Lender, so application times for SBA loans may be longer.
Learn more about Fundible.
In order to qualify for SBA financing, you’ll need to meet Fundible’s criteria of:
While SBA lending can help many business owners get funded, it’s not the best fit for everyone. Consider the following pros and cons of SBA loans before proceeding.
| Pros | Cons |
|---|---|
Broad eligibility requirements:Businesses unable to secure traditional financing could qualify. Capped interest rates:The SBA sets maximums based on the prime rate to keep SBA loans affordable for small business owners. Access to SBA resource centers:Small business owners can access resources, training and support via a local Small Business Development Center (SBDC). Wide range of funding amounts:Borrowers can access funds ranging from $500 to $5 million and beyond to tackle short- and long-term expenses. | Down payment typically required:SBA lenders typically require a 10% to 30% down payment to secure the funds. Collateral and/or personal guarantee could be required:Many SBA lenders require borrowers to pledge collateral and/or a personal guarantee to help reduce lender risk. Slow approval process:The approval and funding timeline generally takes longer than other small business loans, often up to 60 or 90 days. Not ideal for low-credit borrowers:Borrowers typically have better chances of approval with a FICO Score of 680 or higher. |
Based on loan amounts, Newtek Bank took the lead for the fiscal year 2024 by providing $2.10 billion worth of SBA funding to small business owners nationwide. If looking at the number of approvals, Huntington Bank was the winner — approving 7,577 loans in 2024. Another high-performing SBA lender was Live Oak Bank, with approval amounts close to $2 billion.
An SBA microloan tends to have more lenient eligibility requirements, making it easier to get than a 7(a) or 504 loan. A microloan generally offers funds between $500 and $50,000 for small businesses and not-for-profit childcare centers. The SBA reports the average microloan is about $13,000.
Lenders with Preferred Lender status have the authority to close SBA-guaranteed loans awaiting approval from the SBA. Typically, SBA loan applications undergo a first approval from the lending institution and then a second approval from the SBA itself. When SBA lenders use their delegated authority, they can receive SBA approval instantly, allowing borrowers to receive funding more quickly.
To find an SBA Preferred Lender, visit the SBA’s index of the most active SBA 7(a) lenders.
