The best banks for small business loans should provide your company with financing options for both short- and long-term business needs. In addition, they will provide outstanding business checking products and great business support services, including merchant services, investment products, and point-of-sale (POS) products.
Here are my choices for the six best banks for small business loans, with links directly to the company’s website:
- Bluevine Provider is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank. : Best overall small business line of credit
- Chase Member FDIC : Best CRE CRE refers to commercial real estate multifamily lender with the best business checking and credit cards
- U.S. Bank CRE refers to commercial real estate : Best for long-term owner-occupied CRE loans
- Bank of America Member FDIC : Best for variety of business loans and free business credit score
- Huntington Bank Member FDIC : Best for smaller Small Business Administration (SBA) 7(a) loans
- Wells Fargo Member FDIC : Best CRE loans for multifamily properties
Best Banks for Small Business Loans at a Glance
Loan Amounts | Interest Rates | Loan Terms | Minimum Time in Business | Minimum Annual Revenue | |
|---|---|---|---|---|---|
 | Up to $250,000 | As low as 7.8% | 6 or 12 months | 12+ months | $120,000 |
 | $50,000 and up | Undisclosed | Up to 25 years | Undisclosed; likely 2 years | Undisclosed |
 | Up to $12.375 million | As low as 8.99% | Up to 25 years | Generally 2 years | Undisclosed |
 | $25,000 and up | As low as 6.50% | Up to 15 years | 2 years | $100,000 (line of credit); $250,000 (other loans) |
 | Up to $5 million | Undisclosed | Undisclosed | Undisclosed | Undisclosed |
 | $5,000 and up | As low as prime + 1.75% | Up to 25 years | Undisclosed; likely 2 years | Undisclosed |
Checking Account | Monthly Fee | Free Monthly Transactions | APY | Monthly Free Cash Deposit Limit | |
|---|---|---|---|---|---|
| Bluevine Standard | None | Unlimited | ||
| Business Complete Banking | $15; waivable | 20 | N/A | $5,000 |
| Silver Business Checking | None | 125 | N/A | $2,500 |
| Fundamentals Business Checking | $16; waivable | 200 | N/A | $7,500 |
| Business Checking 100 | None | 100 | N/A | $2,500 |
| Initiate Business Checking | $10; waivable | 100 | N/A | $5,000 |
Bluevine: Best Small Business Line of Credit
What We Like
- No monthly fees
- Excellent line of credit product with low required minimum time in business and annual revenue
- High interest rate for qualified account holders
Drawbacks
- Fee for depositing cash
- No other business deposit accounts or lending products available
- No physical branch locations
Checking Features
- Free debit card, mailed within 10 business days of application approval
- Three interest-bearing checking options
- Five subaccounts
- International business payment services
- Reduced standard payment fees for premium plans
- Two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Wise, Venmo, and Expensify
- Live customer support from dedicated professionals
- Line of credit and credit card also available
Loan Amounts | Up to $250,000 |
Interest Rates | As low as 7.8% |
Loan Terms | 6 or 12 months |
Minimum Time in Business | 12+ months |
Minimum Annual Revenue | $120,000 |
Funding Speed | 24 hours |
Loan Types | Bluevine only offers a small business line of credit. However, it is our choice for the best small business line of credit on the market. Bluevine does not charge early repayment fees and funding is available as soon as the same business day. |
$300 sign-up bonus for new business checking account holders (use referral code: FSM300) How to earn the bonus: To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account, Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers, or Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $15 for outgoing; incoming are free |
International Wire Transfer Fees | $25 for outgoing (USD); incoming are free |
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited | $1 per deposit, plus 0.5% of deposit amount at Allpoint+ ATMs $4.95 per transaction, available via Green Dot retail locations |
APY | 1.5% on qualifying balances up to $250,000 |
Other Products Available | Line of credit also available |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When to Choose Bluevine
- You want the best small business line of credit on the market: While Bluevine has just one loan type, its line of credit earns it a place on this list, as it offers the best small business line of credit on the market. You can get a line of credit of up to $250,000 at an interest rate as low as 7.8%. In addition, you only need a minimum annual revenue of $120,000 (or $10,000 monthly) and over 12 months of business operation to qualify.
- You want to earn interest on your business checking account: Earn up to 1.5% APY on balances of up to $250,000 with Bluevine’s Standard Checking. To qualify for interest earnings, you must either spend $500 or more on the company’s debit card or receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or from a merchant payment processing provider.
- You need to send international payments: As one of our choices as the best banks for international business, Bluevine allows you to send payments to 32 countries in 15 currencies. Payments are sent between 8 a.m. and 5 p.m. Eastern time and can be received in as fast as 24 hours.
When to Choose an Alternative
- You prefer a loan provider with physical locations: Bluevine provides online-only services. For in-person transactions, you can consider traditional banks Chase or Bank of America. Both offer wide branch accessibility.
Chase: Best Overall CRE Multifamily Lender With Best Business Checking & Credit Cards
What We Like
- $300 bonus when you open a business checking account
- Easy-to-waive monthly fee on checking
- Wide range of loan products
Drawbacks
- Limited number of free transactions on business checking
- Loan interest rates undisclosed on website
- Time in business and annual revenue requirements not disclosed on website
Checking Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs, depending on type ordered
- Chase Merchant Services
- Live customer support online or in branch during business hours
- Other products include business savings, certificates of deposit (CDs), lending products, credit cards, merchant services, and collection services
Loan Amounts |
|
Interest Rates | Undisclosed; varies per loan product |
Loan Terms | Up to 25 years; varies per loan product |
Minimum Time in Business | Undisclosed; likely at least 2 years |
Minimum Annual Revenue | Undisclosed |
Funding Speed | Varies; term loans and lines of credit can be within a few days; SBA loans typically take between 60-90 days |
Loan Types |
|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $2.50 per item for first 10 payments and 15 cents for succeeding payments |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires; up to $15 for incoming wires |
International Wire Transfer Fees | Up to $50 for outgoing wires; up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
Other Products Available | Business savings and CDs, lending products, credit cards, merchant services, and collection services |
When to Choose Chase
- You need a commercial or multifamily mortgage for your business portfolio: Chase is our choice for the best bank for business loans thanks to being one of the leading multifamily CRE lenders on the market. In early 2024, the Mortgage Bankers Association (MBA) rankings listed JP Morgan Chase & Company as the top commercial/multifamily mortgage lender in the nation. Chase also offers a variety of other commercial loan products.
- You want a traditional bank with outstanding business banking products: Chase offers three great scalable business checking options. While its entry-level Business Complete Banking is one of our best small business checking accounts for smaller businesses, its highest-tier product is the best premium business bank account on the market. Check out our review of Chase Platinum Business Checking.
- You seek robust business services: Aside from its solid banking products, Chase offers merchant services, fraud protection, and investment services. These are why it is our top-recommended bank for small businesses.
- You need an outstanding business credit card: What makes it stand out is the excellent selection of Chase business credit cards, many of which offer cashback bonuses and other perks.
When to Choose an Alternative
- You want a business bank that offers free checking: While Chase’s business checking options include very waivable monthly fees, the company doesn’t offer a completely free business checking option. U.S. Bank is a great option for traditional banks with free business checking, while Bluevine is a great choice for fintechs with free checking.
U.S. Bank: Best for Long-term Owner-occupied CRE Loans
What We Like
- No monthly fee on business basic checking
- Free mobile check deposits
- Wide range of loan products available
Drawbacks
- Opening deposit required
- Expensive wire fees
- Limited free transactions on business checking
Checking Features
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and POS services
Loan Amounts |
|
Interest Rates | Undisclosed |
Loan Terms | Up to 25 years; varies per loan product |
Minimum Time in Business | Generally 2 years |
Minimum Annual Revenue | Undisclosed |
Funding Speed | Varies; term loans and lines of credit can be within a few days; SBA loans typically take 60-90 days |
Loan Types |
|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 125 in a month, then 50 cents per transaction |
Monthly Fees | None |
Domestic Wire Transfer Fees | $40 for outgoing; $16 for incoming |
International Wire Transfer Fees | $75 for outgoing; $16 for incoming |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | 25 free cash deposit units per statement cycle |
APY | N/A |
Other Products Available | Lending products, cash flow products, Gold and Platinum business checking, and POS solutions |
When to Choose U.S. Bank
- You need a long-term, owner-occupied CRE loan: With U.S. Bank offering SBA 504 loans of up to $12.375 million for up to 25 years, you can purchase or build owner-user commercial real estate or refinance an existing loan. Other SBA loans are available for up to $5 million for up to 25 years. The bank also offers conventional commercial and investment property loans of up to $10 million with terms of five, 10, or 15 years with amortization of up to 25 years. You can even get a real estate-secured line of credit.
- You want a great account bonus for a new account: You can earn up to an $900 bonus when you open a new, eligible business checking account online (promo code: Q4AFL24) and complete qualifying activities, subject to certain terms and limitations. This offer is valid through January 15, 2025. Member FDIC. See our article on the best bank account promos and offers for details on how to qualify.
- You want several great business credit card and checking options: There are several outstanding U.S. Bank business credit cards to choose from. Also, the provider has four great business checking options, including a great nonprofit account. You can open an account online from anywhere.
When to Choose an Alternative
- You need branch access but operate outside of U.S. Bank’s operational footprint: U.S. Bank only has branch locations in 26 states. If your business operations require you to visit a branch regularly, you may want to consider Chase or Bank of America instead.
Bank of America: Best for Variety of Business Loans & Free Business Credit Score
What We Like
- Provides business credit score with business checking product
- Free digital tools to track business performance
- Competitive loan rates
Drawbacks
- Cash deposit fees on checking charged per $100 over monthly allowance
- Two-year time-in-business rule may make it hard for startups to qualify for loans
- $100 opening deposit for business checking
Checking Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Allows checking of business credit score through a partnership with Dun & Bradstreet (See our guide to Dun & Bradstreet Credit Report to learn more)
- Free debit card
- Integrations with QuickBooks and Zelle
- Customer service during business hours in branch and via phone or social media messages
- Merchant services available through Expensify
- Other products include business savings, certificates of deposits (CDs), lending products, and financial analysis through Merrill financial advisor
Loan Amounts | $25,000 and up |
Interest Rates | As low as 9.0%; varies per loan product |
Loan Terms | Up to 15 years; varies per loan product |
Minimum Time in Business | 2 years |
Minimum Annual Revenue | $100,000 for unsecured line of credit $250,000 for other types of loans |
Funding Speed | Varies; term loans and lines of credit can be within a few days; SBA loans typically take 60-90 days |
Loan Types |
|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Fees vary |
International Wire Transfer Fees | Fees vary |
ATM Fees | Free access to more than 16,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
Other Products Available | Business Advantage Relationship Banking, business savings, CDs, lending products, and financial analysis through Merrill financial adviser |
When to Choose Bank of America
- You need a wide variety of business lending products: Bank of America is one of our best banks for small business loans, thanks to a wide variety of business loan products. Business loans start at $25,000. Interest rates and loan terms vary with each loan product. Bank of America offers lines of credit, cash-secured lines of credit, term loans, CRE loans, equipment loans, SBA loans, and healthcare practice loans. There are also several great Bank of America business credit cards to choose from.
- You want great business checking products with great lending-related perks: Bank of America has two great business checking options with waivable monthly fees. In addition, as part of its business checking product, you can receive your Dun & Bradstreet business credit score for free. See our guide to Dun & Bradstreet Credit Report to learn more.
- You want outstanding ongoing rewards: Bank of America offers great ongoing rewards, including up to $500 in combined cashback rewards and statement credits with its business checking and credit card products. Its free Preferred Rewards for Business program lets you earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% interest rate boost on Business Advantage savings accounts.
When to Choose an Alternative:
- You seek interest earnings from your checking account: Bank of America’s checking products don’t bear interest. Consider Bluevine, which has three checking products with high yields. Under the fee-free Bluevine Standard, you can get 1.5% APY for qualifying deposits.
Huntington Bank: Best for Smaller SBA 7(a) Loans
What We Like
- One of the most prolific SBA lenders in the country despite geographic limitations
- 24-Hour Grace® Overdraft and Return Fee Relief
- No monthly fees for the Business Checking 100
Drawbacks
- Undisclosed loan terms, minimum time in business, and annual revenue requirements on website
- Expensive outgoing wires
- Physical locations limited to 11 states
Checking Features
- Free debit Mastercard
- Online and mobile banking
- Deposit checks, send money, and pay bills online
- $50 Safety ZoneSM feature lets you avoid an overdraft fee
- Bonus services include free desktop check deposit scanner, payroll discount, and free incoming wires
- Access to Huntington SmartTax® service allowing timely tax payments
- Access to The Hub for financial management tools
- Integrations with QuickBooks, Quicken, Zelle, Clover, and eBill Present and Pay (EBPP)
- Toll-free customer service Monday to Friday 8 a.m. to 7 p.m. Eastern time and Saturday 8 a.m. to 2 p.m. ET
- Other products include business savings, money market, credit cards, lending, and insurance
Loan Amounts | Up to $5 million |
Interest Rates | Undisclosed on its website; varies per loan product |
Loan Terms | Undisclosed; varies per loan product |
Minimum Time in Business | Undisclosed |
Minimum Annual Revenue | Undisclosed |
Funding Speed | Varies; term loans and lines of credit can be within a few days; SBA loans typically take between 60-90 days |
Loan Types |
|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 100 free each month; then 50 cents per item |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $18 Outgoing: $50 (branch-initiated) |
International Wire Transfer Fees | Incoming: $25 Outgoing: $80 (branch-initiated) |
ATM Fees | None at Huntington ATMs; $3.50 at non-Huntington ATMs plus operator fees; 3% for international transactions |
Cash Deposited | Up to $2,500 free monthly; then 30 cents per $100, per month |
APY | N/A |
Other Products Available | Business savings, money market, CDs, credit cards, lending, and insurance |
When to Choose Huntington Bank
- You need a smaller SBA loan: While Huntington Bank doesn’t offer much information on its website regarding loan sizes, rates, and qualification requirements, it is a lender that facilitates many SBA loans annually. It was the second top SBA lender in 2023, with 7.325 SBA loans approved for more than $1.3 billion. As of July 12, 2024, Huntington had issued over 5,800 SBA loans in 2024 for more than $1.1 billion, according to SBA.gov.
- You want multiple business checking options, including a free option: Huntington offers four business checking options. Its entry-level account, Business Checking 100, has no monthly fees. The other accounts have waivable monthly fees.
- You need industry-specific loan products: In addition to SBA loans, it offers business term and real estate loans, business lines of credit, dental and vet practice loans, and a business credit card.
When to Choose an Alternative
- You need branch access but operate outside of Huntington’s operational footprint: Huntington is a regional bank with branch locations in just 11 states. If your business requires you to visit a branch regularly and isn’t near a Huntington location, pick a traditional bank with a nearby branch. Chase and Bank of America are great options with branches nearly nationwide, or choose a local community bank.
Wells Fargo: Best CRE Loans for Multifamily Properties
What We Like
- Waivable monthly fees for business checking
- Strong branch presence with more than 4,500 bank locations
- Competitive rates for loan products
Drawbacks
- Minimum time in business and annual revenue requirements for loans not stated on website
- Only 100 free transactions for basic Initiate checking account
- Loan options more limited than other traditional banks
Checking Features
- Free debit card
- Customized cards and checks
- Deposit checks, pay bills, and view balances through the mobile app
- Online and mobile banking
- Earn interest with a Navigate Business Checking
- Fraud protection controls
- Features merchant services, including POS solutions
- Specialized accounts, savings accounts, CDs, credit cards, and lending products
Loan Amounts |
|
Interest Rates | As low as prime rate plus 1.75% on line of credit, but SBA rates likely lower; varies per loan product |
Loan Terms | Up to 25 years; varies per loan product |
Minimum Time in Business | Undisclosed; likely 2 years |
Minimum Annual Revenue | Undisclosed |
Funding Speed | Varies; term loans and lines of credit can be within a few days; SBA loans typically take between 60-90 days |
Loan Types |
|
Required Opening Deposit | $25 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 100, then 50 cents per transaction |
Monthly Fees | $10; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $40 |
International Wire Transfer Fees | Incoming: $15 Outgoing: $40 |
ATM Fees | None at 12,000-plus ATMs nationwide; $2.50 per transaction out-of-network |
Cash Deposited | Up to $5,000 free per month, then 30 cents per $100 per statement cycle |
APY | N/A |
Other Products Available | Specialized checking, business savings, CDs,lending, credit cards, and merchant services |
When to Choose Wells Fargo
- You need commercial or multifamily mortgage loans: The MBA named Wells Fargo the second top lender of commercial/multifamily mortgage loans in 2023.
- You want other types of business loans: In addition to multifamily CRE loans, Wells Fargo offers lines of credit, SBA loans, and business credit cards. Lines of credit start as low as $5,000. Loans start at $50,000 for CRE loans and go up to $10 million for SBA loans. Listed rates go as low as prime plus 1.75% but will vary per loan product.
- You are looking for a solid business checking product: Wells Fargo has three different business checking options. The first two tiers, Initiate and Navigate Business Checking, have waivable monthly fees. The high-tier account, Optimize Business Checking, allows you to reduce or offset the $75 monthly fee with earning allowances.
When to Choose an Alternative
- You need a wider range of business loan options: Wells Fargo has a more limited selection of loan products than other full-service banks on this list. If there are more niche business lending options needed for your business, you should consider Chase or Bank of America, both of which offer a wider selection.
How We Compared the Best Banks for Business Loans
We reviewed more than 100 banks when compiling this list. When comparing the best banks for business loans, we considered the loan offerings provided by each bank and the other services offered. These services include business checking, business credit cards, and other business support services. We compared their loan products and the following criteria:
- Number of loan offerings
- Size of loans offered
- Loan qualifications required
- Time in business and minimum revenue requirements
- Loan rates and maximum terms
- How widely available the bank is
Before applying for any loan, be sure to check out our guide on how to get a small business loan.
How to Find the Right Business Loan
Getting a small business loan isn’t just about finding the right banking provider, but also finding the right type of loan. Our guide to startup business loans details several types of financing that many small businesses will need. Those types of financing include personal loans for business, home equity loans and lines of credit, equipment financing, business credit cards, and SBA loans.
Be sure to consult with your company’s financial advisor before taking on any new debt.
How to Get a Business Loan From a Bank
To get a business loan from a bank, you need to:
- Determine what you need funds for
- Understand your loan options
- Determine qualification and eligibility requirements
- Choose a lender
- Submit your application
Details on each of these steps can be found in our guide on how to get a small business loan.
Alternatives to the Best Bank for Business Loans
While several of the providers listed in this buyer’s guide are large, national banks, other options are available if you’re looking for an alternative source of business financing.
Online Lenders
In addition to Bluevine, First Internet Bank, and South End Capital, a wide variety of online companies provide loans to small businesses. Some of these online lenders specialize in fast funding options, allowing you to get financing as quickly as the same day you apply. Others offer loan products to newer businesses or companies with lower credit scores.
Check out our buyer’s guide to the best fast business loans to find other online lending options.
Rollovers for Business Startups (ROBS)
If you have at least $50,000 in your personal retirement account, you can use that money to fund your business with a ROBS. A ROBS is not a loan, so there are no payments to make. It is a complicated process that a ROBS specialist should handle. Check out our ROBS ultimate guide for more information.
Small Business Grants
One of the most popular business funding sources is grants. Because they don’t have to be repaid, grants are perfect for startup businesses with limited revenue. For federal grants, you can visit Grants.gov to see what is available. There are also grants available from state and local governments, lenders, and other businesses. Our guide on alternative funding sources for startups has more information.
Crowdfunding
Another business funding option that has become more popular recently is crowdfunding. You can raise money by offering rewards, giving up equity in your company, taking on debt, or receiving donations. See our buyer’s guide of the best crowdfunding sites for small businesses to find the right website for your funding needs.
Community Banks
While many of the large banks on this list are excellent sources of business loans, your best option may be to go to your local community bank. This is especially true if you already have a business relationship with your community bank. Because that bank already has your financial history, it may be more likely to give you deals on loan products, including reduced rates and discounts on closing costs.
Frequently Asked Questions (FAQs)
Thanks to its wide range of business lending products, Chase is the best bank for small business loans.
Huntington Bank has issued the most SBA loans so far in 2023, with more than 7,300 loans approved, according to SBA.gov. Live Oak Bank has issued the most money in SBA loans in 2023, with more than $1.84 billion approved.
Depending on your personal and business financial situation, it can be hard to get a business loan from a bank. Brand new businesses often have to rely on the business owner’s personal credit score and income to secure financing. Once a business is established, it can use the business credit score and revenue to secure lending products. However, business loans often come with more regulations than personal loans (like SBA loans), so they can be more difficult to obtain.
Bottom Line
All of the banks listed provide either a wide range of loan product offerings or a limited selection of the best loan products on the market. These products should be readily available for well-qualified borrowers. In addition, all the banks listed offer outstanding business checking products and other business support services. Regardless of which bank you choose, you’re getting a great all-around bank that can help your business succeed.
If you would rather shop around for loan products from multiple banks, Lendio is an excellent option. Its marketplace of more than 75 lenders will allow you to get multiple offers from just one application, which lets you choose the best rates and terms available. Visit Lendio’s website to apply.
