8 Best Banks for Small Business Loans in 2023
This article is part of a larger series on Business Banking.
The best banks for small business loans should provide your company with financing options needed 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. Banks that only offer lending products or have limited business support products should provide services outstanding enough to merit inclusion on this list.
Here are the eight best banks for small business loans, with links directly to the company’s website:
- Bank of America: Best overall for variety of business loans and providing free business credit score
- Bluevine*: Best small business line of credit
- U.S. Bank: Best for long-term owner-occupied commercial real estate (CRE) loans
- Chase: Best CRE multifamily lender with best business checking and credit cards
- Wells Fargo: Best CRE loans for multifamily properties
- First Internet Bank: Best digital-only bank with full-service business lending
- Huntington Bank†: Best for smaller Small Business Administration (SBA) 7(a) loans
- South End Capital: Best for SBA Express Loans up to $25,000
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine).
†Provider is geographically limited. See the Huntington Bank geographic limitations to check if your business is located in a service area.
Best Banks for Small Business Loans at a Glance
Provider | Loan Amounts | Interest Rates | Loan Terms | Minimum Time in Business | Minimum Annual Revenue |
|---|---|---|---|---|---|
 | $25,000 and up | As low as 5.50% | Up to 15 years | 2 years | $100,000 (line of credit) $250,000 (other loans) |
 | Up to $250,000 | As low as 6.2% | 6 or 12 months | 2 years | $480,000 |
 | Up to $12.375 million | As low as 5.99% | Up to 25 years | Generally 2 years | Undisclosed |
 | $50,000 and up | Undisclosed | Up to 25 years | Undisclosed; likely 2 years | Undisclosed |
 | $5,000 and up | As low as prime + 1.75% | Up to 25 years | Undisclosed; likely 2 years | Undisclosed |
 | $100,000 to $5 million | As low as 4.75% | Up to 25 years | Undisclosed; likely 2 years | Undisclosed |
 | Up to $5 million | As low as 4.86% | Undisclosed | Undisclosed | Undisclosed |
 | Up to $75 million | As low as 5% | Up to 5 years | No set minimum | No minimum |
Provider | Checking Account | Monthly Fee | Free Monthly Transactions | Annual Percentage Yield (APY) | Free Cash Deposit Limit |
|---|---|---|---|---|---|
| Fundamentals Business Checking | $16; waivable | 200 | N/A | $7,500 per month |
| Business Checking | None | No limit | 2.0% on qualifying balances $250,000 or less | None free; $4.95 per deposit (Green Dot locations) |
| Silver Business Checking | None | 125 | N/A | $2,500 per month |
| Business Complete Banking | $15; waivable | 20 | N/A | $5,000 per month |
| Initiate Business Checking | $10; waivable | 100 | N/A | $5,000 per month |
| Business Checking | None | No limit | 0.50% on balances of $10,000 or more | Cash deposits not accepted |
| Business Checking 100 | None | 100 | N/A | $5,000 per month |
| N/A | N/A | N/A | N/A | N/A |
Bank of America: Best Overall for Variety of Business Loans & Providing 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
- Business checking Requires a $100 opening deposit
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 you to check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Integrations with QuickBooks, TurboTax, 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 5.50%; 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 line of credit $250,000 for other types of loans |
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 advisor |
When To Choose Bank of America
Bank of America is our best bank for small business loans, thanks to a wide variety of business loan products. In addition, as part of its business checking product, you can receive your Dun & Bradstreet business credit score for free.
Business loans start at $25,000. Interest rates and loan terms vary with each loan product but its starting interest rates of 5.50% are among the lowest on this list.
In addition to Bank of America’s variety of loan products, it offers business credit cards and two outstanding business checking products. Monthly fees on the business checking products can be easily waived by meeting certain criteria.
Bank of America offers other business services, such as savings, investments, and merchant services. It is the best all-around traditional bank for your business needs. Visit Bank of America’s website for more information or stop by one of its more than 4,100 financial centers.
Bluevine: Best Small Business Line of Credit
What We Like
- No monthly fees
- Excellent line of credit product
- 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
- Two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Line of credit also available
Loan Amounts | Up to $250,000 |
Interest Rates | As low as 6.2% |
Loan Terms | 6 or 12 months |
Minimum Time in Business | 24 months |
Minimum Annual Revenue | $480,000 |
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. A blanket Uniform Commercial Code (UCC) filing is required, along with a personal guarantee, with funding available as soon as the same business day. |
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $15 for outgoing; incoming are free |
International Wire Transfer Fees | $15 for outgoing; incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 2.0% on qualifying balances of $250,000 or less |
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
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 6.2%.
One drawback to Bluevine’s line of credit product is the company has tightened qualification requirements. Your business must be in operation for at least two years with a minimum monthly revenue of at least $40,000.
It will file a blanket UCC filing and require a personal guarantee but, if approved, you can receive funding as soon as the same business day. In addition to its line of credit, it provides a great digital-only checking product that can earn you 2.0% APY on balances of $250,000 or less.
In addition, Bluevine has added the ability to send international payments to 26 countries in eight currencies directly from your dashboard. Payments sent in United States dollars (USD) cost $25 per payment while payments sent in other currencies cost $25 plus 1.5% of the payment amount.
Visit Bluevine’s website for more information or to apply.
U.S. Bank: Best for Long-term Owner-occupied CRE Loans
What We Like
- No monthly fee on business checking
- Free mobile check deposits
- Wide range of loan products available
Drawbacks
- 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 | As low as 5.99%; varies per loan product |
Loan Terms | Up to 25 years; varies per loan product |
Minimum Time in Business | Generally 2 years |
Minimum Annual Revenue | Undisclosed |
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; $14 for incoming |
International Wire Transfer Fees | $75 for outgoing; $15 for incoming |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | Up to $2,500 in free cash deposits |
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
U.S. Bank is an excellent choice for a business owner looking for a long-term, owner-occupied CRE loan. With SBA 504 loans of up to $12.375 million for up to 25 years, you can purchase or build owner-user CRE 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 either five, 10, or 15 years with amortization up to 25 years. You can also get a real estate-secured line of credit.
It even has great business checking options and business credit cards. You can earn up to a $750 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q2AFL23) and complete qualifying activities, subject to certain terms and limitations—offer is valid through June 30, 2023. See our article on the best bank account promos and offers for details on how to qualify.
Other business services include payment processing and cash management systems. The one drawback is that U.S. Bank products are limited to the states listed above, and your business must reside in one of those states to open an account. Visit the company’s website for more information.
Chase: Best CRE Multifamily Lender With Best Business Checking and 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 not disclosed 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, 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 |
Loan Types |
|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $25 for first 25 items per month, then 15 cents per item; $2.50 return fee |
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 | $2.50 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 |
Other Products Available | Business savings and CDs, lending products, credit cards, merchant services, and collection services |
When To Choose Chase
Chase is known as one of the best multifamily CRE lenders on the market. The combination of this with its outstanding business checking product and great business credit cards make Chase one of the best banks for business loans.
For 2022, Mortgage Bankers Association (MBA) listed JP Morgan Chase & Company as the second-best commercial/multifamily mortgage lender in the nation behind Wells Fargo. Chase also offers a variety of other commercial loan products.
What makes it stand out is its excellent selection of business credit cards, many of which offer cash back bonuses and other perks. What’s more, its business checking account is one of our leading small business checking accounts.
Chase also offers other business services, including merchant services, fraud protection, and investment services. These are why it is our top-recommended bank for small businesses.
For a limited time, you can get an introductory rate on CRE loans of 3.99% for the first six months, plus an appraisal waiver fee. You must apply before July 31, 2023, for an owner-occupied CRE loan of $500,000 or more. It must be a fixed-rate term loan with a minimum term of five years, and you must be a Chase business checking customer to qualify.
You can visit Chase’s website for more information or stop by one of its 4,800 locations nationwide.
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
Loan Amounts |
|
Interest Rates | As low as prime plus 1.75%; 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 |
Loan Types |
|
Required Opening Deposit | $25 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 100, then $0.50 per transaction |
Monthly Fees | $10; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $30 |
International Wire Transfer Fees | Incoming: $16 Outgoing: $45 |
ATM Fees | Free 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 | Business savings, CDs, lending, credit cards, and merchant services |
When To Choose Wells Fargo
Wells Fargo has a more limited selection of loan products than other full-service banks on this list. However, its multifamily CRE loan is the best in this guide. The MBA named Wells Fargo the top lender of commercial/multifamily mortgage loans again in 2022.
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 $11.5 million for SBA loans. Listed rates go as low as prime plus 1.75% but will vary per loan product.
You can borrow for up to 25 years on CRE loans. Wells Fargo doesn’t disclose minimums for time in business or annual revenue.
It also has three different business checking products. There are merchant services and point-of-sale solutions available as well. Visit Wells Fargo’s website for more information.
First Internet Bank: Best Digital-only Bank With Full-service Business Lending
What We Like
- Fee-free banking
- Up to $10 refund for ATM fees
- Full-service online-only bank
Drawbacks
- APY for checking only available with average daily balance of $10,000
- No cash deposits
- No physical branches
Checking Features
- SBA loans and commercial loans
- Other business bank accounts available, including savings, money markets, and CDs—ranked among the best business savings accounts
- Personal accounts
- Health savings accounts (HSAs)
- Free debit card, with first replacement card free as well ($5 for each additional replacement)
- Checks available, with cost depending on style ordered
- Phone and email customer service during business hours
Loan Amounts |
|
Interest Rates | As low as 4.75%; 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 |
Loan Types |
|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | $20 for outgoing; $15 for incoming |
International Wire Transfer Fees | $50 for outgoing; $15 for incoming |
ATM Fees | None; reimburses up to $10 per month in ATM fees |
Cash Deposited | No cash deposits accepted |
APY | 0.50% on balances of $10,000 or more |
Other Products Available | Business savings, business CDs, and lending products |
When To Choose First Internet Bank
If you’re looking for a full-service bank with extensive loan products that is digital-only, First Internet Bank is a great choice. It offers SBA loans, CRE lending, commercial lending, public finance, and term loans.
Lines of credit start at $100,000 while SBA loans max out at $5 million. Loan rates start at 4.75%, and terms can extend up to 25 years. Terms and rates vary per loan product. First Internet Bank doesn’t disclose minimums for time in business or annual revenue on its website.
If you’re also looking for business checking, the institution provides both business and commercial checking products. It also has savings, money market accounts, and CDs. You can even get an HSA through First Internet Bank.
As a digital-only bank, there are no physical locations to visit. However, if you’re interested in an online bank for your business lending needs, visit First Internet Bank’s website for more information.
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
- Loan terms, minimum time in business and annual revenue requirements not disclosed on website
- Expensive outgoing wires
- Geographically 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 | As low as 4.86%; varies per loan product |
Loan Terms | Undisclosed; varies per loan product |
Minimum Time in Business | Undisclosed |
Minimum Annual Revenue | Undisclosed |
Loan Types |
|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 100 free each month; 50 cents per item above limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $18 Outgoing: $50 |
International Wire Transfer Fees | Incoming: $25 Outgoing: $80 (branch-initiated) |
ATM Fees | Free at Huntington ATMs; $3.50 at non-Huntington ATMs plus operator fees |
Cash Deposited | Up to $5,000 free monthly; then 30 cents per $100, per month |
APY | N/A |
Other Products Available | Business savings, money market, credit card, lending, and insurance |
Huntington Bank geographic limitations: Huntington Bank requires businesses to be based in the US and operating in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin to be eligible for an account.
When To Choose Huntington Bank
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 number one SBA lender in 2022, with 5,675 SBA loans approved for almost $1 billion. As of April 28, 2023, Huntington had issued more than 3,900 SBA loans in 2023 for more than $656 million, according to SBA.gov.
Huntington seems to focus on the quantity of SBA loans rather than large SBA loan amounts. According to SBA.gov, the average SBA loan given by Huntington in 2022 was $175,818.
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. One drawback is it is a regional bank. Your business must operate in one of the 11 states listed above to be eligible for accounts.
Huntington offers four business checking options with waivable monthly fees. It also has treasury management and fraud tools and doesn’t charge returned deposit item fees on up to 25 occurrences per month.
Visit Huntington’s website or stop by a branch location for more information.
South End Capital: Best for SBA Express Loans Up to $25,000
What We Like
- Loan products available nationwide
- Business loans available to sole proprietors and startup businesses
- Largest loan amounts available in this buyer’s guide
Drawbacks
- No banking products
- Some loan products require credit scores higher than 700
- Some users experience have reported slower loan funding than expected
Features
- Equipment loans ranging from $5,000 to more than $5 million with up to 10-year terms.
- Business loans ranging from $1,000 to $25 million with monthly payments and no or low collateral.
- Real estate loans from $25,000 to $75 million with no prepay penalty, unrestricted cash-out and expedited closing process
- Working capital loans of up to $25,000 for up to 10 years. A minimum 700 credit score and two years in business are required.
Loan Amounts |
|
Interest Rates | As low as 5%; varies per loan product |
Loan Terms | Up to 10 years, although real estate loans may range up to 30 years but are not stated; varies per loan product |
Minimum Time in Business | No set minimum |
Minimum Annual Revenue | No minimum |
Loan Types |
|
- South End Capital does not offer business banking. If you need business checking to go with your loan products, check out our guide to the best small business checking accounts.
When To Choose South End Capital
In addition to large commercial loans, South End Capital no longer requires tax returns or financials on SBA express loans of up to $25,000, although larger loans will still require financials. So, for businesses looking for easy funding with smaller SBA Express Loans, it is a great choice.
It funds some of the largest loans on this list, with maximum loans of up to $75 million. Rates start as low as 5%, and loan terms go up to 10 years. Both of those will vary per loan product. Real estate loans may go up to a 30-year term, but the company doesn’t explicitly state this on its website, so confirm this before proceeding.
In addition to SBA loans, South End Capital offers equipment, CRE, term, and USDA loans. Unlike the other options in this guide, it does not offer business checking.
A division of Stearns Bank N.A., South End Capital is well-rated on Trustpilot with a 4.8 out of 5-star rating. Almost all recent reviews have been overwhelmingly positive.
Visit South End Capital’s website for more information or to apply.
How We Compared the Best Banks for Business Loans
When comparing the best banks for small 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.
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 and the ability to receive your business credit score for free with its checking product, Bank of America is the best bank for small business loans.
Huntington Bank has issued the most SBA loans so far in 2023, with more than 3,900 loans approved, according to SBA.gov. Live Oak Bank has issued the most money in SBA loans in 2023, with more than $925 million approved.
To get a loan from a bank, you should follow these six steps listed in our how to get a small business loan guide:
- Determine what you need the funds for.
- Determine your eligibility.
- Determine your capacity to repay.
- Gather your information.
- Find the right lender.
- Submit your application.
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, except for South End Capital, 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.
