Small Business Administration (SBA) loans typically involve a heavy amount of documentation and getting approved can take between 45 and 90 days. Working with an experienced SBA lender, however, can help streamline the process and get you funded more quickly. The 7(a) program is the most popular type of SBA loan, so we’ve compiled a list of the best SBA lenders by funding volume.
All of the lenders we’ve included are also part of the SBA’s Preferred Lender Program, which allows them to make decisions on behalf of the SBA and reduces the time needed to get approved and funded. If you want help with choosing a lender, you can work with a business loan broker like Lendio. It has a network of over 75 lenders and can pair you with a dedicated loan specialist to discuss your specific business needs.
- Best SBA Lenders by Funding Volume for Fiscal Year 2024
- Newtek Small Business Finance
- Live Oak Bank
- Huntington National Bank
- Ready Capital
- U.S. Bank
- Chase Bank
- Bank of America
- First Internet Bank of Indiana
- TD Bank
- Wells Fargo Bank
- How We Chose the Top SBA Lenders
- Who Should Consider SBA Loans
- How to Choose an SBA Loan Provider
- How to Apply for an SBA Loan
- Frequently Asked Questions (FAQs)
- Bottom Line
Best SBA Lenders by Funding Volume for Fiscal Year 2024
| Lender Name | Total Amount of SBA 7(a) Loans Funded | Number of SBA 7(a) Loans Approved | Average SBA 7(a) Loan Size | Primary Geographic Areas Served |
|---|---|---|---|---|
 | $2,098,740,400 | 3,819 | $549,552 | Nationwide |
| Visit Newtek Small Business Finance | ||||
 | $1,983,953,500 | 1,440 | $1,377,745 | Nationwide |
| Visit Live Oak Bank | ||||
 | $1,530,064,700 | 7,577 | $201,935 | Nationwide |
| Visit Huntington National Bank | ||||
 | $1,042,855,800 | 3,571 | $292,035 | Nationwide |
| Visit Ready Capital | ||||
 | $708,227,200 | 3,119 | $227,069 | Nationwide |
| Visit U.S. Bank | ||||
 | $626,150,300 | 2,553 | $245,2619 | Nationwide |
| Visit Chase Bank | ||||
 | $609,574,600 | 1,190 | $512,248 | Nationwide |
| Visit Bank of America | ||||
 | $580,272,200 | 397 | $1,461,643 | Nationwide |
| Visit First Internet Bank of Indiana | ||||
 | $569,701,600 | 3,996 | $142,568 | East Coast |
| Visit TD Bank | ||||
 | $567,031,300 | 2,224 | $254,960 | Nationwide |
| Visit Wells Fargo Bank | ||||
Newtek Small Business Finance
| |
|---|---|
| Amount of SBA 7(a) Loans Funded | $2,098,740,400 |
| Number of SBA 7(a) Loans Approved | 3,819 |
| Average Loan Amount | $549,552 |
| SBA Preferred Lender? | Yes |
| Notable Areas of Expertise |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | Up to $5 million |
| Repayment Term | Up to 25 years |
Who Should Consider Newtek Small Business Finance & How to Apply
Newtek funded the highest amount of SBA loans for fiscal year 2024. Newtek differs from a traditional bank and is also a provider of other business and financial solutions, such as payment processing, web design, insurance, and information technology.
Its lending products range in size from $1,000 to $15 million, although its SBA loans may vary. Its borrowers often use funds for business expansion, the purchase of real estate, conducting leasehold improvements, opening a new office, and other working capital needs.
To be eligible for financing, you’ll need to have an existing business with at least two years of operating history. Newtek works only with for-profit businesses that have the ability to make loan payments from business earnings.
As part of the application process, you’ll work with the same individual from start to finish. Newtek can also assist with the completion of many of the required SBA forms as part of the loan approval process. Newtek has the ability to combine multiple financing products into a single solution depending on your company’s short- and long-term needs.
To learn more or to apply, you can visit the Newtek website. There, you can submit an online application or email the company with any questions you may have.
Live Oak Bank
| |
|---|---|
| Amount of SBA 7(a) Loans Funded | $1,983,953,500 |
| Number of SBA 7(a) Loans Approved | 1,440 |
| Average Loan Amount | $1,377,745 |
| SBA Preferred Lender? | Yes |
| Common Loan Purposes |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | $5 million and up |
| Repayment Term | Up to 25 years |
Who Should Consider Live Oak Bank & How to Apply
For fiscal year 2024, Live Oak Bank funded the second largest dollar amount of SBA 7(a) loans. This provider works with for-profit businesses only, and a major advantage of going with it is its ability to offer more than $5 million in financing. It’s able to do this by combining an SBA loan with its other commercial loan products, making it an excellent option for businesses with large financing needs.
Live Oak Bank’s SBA 7(a) loans are offered with minimal collateral requirements, although a personal guarantee is required from all business owners who have 20% or more equity. Loans are fully amortized with no balloon payments and carry no prepayment penalties for loan terms under 15 years. Loans with a longer repayment term have a three-year prepayment penalty.
Business acquisition loans have a maximum loan term of 10 years, equipment loans carry a limit of 15 years, and real estate loans allow for a term of up to 25 years. Live Oak Bank states that businesses that are a good fit and have a higher chance of getting approved typically have a credit score of at least 650 and can show profitability.
To apply or learn more, you can visit the Live Oak Bank website.
Huntington National Bank
| |
|---|---|
| Amount of SBA 7(a) Loans Funded | $1,530,064,700 |
| Number of SBA 7(a) Loans Approved | 7,577 |
| Average Loan Amount | $201,935 |
| SBA Preferred Lender? | Yes |
| Common Loan Purposes |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | $5 million |
| Repayment Term | Up to 25 years |
Who Should Consider Huntington National Bank & How to Apply
Huntington Bank is a full-service banking provider that can offer SBA loans nationwide and has consistently been a top SBA lender in prior years. This provider’s SBA 7(a) loans also generally carry no loan covenants, giving you even more flexibility in how you are allowed to use the funds.
With Huntington National Bank, loan proceeds from an SBA 7(a) loan can commonly be used for business acquisitions, start-up financing, construction, and more. It has a team of knowledgeable SBA underwriters and closers, as well as a dedicated construction team that can provide added support in monitoring your project to stay on track. Other loans offered include SBA Express loans and SBA 504 loans.
The bank does not provide an online application if you want to apply. Rather, you must fill out a short questionnaire online to request a callback from one of its SBA specialists. The initial phone call is typically done to gather basic information about your needs, verify that an SBA 7(a) loan is the best fit for you, and gather additional documents if it’s deemed to be the best choice.
To better prepare for the loan process, you can have the following documents ready to send:
- Business tax returns
- Personal tax returns
- Copies of business licenses
- Business lease
- Statement of personal history
- SBA borrower information form
- Personal financial statement
Ready Capital
| |
|---|---|
| Amount of SBA 7(a) Loans Funded | $1,042,855,800 |
| Number of SBA 7(a) Loans Approved | 3,571 |
| Average Loan Amount | $292,035 |
| SBA Preferred Lender? | Yes |
| Common Loan Purposes |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | $350,000 to $7 million |
| Repayment Term | Up to 25 years |
Who Should Consider Ready Capital & How to Apply
Ready Capital is another nonbank lender that funded a large portion of the SBA 7(a) loans in fiscal year 2024. Its loans can be used for both commercial real estate purposes and business operating uses.
Its commercial real estate loans, for instance, can be used to finance owner-occupied properties, land, construction, and renovation costs and to conduct leasehold improvements. Its business operating loans, on the other hand, can typically be used for business acquisitions, equipment purchases, and other working capital needs.
A unique aspect of Ready Capital is the fact that it can issue more than the SBA-insured amount of $5 million. You can get up to $7 million in financing, which is made possible through the provider’s partnership with pari passu loans.
Ready Capital states that it can work with a wider range of credit scores than most other lenders. This is contrary to the fact that most SBA lenders require fair to good credit scores of 680 and above. Ready Capital, on the other hand, goes as far as reiterating that there is technically no minimum credit score requirement.
When you apply with Ready Capital, you’ll be able to work with a dedicated representative to streamline the process. To get started, you can complete an online form in under three minutes with no negative impact on your credit score.
U.S. Bank
| |
|---|---|
| Amount of SBA 7(a) Loans Funded | $708,227,200 |
| Number of SBA 7(a) Loans Approved | 3,119 |
| Average Loan Amount | $227,069 |
| SBA Preferred Lender? | Yes |
| Notable Areas of Expertise |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | $5 million |
| Repayment Term | 25 years |
Who Should Consider U.S. Bank & How to Apply
U.S. Bank
While specific loan rates and qualifications aren’t disclosed, you should have good to excellent credit and a strong financial history to be considered for a loan. It’s likely a suitable option for businesses seeking long-term financing who are established and have consistent cash flow.
You’ll need to fill out a short form to contact one of its SBA bankers and request information, as SBA loan applications are unavailable via its website. The form requires basic details such as contact information, business industry, and your requested financing amount.
Chase Bank
| |
|---|---|
| Amount of SBA 7(a) Loans Funded | $626,150,300 |
| Number of SBA 7(a) Loans Approved | 2,553 |
| Average Loan Amount | $245,261 |
| SBA Preferred Lender? | Yes |
| Notable Areas of Expertise |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | $5 million |
| Repayment Term | 25 years |
Who Should Consider Chase Bank & How to Apply
Chase Bank is a well-known lender that can be a great financing option for business owners looking to get an SBA 7(a) loan to cover various business expenses. Whether it be to acquire or expand a business, to purchase real estate or equipment, or simply get access to working capital, Chase Bank is an experienced provider that can issue funding to qualified borrowers.
As an SBA Preferred Lender, Chase offers a streamlined application and approval process and works with small businesses to secure financing options that have favorable rates and terms to support their business needs. That said, rates and qualifications aren’t disclosed and can vary; however, it’s recommended that the borrower have both strong financial and credit histories to be considered eligible.
If you’re looking to apply, you’ll need to visit one of its branch offices in person and speak with a representative to determine your financing options and qualifications, as there’s no online application available. You can search for a branch nearest you by visiting the Chase website.
Bank of America
 | |
|---|---|
| Amount of SBA 7(a) Loans Funded | $609,574,600 |
| Number of SBA 7(a) Loans Approved | 1,190 |
| Average Loan Amount | $512,248 |
| SBA Preferred Lender? | Yes |
| Notable Areas of Expertise |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | $5 million |
| Repayment Term | 25 years |
Who Should Consider Bank of America & How to Apply
Bank of America is an SBA Preferred Lender with over 20 years of experience. It’s a top SBA lender nationwide for both SBA 7(a) and SBA 504 loans and works with borrowers in a variety of different business industries. It has locations across the country and offers a wide variety of finance products outside of SBA loans.
Depending on your business needs, Bank of America has a team of experts that can help with leasehold improvements, additions, or expansions of real estate you plan on financing. Overall, it offers customized financing solutions that aim to help your business grow.
Businesses looking to get financing from Bank of America can expect a streamlined application process to help them get quicker access to capital. However, borrowers should prepare to demonstrate strong qualifications to better their odds of approval, as information regarding rates and qualifications isn’t disclosed on its website.
There are Bank of America SBA specialists located across the United States that can guide you through the application and approval process. You’ll need to visit a branch if you’re interested in submitting an application, and you can make an appointment on its website.
First Internet Bank of Indiana
| |
|---|---|
| Amount of SBA 7(a) Loans Funded | $580,272,200 |
| Number of SBA 7(a) Loans Approved | 397 |
| Average Loan Amount | $1,461,643 |
| SBA Preferred Lender? | Yes |
| Common Loan Purposes |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | Up to $5 million |
| Repayment Term | Up to 25 years |
Who Should Consider First Internet Bank of Indiana & How to Apply
First Internet Bank of Indiana was founded in 1999 and was the first state-chartered, federally insured institution to operate entirely online. It has since grown to offer a wide range of personal and business products, including SBA loans.
SBA financing with this lender is meant to be faster and easier thanks to its status as a Preferred Lender with the SBA, allowing it to issue approvals with less documentation and without needing to wait for a separate approval from the SBA itself. Its SBA 7(a) loan program offers the standard repayment terms of up to 10 years for business acquisitions, working capital, equipment financing, and tenant improvements. Real estate loans allow for a maximum of 25 years.
The application process for this lender involves several steps, outlined as follows on the company’s website:
- Contact a Business Development Officer to start the process
- Provide requested documents
- Review and accept your loan proposal
- Underwriting process begins and additional credit documentation is requested
- Review your loan closing checklist and schedule closing
TD Bank
 | |
|---|---|
| Amount of SBA 7(a) Loans Funded | $569,701,600 |
| Number of SBA 7(a) Loans Approved | 3,996 |
| Average Loan Amount | $142,568 |
| SBA Preferred Lender? | Yes |
| Common Loan Purposes |
|
| Primary Geographic Areas Served | East coast |
| Loan Amount | Up to $5 million |
| Repayment Term | Up to 25 years |
Who Should Consider TD Bank & How to Apply
TD Bank’s SBA 7(a) loan program had the smallest average loan size in our list, making it a good option if you don’t have large funding needs. It offers the standard maximum loan amount of $5 million, with repayment terms varying depending on your intended use of the loan proceeds.
If your loan is to be used to finance commercial real estate, a maximum term of 25 years can be selected. For equipment financing, you can spread payments over the lesser of 15 years or the useful life of the equipment. Finally, working capital loans have a limit of 10 years.
Other notable loan terms include a maximum advance rate of 100% for machinery and equipment. Real estate loans require a minimum down payment of 10%, but business acquisitions allow for no more than an 85% advance rate.
The process of getting an SBA loan with TD Bank can vary depending on the loan amount you need. If you are applying for a loan amount of $250,000 or less, you can submit an application from the TD Bank website. Otherwise, loan requests greater than $250,000 will require you to work with a TD Business Banker. You can schedule an appointment with a banker online to get a callback within one business day.
Wells Fargo Bank
| |
|---|---|
| Amount of SBA 7(a) Loans Funded | $567,031,300 |
| Number of SBA 7(a) Loans Approved | 2,224 |
| Average Loan Amount | $254,960 |
| SBA Preferred Lender? | Yes |
| Notable Areas of Expertise |
|
| Primary Geographic Areas Served | Nationwide |
| Loan Amount | Up to $5 million |
| Repayment Term | Up to 25 years |
Who Should Consider Wells Fargo Bank & How to Apply
Wells Fargo’s SBA 7(a) loan proceeds can be used for nearly any business purpose, such as acquiring another company, buying out business owners, purchasing equipment, or financing real estate. Most loans have a maximum repayment period of 10 years, although 25 years is allowed if you’ll be using funds for real estate construction or acquisition.
The bank does not disclose its rates, but you can expect rates to start as low as the current Prime rate depending on your business qualifications. Companies can also choose between a fixed or variable-rate loan.
If the SBA 7(a) program is not a good fit, you can also consider the lender’s SBA 504 loan program, which is designed to help finance fixed assets expected to promote business growth and the creation of jobs. Some examples can include the financing of buildings, land, and equipment.
Wells Fargo provides a limited amount of information on its website. If you’re interested in learning more or applying, you’ll need to call or visit one of its branches.
How We Chose the Top SBA Lenders
The best SBA lenders listed in this guide were selected based on the total dollar amount of approved SBA 7(a) loans for the 2024 fiscal year. Selections were based on information provided by the SBA’s lender reports as of October 1st, 2024. The number of approved loans and average loan amounts, while available, were not considered in our process of selecting the top 10 SBA lenders.
Who Should Consider SBA Loans
An SBA loan could be right for you if you have good credit, have strong business finances, and are looking to get a low interest rate loan.
However, loans can take a long time to get approved and funded, making it a more ideal fit for business owners who can afford to wait between 45 and 90 days to get funds. These loans also tend to have strict eligibility criteria, with many lenders requiring good credit scores to qualify.
Our guide on the different types of SBA loans covers the typical rates, terms, and qualification requirements you’ll run into.
How to Choose an SBA Loan Provider
When choosing a provider that issues SBA loans, you should consider a few things before signing an agreement. These factors include the following:
- Determining your business needs: You should determine how you plan to use loan funds and how you plan to repay them. You should only borrow what you can afford, and you should evaluate your current business resources.
- Consideration of lender qualification criteria: Qualification requirements can vary depending on the lender, so you’ll want to make sure you meet their minimum requirements before submitting a loan application. Common factors considered are credit score, time in business, and annual revenue.
- Reviewing loan costs and terms: There are various costs associated with getting an SBA loan, so you should review the applicable rates, fees, and down payment requirements. You should also consider the loan terms, such as the repayment term and monthly payment amount you’ll be expected to pay.
How to Apply for an SBA Loan
Getting an SBA loan generally involves four main steps. You’ll need to first understand your options so that you know the type of SBA loan best suited for your needs. You’ll then need to verify your eligibility and find a lender. Once those steps have been completed, you’ll need to submit a formal loan application and provide documents requested by your lender.
For more details on each of these steps, check out our guide on how to apply for an SBA loan.
Frequently Asked Questions (FAQs)
What is an SBA loan?
An SBA loan is a type of loan that is insured by the U.S. Small Business Administration, allowing lenders to offer lower rates due to the decreased risk of lending. SBA loans are designed to make it easier for certain companies to get funding and increase small business access to financing options.
Which banks are best for SBA loans?
The best banks for SBA loans are those that are SBA Preferred Lenders. These lenders are appointed by the SBA and allow the lender to make credit decisions without approval from the SBA. This can often streamline the application and approval process.
What credit score do you need for an SBA loan?
SBA lenders often require a credit score above 660 and a history of strong business finances. However, specific requirements can vary per lender and may be flexible based on other factors such as the funding amount, time in business, and annual revenue of your business.
Bottom Line
Getting an SBA loan can be a complex and time-consuming process. However, choosing one of the top SBA lenders can help you get approved and funded more quickly. The lenders on our list have a significant amount of experience with SBA loans, and you should be able to find one that services your geographic location, business needs, and budget.
