Finding the provider that offers the best SBA loans under $350K can be a challenge. The top lenders are often ranked by their total SBA loan volume but don’t typically indicate funding size. We’ve evaluated SBA loan providers to determine the top six for SBA loans under $350K.
Best Overall SBA Loan Provider Under $350K: SmartBiz
If you need an SBA 7(a) loan fast, we recommend applying with SmartBiz. They’re our recommended SBA loan provider for loans under $350,000. You can prequalify in minutes and can get you funded for up to $350,000 in as fast as 30 days. By comparison, SBA loans routinely take 45 to 120 days to fund via a traditional bank.
Top 6 Providers for SBA Loans Under $350K in 2019
| SmartBiz | |||||
| Celtic Bank | |||||
| Wells Fargo | |||||
| Huntington National Bank | |||||
| Chase Bank | |||||
| TD Bank |
Source: SBA Loan Data
How We Evaluated the Best Providers for SBA Loans Under $350K
When evaluating the best SBA loan providers for loans under $350,000, we took into consideration the number of SBA loans made in 2018, the provider’s application process, and how quickly they are able to provide funding. Additionally, we evaluated providers on the rates and fees they each charge, as well as qualification factors including where the lender is able to lend.
The criteria we used to evaluate the best providers for SBA loans under $350,000 were:
- Number of SBA loans under $350,000 originated: In considering the best SBA loan providers for loans under $350,000, we reviewed the number of SBA loans each provider made in 2018, and the total dollar amount of those loans.
- Application process: While the details involved in completing the application are very standardized with SBA loans, some lenders have easier application processes than others. Some SBA loan providers allow for online application, while others require that you deliver a hard copy of your application.
- Funding speed: One of the more variable aspects of SBA lending is the amount of time it takes for borrowers to receive funding. While some providers can get you SBA loan funding in as little as 30 days, there are others that can take up to 90 days.
- States they lend in: Not all of the best providers on our list are national lenders. As such, we’ve taken into consideration in which states and regions each lender can make SBA loans.
- Rates and fees: SBA loan rates are set by the Small Business Administration. However, the fees charged on SBA loans can vary by lender. It’s important to understand what fees you may encounter with each lender.
- Qualifications: We reviewed each lender to determine if there were additional qualification requirements that were lender specific beyond the typical SBA loan qualification requirements.
While all of these factors are important when selecting the best SBA loan provider to work with, there are some aspects of SBA loans that are outside the control of the lender. The SBA sets minimum qualification requirements, controls SBA loan interest rates, and requires that certain business documentation be included with an SBA loan application.
Qualifications for SBA Loans Under $350K
Many of the qualification requirements for SBA loans under $350,000 are common among providers. The standard SBA loan qualifications include a credit score of at least 680, at least two years of business operations, loan collateral, and a positive credit history. Additionally, your business needs to be U.S.-based and in good standing with the government.
The standard qualification requirements that are set by the SBA are:
- Credit score: Generally, at least 680 for all primary business owners (check your score for free).
- Time in business: Generally, at least two years of business operations.
- Ability to repay: A debt service coverage ratio of 1.25 times or better is generally considered sufficient to demonstrate your repayment ability for an SBA loan.
- Collateral and guarantees: SBA loans do not need to be fully collateralized; however, it is easier to obtain financing with more collateral. The lender will also require a personal guarantee from all owners with 20% or greater ownership interest in the business.
- U.S. citizenship: Your business must be U.S.-based and owned by U.S. citizen or lawful permanent resident who is 21 years old or older.
- Good credit history: You must not have any bankruptcies or foreclosures in the past three years, and no recent charge-offs or settlements.
- In good standing with the government: The owner and the business cannot have any outstanding tax liens, and must be current on government-related loans.
Rates & Repayment Terms for SBA Loans Under $350K
SBA loans have standardized interest rates, repayment terms, and guarantee fees. These aspects of your SBA loan should remain consistent regardless of which lender you choose.
Here are the current SBA loan rates:
- SBA loans between $30,000 and $50,000: Have an interest rate equal to the prime rate plus 3.75%
- SBA loans between $50,000 and $350,000: Have an interest rate currently equal to the prime rate plus 2.75%
The SBA loan guarantee fee will be:
- For an SBA loan of $150,000 or less: 2% of the guaranteed portion of the loan
- For SBA loans between $150,001 and $700,000: 3% of the guaranteed portion of the loan
Application Requirements for SBA Loans Under $350K
While some SBA loan providers have streamlined the application process for SBA loans under $350,000, there is certain information and business documentation that will be required regardless of the lender you choose. This includes information pertaining to your business, business financials, and SBA-specific forms.
In addition to a loan application, the primary documents required by an SBA loan provider include:
- Loan amount being requested and detailed allocation of funds
- Year-to-date profit and loss (P&L) statement
- Year-to-date balance sheet
- Projected business financials (one to three years)
- Proof of business ownership
- Applicable business certificates and licenses
- Loan application history
- Business tax returns (last two years)
- Personal tax returns (last two years)
- Personal financial statement
- Owner resumes
- Business overview and history
- Business lease
Your SBA loan application will also include a number of SBA forms, some of which are:
- SBA Form 1919 Guide (Borrower Information Form): This form is where you provide basic borrower information for your business.
- SBA Form 912 Guide (Statement of Personal History): This form is used to evaluate your character.
- SBA Form 413 Guide (Personal Financial Statement): This form is used to assess the personal financial standing of you and anyone who is a proprietor of the business.
- SBA Form 159 Guide (Fee Disclosure Form and Compensation Agreement): This form is only necessary if you hired someone to help you with your SBA loan application. It details how much you paid them and the services they provided.
Based on the evaluation criteria we used to review the best SBA providers for SBA loans under $350,000, we found the best overall provider to be SmartBiz. SmartBiz has the fastest funding speed of any of the providers on our list, and a streamlined application process. SmartBiz loans are available nationwide, you can apply entirely online, and be prequalified within minutes of applying.
SmartBiz: Best Overall Provider for SBA Loans Under $350K
SmartBiz is a national SBA loan provider with a streamlined application process. Through its SBA loan marketplace, SmartBiz can connect you with the SBA lender that best suits your application needs. In 2018, SmartBiz marketplace banks originated 1,821 SBA loans under $350,000, totaling $340 million. Of all of the providers for SBA loans under $350,000 that we reviewed, SmartBiz facilitates the fastest funding speeds, getting borrowers funded in under 30 days typically.
SmartBiz: Rates, Fees & Repayment Terms
In addition to the standard interest rates and SBA loan guarantee fees, SmartBiz also charges a one-time fee (of no more than 2% of the loan amount) for referring your loan to a lender. SmartBiz also charges a packaging fee of up to 2% of the loan amount for working capital and debt refinance SBA loans.
SmartBiz: Qualifications & Lending Area
As a national provider of SBA loans, SmartBiz can lend to businesses in any state. The only variances that SmartBiz has from the standard SBA loan qualifications are that this provider requires businesses to have been operational for at least two years, and only requires a personal credit score of 650 or greater. The typical requirements are a recommended two years of business operations and a personal credit score of 680 or greater.
SmartBiz: Application Process & Funding Speed
With SmartBiz, you can complete your SBA loan application entirely online. SmartBiz is one of the few top SBA lenders that offers this service. Additionally, with its streamlined application process, SmartBiz offers the best SBA loan funding speed, providing you with SBA loan funds in as little as 30 days. This is up to 60 days faster than other SBA lenders we’ve reviewed, which can take up to 90 days for funding.
What SmartBiz Is Missing
Unlike Celtic Bank or the other SBA lenders on our list, SmartBiz is a loan broker rather than a direct lender. As such, when you receive an SBA loan, the funding will come from one of the lenders in the SmartBiz network. If you would rather choose which lender to use, you may want to consider applying directly with one of the other lenders on our list.
SmartBiz Reviews
After considering hundreds of reviews from around the web, SmartBiz customer reviews are overwhelmingly positive. Customers enjoy the speed and efficiency of the company, as well as the prompt turnaround times. Negative reviews came primarily from customers who did not understand that SmartBiz is not a direct lender, but rather a marketplace for SBA loans. To find out more about what users think of the company, you can review our SmartBiz reviews page.
SmartBiz Customer Service
Customer service is available via phone or email during normal working hours (9:00 a.m. to 5:00 p.m. Pacific Time). SmartBiz also offers customers the opportunity to reach out via social media on platforms like Facebook, Twitter, LinkedIn, and Instagram.
How to Apply for an SBA Loan Under $350K With SmartBiz
Applying for an SBA loan through SmartBiz begins with an online application and prequalification. After you have applied, SmartBiz will direct your application to an SBA lender from its marketplace that best suits your loan needs. With this streamlined process, SmartBiz can get your SBA loan funded in 30 days.
Celtic Bank: Best National Lender for SBA Loans Under $350K With an Online Application
Celtic Bank is an industrial bank specializing in business lending, and is the only national bank on our list that offers an online application process. In 2018, Celtic Bank made 1,018 SBA loans under $350,000, totaling $116,369,600. With an average loan amount of $114,312, Celtic Bank has the second-highest average loan amount for SBA loans under $350,000.
Celtic Bank: Rates, Fees & Repayment Terms
In addition to the standard interest rates and the standard SBA loan guarantee fee, Celtic Bank also charges a loan packaging fee. This packaging fee is generally $2,500, and specific closing costs vary by loan. If you prefer a national lender that does not charge fees in addition to those already imposed by the SBA, you may prefer a loan through Wells Fargo.
Celtic Bank: Qualifications & Lending Area
Celtic Bank does not have any specific qualification requirements beyond those set forth by the SBA. Additionally, as a national lender, Celtic Bank can lend in all 50 states, making them accessible to borrowers nationwide. This is a significant advantage over regional banks like TD Bank and Huntington National Bank, which can only lend in certain states.
Celtic Bank: Application Process & Funding Speed
Celtic Bank is the only national lender on our list that allows you to apply for an SBA loan online. This online application process makes Celtic Bank’s SBA loans more easily accessible to potential borrowers that are not located near a branch location. Celtic Bank has a funding speed in line with many of the lenders on our list, with SBA loans being funded within 45 to 60 days.
What Celtic Bank Is Missing
If you are looking to build a business banking relationship beyond just an SBA loan, Celtic Bank may not be the bank for you. While they specialize in business lending and offer a variety of loan options to businesses, they do not offer traditional deposit account products. Borrowers who want to build a full-service banking relationship with their lender may prefer Wells Fargo or a regional Bank like Huntington National Bank.
Celtic Bank Reviews
We reviewed Celtic Bank reviews from around the web and found that Celtic Bank customers have given a mix of positive and negative ratings. Some customers were impressed with the company’s customer support team, while others found the lender’s customer service difficult to work with. Celtic Bank currently has a B rating with the Better Business Bureau. Read more on our Celtic Bank reviews page.
Celtic Bank Customer Service
Celtic Bank has customer service available via phone or email Monday through Friday from 9:00 a.m. to 5:00 p.m. Mountain Time. They also accept queries via social media, including sites like Facebook and Twitter, as well as the lender’s blog.
How to Apply for an SBA Loan Under $350K With Celtic Bank
With Celtic Bank, you can complete your SBA loan application online. You’ll specify the amount you want to borrow and for what purpose, along with basic information about your business, such as how long you’ve been operating and your estimated credit score. If approved, you can receive funding in as quickly as 45 to 60 days.
Wells Fargo: Best Provider for SBA Loans Under $350K From the Top SBA Lender for 2018
Wells Fargo is a national SBA lender—and the top SBA lender for 2018. Having made 2,906 SBA loans under $350,000, totaling $142,901,200 in 2018, Wells Fargo is one of the best SBA loan providers for loans of this size. The average loan size for SBA loans under $350,000 through Wells Fargo was $49,175.
Wells Fargo: Rates, Fees & Repayment Terms
Wells Fargo does not charge any fees beyond the standard closing costs and the SBA guarantee fee. However, you will be required to provide a deposit to cover closing costs, and the size of the deposit required varies based on the loan size.
Wells Fargo: Qualifications & Lending Area
Wells Fargo lends nationwide, and has roughly 5,500 branch locations throughout the United States. Presently, Wells Fargo does not have a physical presence in the following states: Oklahoma, Missouri, Louisiana, Michigan, Indiana, Kentucky, Ohio, West Virginia, Vermont, New Hampshire, Massachusetts, and Maine. On top of the general SBA requirements listed above, you will also need to be an existing and ongoing business, and you can’t have a tangible net worth above $15 million.
Wells Fargo: Application Process & Funding Speed
To apply for an SBA loan through Wells Fargo, you will need to visit one of the lender’s branch locations. At this time, Wells Fargo does not have the option to apply for an SBA loan via an online application. However, even with the more traditional application process, Wells Fargo is able to provide SBA loan funds within 30 to 60 days. This funding speed has the potential to be faster than most of the other lenders on our list.
What Wells Fargo Is Missing
Despite being a national lender, Wells Fargo does not have an online application process, nor does it have branch locations in all 50 states. If you are in a state that does not have a Wells Fargo branch, and want to work with a top national lender, you may want to consider Celtic Bank, as that lender offers an online application process.
Wells Fargo Reviews
We considered reviews from around the web and found that Wells Fargo has a combination of both positive and negative reviews. Many customers enjoy the ease of accessing funds and its national footprint. Others are concerned with past business scandals and the customer service experience. Despite the mixed reviews—which are not related to Wells Fargo SBA loans—Wells Fargo is a solid option. Read more on our Wells Fargo reviews page.
Wells Fargo Customer Service
Wells Fargo offers customer service both online and via phone 24 hours per day, seven days per week. There are thousands of Wells Fargo branch locations nationwide you can walk into for assistance. Additionally, you can contact the lender through standard social media outlets, like Facebook and Twitter.
How to Apply for an SBA Loan Under $350K With Wells Fargo
To apply for an SBA loan with Wells Fargo, you’ll need to go into one of the branch locations and talk to a business banker. Wells Fargo will collect documentation from you to determine if you meet the SBA’s eligibility and qualification requirements. The process typically takes between 30 and 60 days if all documentation provided is accurate and timely.
Huntington National Bank: Best Provider for SBA Loans Under $350K for Borrowers in the Midwest
A regional lender operating primarily in the Midwest, Huntington National Bank made 4,085 SBA loans in amounts under $350,000 in 2018 alone. This is the second-highest number of loans of any provider on our list. With an average loan size of $69,790, Huntington National Bank originated $285,095,630 in SBA loans last year.
Huntington National Bank: Rates, Fees & Repayment Terms
Similar to Wells Fargo and TD Bank, Huntington National Bank does not charge additional fees on SBA loans beyond the SBA guarantee fee, plus standard closing costs associated with the loan. The lack of additional fees makes Hunting National Bank a great choice as an SBA lender for businesses located in the Midwest.
Huntington National Bank: Qualifications & Lending Area
A regional lender, Huntington National Bank operates primarily in the Midwest. Huntington National Bank has branch locations in Florida, Indiana, Illinois, Kentucky, Michigan, Ohio, western Pennsylvania, and Wisconsin. Aside from the standard SBA loan qualification requirements, Huntington National Bank does not have any specific qualifying factors that your business must meet.
Huntington National Bank: Application Process & Funding Speed
To apply for an SBA loan through Huntington National Bank, you will need to contact one of their SBA specialists. Huntington National Bank has multiple SBA specialists located in each state it serves. Unlike TD Bank, the other regional bank on our list, Huntington National Bank does not have an online application. However, even without an online application, Huntington National Bank can get you funded in 60 days or less.
What Huntington National Bank Is Missing
As a regional bank, Huntington National Bank can only make SBA loans in the states that it operates in. Unlike Wells Fargo and Celtic Bank, which offer SBA loans nationwide, Huntington National Bank is limited to the eight states it serves. However, despite this limitation, Huntington National Bank is among the top lenders for SBA loans under $350,000.
Huntington National Bank Reviews
We considered customer reviews from around the web and found Huntington National Bank as a company has a mix of negative and positive reviews. Huntington National Bank maintains an A+ rating from the Better Business Bureau (BBB). Customer service is a common topic among the negative reviews we found, but Huntington customers do praise the application process and the ease of navigating their website. Read more on our Huntington Bank reviews page.
Huntington National Bank Customer Service
Huntington National Bank has customer service available for its business banking customers Monday through Friday from 7:30 a.m. to 7:00 p.m. Eastern Time, and Saturdays from 8:00 a.m. to 5:00 p.m. In addition to a comprehensive frequently asked questions section on its website, Huntington National Bank can also receive questions via social media platforms like Facebook and Twitter.
How to Apply for an SBA Loan Under $350K With Huntington National Bank
With Huntington National Bank, you will need to visit a local SBA specialist in a branch to begin your SBA application process. You will need to meet the standard SBA loan qualification requirements, and provide all of the standard loan application documentation. If approved, you can expect to receive funding within 60 days.
Visit Huntington National Bank
Chase Bank: Best Provider for SBA Loans Under $350K for Startup Businesses
A national lender, Chase Bank made 2,305 SBA loans in amounts under $350,000 in 2018. These loans totaled $254,292,760, with an average loan amount of $110,322. Unlike most of the lenders on our list, Chase Bank does not require you to have two years of business operations to be eligible for an SBA loan, which makes loans through Chase accessible to startup businesses.
Chase Bank: Rates, Fees & Repayment Terms
As with all of the best SBA loan providers on our list, Chase Bank cannot charge interest rates above those set by the SBA on its SBA loans. It is unclear, and we were unable to verify, if there are any additional fees beyond the SBA guarantee fee and standard closing costs when receiving an SBA loan through Chase Bank.
Chase Bank: Qualifications & Lending Area
Chase Bank is a national lender, and can make loans to businesses in any state. As such, there are no restrictions as to which state your business must be located in to receive an SBA loan. Additionally, Chase Bank does not require two years of business operations, making an SBA loan through this lender an option for startup businesses.
Chase Bank: Application Process & Funding Speed
To apply for an SBA loan through Chase Bank, you will need to visit one of the bank’s branch locations; if approved, you can receive funding in 45 to 60 days. Chase Bank has locations in 29 states and Washington, D.C., making it accessible to the majority of the nation. Unfortunately for those in states without a Chase Bank branch, the bank does not currently offer a way to apply online for an SBA loan.
What Chase Bank Is Missing
Despite being a national lender and having the capacity to make SBA loans nationwide, Chase Bank does not offer the convenience of an online application process. As such, if you are not located near one of Chase Bank’s many locations, applying may be difficult. If you are seeking a national lender with an online application, you may be better served by Celtic Bank.
Chase Bank Reviews
We reviewed Chase Bank customer reviews from around the web, and determined that overall reviews for the company are mixed. Positive reviews shared stories of responsive bankers who take the time to understand and respond to business owners’ needs. Conversely, the negative customer reviews were primarily focused on the overall customer service (not specifically related to SBA loans). Read more on our Chase Bank reviews page.
Chase Bank Customer Service
Chase Bank customer service is available Monday through Friday from 7:00 a.m. to 11:00 p.m. Eastern Time and Saturday and Sunday from 10:00 a.m. to 7:00 p.m. Customer service can be reached via phone, email, or Twitter.
How to Apply for an SBA Loan Under $350K With Chase Bank
To apply for SBA loans through Chase Bank, you’ll need to meet with a business banker at your local Chase Bank branch. The funding speed for Chase SBA loans varies by the branch at which you apply, and is sometimes delayed at busier branches. On average, you can expect your SBA loans to close in 45 to 60 days through Chase.
TD Bank: Best Provider for SBA Loans Under $350K on the East Coast
TD Bank is the top SBA lender in the Northeast, and made more SBA loans under $350,000 in 2018 than any other lender on our list. Having originated 4,162 SBA loans, totaling $224,969,818, the average TD Bank loan was $54,053. While TD Bank is a regional lender, it does offer its borrowers the ability to apply for an SBA loan online.
TD Bank: Rates, Fees & Repayment Terms
Similar to Wells Fargo, TD Bank does not charge additional fees on SBA loans beyond the SBA guarantee fee and standard closing costs associated with the loan. The lack of additional fees makes TD Bank an attractive SBA lender for businesses located on the East Coast.
TD Bank: Qualifications & Lending Area
TD Bank operates in 15 states on the East Coast, including Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C. The only stipulated requirement that TD Bank has, beyond the standard SBA loan requirements, is that SBA loan borrowers must have a down payment of at least 10%.
TD Bank: Application Process & Funding Speed
TD Bank offers the convenience of applying online for an SBA loan. However, if you prefer going to a branch and meeting with a business banker, you have the option of doing that as well. With funding speeds ranging from 45 to 90 days, TD Bank may take longer to get your SBA loan funded than some of the other providers on our list.
What TD Bank Is Missing
With its service area limited to the East Coast, TD Bank is unable to lend to borrowers in other regions of the country. If your business is not located in one of the 15 states that TD Bank serves, you will need to apply through another provider like SmartBiz or Celtic Bank, which can provide loans in all 50 states.
TD Bank Reviews
We considered reviews from around the web and found that TD Bank as a company has an A+ rating with the Better Business Bureau (BBB) and generally positive reviews online. Customer service is a common theme among the TD Bank reviews, with many reviewers commending the lender’s exceptional service, while others noted experiencing customer service problems. Read more on our TD Bank reviews page.
TD Bank Customer Service
TD Bank has customer service available 24 hours per day, seven days per week. Additionally, you can visit a branch Monday through Thursday from 8:00 a.m. to 5:00 p.m. Eastern Time, 8:00 a.m. to 6:00 p.m. on Fridays, or 9:00 a.m. to 12:00 p.m. on Saturdays. TD Bank is also available to answer your questions through social media platforms like Facebook and Twitter.
How to Apply for an SBA Loan Under $350K With TD Bank
If you’re applying for an SBA loan under $100,000, you can apply for an SBA loan with TD Bank in a branch or via an online application. For all other SBA loans, you’ll complete a paper application and bring it to your nearest TD Bank location. You can expect it to take roughly 45 to 90 days to receive funding on your SBA loan through TD Bank.
Benefits &d Drawbacks of SBA Loans Under $350K
There are both benefits and drawbacks to SBA loans under $350,000. Some of the advantages include that there are SBA loan providers that have significant experience making SBA loans of this size, and they have lower interest rates and longer repayment terms than other financing options. However, SBA loans can be difficult to qualify for, require a lot of documentation, and are slow to fund.
Benefits of SBA Loans Under $350K
Some of the best SBA loan benefits for loans under $350,000 are:
- There are providers that specialize in SBA loans of this size: Some providers, like SmartBiz, specialize in SBA loans under $350,000, and others originate thousands of them every year. With this kind of expertise in loans of this size, these providers will be able to assist you and make the SBA loan process easier.
- SBA loans offer lower interest rates: SBA loans will likely offer you a much lower interest rate than other options. With interest rates under 11% at the highest, SBA loans are far more affordable than some alternative lending options, where rates can sometimes be in the triple digits.
- SBA loans offer longer repayment terms: Many small business loans have short repayment terms, often five years or less. However, an SBA loan for working capital can have a repayment term of up to 10 years, and an SBA loan for real estate can have a term of up to 25 years, making your monthly payment more affordable.
Drawbacks of SBA Loans Under $350K
Some of the drawbacks to SBA loans under $350,000 are:
- They can be difficult to qualify for: SBA loans have stringent qualification requirements. Borrowers with less than perfect credit, or debt service coverage ratios (DSCRs) below 1.25x, will have a difficult time meeting these requirements. These borrowers may be better served by an online small business loan.
- They require a lot of documentation: The application process for an SBA loan of any size requires a lot of documentation and forms beyond completing the lender’s application. This can feel overwhelming for some borrowers, especially when applying for smaller loans.
- They can take 30 days or more to fund: If you need quick financing, you may be dismayed to learn that it can take a few months to receive SBA funding. While some lenders have been able to reduce this down to 30 days, it still takes time. For faster funding, you may want to seek an alternative business loan.
If you aren’t certain that an SBA loan under $350,000 is right for your business, there are other financing options available. SBA lending is not limited to loan amounts under $350,000, and therefore an SBA loan of another size might be the best fit for your business.
Alternatives to SBA Loans Under $350K
If you aren’t sure that an SBA loan under $350,000 is right for your business, there are other financing options available to you. Businesses that have invoices they can leverage may consider invoice factoring. Those looking for a fast application process or faster funding speeds may be interested in alternative business loans. If you have recurring financing needs, a small business line of credit or a small business credit card may be your financing solution.
Some alternatives to SBA loans under $350,000 include:
Small Business Line of Credit
Businesses with ongoing and recurring working capital needs may be interested in a small business line of credit. A line of credit (LOC) allows you to draw and repay the funds over and over again without having to reapply or pledge collateral to secure the loan. Some of the best business LOC providers can fund up to $250,000 within two days.
Invoice Factoring
Small businesses that invoice their customers may consider invoice factoring to meet their financing needs. Invoice factoring provides short-term capital in exchange for selling and assigning invoices to a factoring company (referred to as a factor). The factor advances you 80% of your invoice value. Once the invoice is paid, the factor pays you the remaining 20% (less fees).
Alternative Business Loan
If you need to receive funds quickly, you may be able to receive a quick decision from an alternative lender. Further, alternative business loans often have more flexible credit terms, so you may be able to receive financing not otherwise available from either the SBA or a traditional bank. Alternative lenders can often get you funded in seven days or less, making them an exceedingly faster source of funding than an SBA loan.
Business Credit Card
If your business has smaller recurring working capital needs, using a small business credit card can be a relatively cost-effective way to finance smaller business expenses. Many business credit cards have introductory periods offering 0% APR and valuable cash back or rewards programs. These rewards can be beneficial for your business if you use credit cards regularly. Having access to a business credit card can be a quick source of funds for your small business.
Bottom Line
The best SBA loan providers for loans under $350,000 differ greatly, but all have aspects that make them perfect for the right borrower. Some offer fast funding speeds, online applications, or regional lending that allow you to build your business banking relationship. The best SBA loan provider for you will be the one that best meets your priorities.
SmartBiz is an SBA loan provider with a simplified application process and the ability to connect borrowers nationwide with an SBA lender that will best meet the needs of your business. SmartBiz offers SBA loans up to $350,000. If you’ve been in business for two years, are profitable, and have a credit score above 650, you can prequalify online in just a few minutes.
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