Top SBA Loan Options For Your Business
Trusted Partners
Fast and Easy Process
Flexible Solutions
Recommended Options
SmartBiz SBA 7(a)
Recommended
Get the capital you need to grow through SBA Loans, Bank Term Loans, Lines of Credit, and more fast and flexible financing options.
Funds Up to
$500,000
1-2 Weeks
Closing
Monthly
Payment Frequency
10.75%
APR Starts at
10 Years
months
Term Timeframe
4.7
Lightbox Lending Review
LoanBud SBA Loan
Recommended
LoanBud is a SBA marketplace that covers all use cases for financing such as working capital, busienss acquisitons, real estate purchases, startups and so much more!
Funds Up to
$5,000,000
2-3 Weeks
Closing
Monthly
Payment Frequency
10.75%
APR Starts at
10 Years
months
Term Timeframe
4.5
Lightbox Lending Review
BayFirst Streamlined SBA
Recommended
As one of the nation’s top lenders for Small Business Administration loans, BayFirst’s small business lending division, CreditBench, offers a wide range of lending options for small business owners.
Funds Up to
$5,000,000
1-2 Weeks
Closing
Monthly
Payment Frequency
10.75%
APR Starts at
10 Years
months
Term Timeframe
4.4
Lightbox Lending Review
Stearns Bank SBA 7(a)
Recommended
Stearns Bank offers SBA 7a financing for working capital, business acquisitions, and even startups!
Funds Up to
$5,000,000
2-3 Weeks
Closing
Monthly
Payment Frequency
10.75%
APR Starts at
10 Years
months
Term Timeframe
4.3
Lightbox Lending Review
Celtic Bank SBA 7(a)
Recommended
Celtic Bank is an SBA Preferred Lender that offers these SBA 7a loans up to $5,000,000.
Funds Up to
$5,000,000
2-3 Weeks
Closing
Monthly
Payment Frequency
10.75%
APR Starts at
10 Years
months
Term Timeframe
4.2
Lightbox Lending Review
Newity SBA 7(a)
Recommended
Newity offers fast approvals for SBA 7a loans and specializes in those under $150,000
Funds Up to
$5,000,000
2-3 Weeks
Closing
Monthly
Payment Frequency
10.75%
APR Starts at
10 Years
months
Term Timeframe
4.2
Lightbox Lending Review
LendingClub SBA 7(a)
Recommended
LendingClub is a nationwide preferred SBA lender, which means they can offer fast decisions and faster closings for SBA 504 & 7a loans.
Funds Up to
$5,000,000
2-3 Weeks
Closing
Monthly
Payment Frequency
10.75%
APR Starts at
10 Years
months
Term Timeframe
3.9
Lightbox Lending Review
Ready Capital SBA 7(a)
Recommended
An SBA 7(a) loan from Ready Capital is a government-backed small business loan that offers low interest rates and long repayment terms.
Funds Up to
$5,000,000
2-3 Weeks
Closing
Monthly
Payment Frequency
10.75%
APR Starts at
10 Years
months
Term Timeframe
3.7
Lightbox Lending Review
Not quite what you're looking for?
Explore other options tailored to your needs! Whether you're searching for smaller loans, different repayment terms, or specialized funding solutions, we've got you covered.
Find More ProductsSmartBiz SBA 7(a)
Get the capital you need to grow through SBA Loans, Bank Term Loans, Lines of Credit, and more fast and flexible financing options.
Funds Up to
$500,000
Closing
1-2 Weeks
Apply Now
Payment Frequency
Monthly
APR Starts at
10.75%
Term Timeframe
10 Years
Lightbox Lending Review
4.7
LoanBud SBA Loan
LoanBud is a SBA marketplace that covers all use cases for financing such as working capital, busienss acquisitons, real estate purchases, startups and so much more!
Funds Up to
$5,000,000
Closing
2-3 Weeks
Apply Now
Payment Frequency
Monthly
APR Starts at
10.75%
Term Timeframe
10 Years
Lightbox Lending Review
4.5
BayFirst Streamlined SBA
As one of the nation’s top lenders for Small Business Administration loans, BayFirst’s small business lending division, CreditBench, offers a wide range of lending options for small business owners.
Funds Up to
$5,000,000
Closing
1-2 Weeks
Apply Now
Payment Frequency
Monthly
APR Starts at
10.75%
Term Timeframe
10 Years
Lightbox Lending Review
4.4
Stearns Bank SBA 7(a)
Stearns Bank offers SBA 7a financing for working capital, business acquisitions, and even startups!
Funds Up to
$5,000,000
Closing
2-3 Weeks
Apply Now
Payment Frequency
Monthly
APR Starts at
10.75%
Term Timeframe
10 Years
Lightbox Lending Review
4.3
Celtic Bank SBA 7(a)
Celtic Bank is an SBA Preferred Lender that offers these SBA 7a loans up to $5,000,000.
Funds Up to
$5,000,000
Closing
2-3 Weeks
Apply Now
Payment Frequency
Monthly
APR Starts at
10.75%
Term Timeframe
10 Years
Lightbox Lending Review
4.2
Newity SBA 7(a)
Newity offers fast approvals for SBA 7a loans and specializes in those under $150,000
Funds Up to
$5,000,000
Closing
2-3 Weeks
Apply Now
Payment Frequency
Monthly
APR Starts at
10.75%
Term Timeframe
10 Years
Lightbox Lending Review
4.2
LendingClub SBA 7(a)
LendingClub is a nationwide preferred SBA lender, which means they can offer fast decisions and faster closings for SBA 504 & 7a loans.
Funds Up to
$5,000,000
Closing
2-3 Weeks
Apply Now
Payment Frequency
Monthly
APR Starts at
10.75%
Term Timeframe
10 Years
Lightbox Lending Review
3.9
Ready Capital SBA 7(a)
An SBA 7(a) loan from Ready Capital is a government-backed small business loan that offers low interest rates and long repayment terms.
Funds Up to
$5,000,000
Closing
2-3 Weeks
Apply Now
Payment Frequency
Monthly
APR Starts at
10.75%
Term Timeframe
10 Years
Lightbox Lending Review
3.7
Not quite what you're looking for?
Explore other options tailored to your needs! Whether you're searching for smaller loans, different repayment terms, or specialized funding solutions, we've got you covered.
Find More ProductsLoans for All Types of Businesses
Understanding Your Options
Looking for funding to fuel your small business dreams? Small Business Administration (SBA) loans offer a powerful pathway to accessing capital with competitive terms and unique advantages. Whether you're seeking to expand operations, purchase equipment, or manage cash flow, SBA loans come in various forms to suit your specific needs. Let's explore the world of SBA loans and discover the perfect fit for your business.
What is an SBA Loan?
An SBA loan is a type of small business loan partially guaranteed by the U.S. Small Business Administration. This guarantee encourages lenders to approve loans they might otherwise consider too risky. While the SBA sets the guidelines, you'll apply for the loan through an SBA-approved lender, such as a bank or credit union. This partnership combines the expertise of lenders with the support of the government to provide small businesses with access to vital funding.
How Does It Work?
SBA loans follow a structured process to ensure responsible lending and appropriate use of funds:
Eligibility Requirements
Meet specific criteria, such as being a for-profit business, meeting size standards, demonstrating good credit history, and showing the ability to repay.
Finding a Lender
Connect with SBA-approved lenders (banks, credit unions, etc.) to discuss your needs and explore suitable loan options.
Application Process
Gather necessary documentation (business plan, financial statements, etc.) and work with your lender to complete the application.
Loan Disbursement
Receive funds in a lump sum or in stages, depending on the loan program and intended use.
Eligibility Requirements
Meet specific criteria, such as being a for-profit business, meeting size standards, demonstrating good credit history, and showing the ability to repay.
Finding a Lender
Connect with SBA-approved lenders (banks, credit unions, etc.) to discuss your needs and explore suitable loan options.
Application Process
Gather necessary documentation (business plan, financial statements, etc.) and work with your lender to complete the application.
Loan Disbursement
Receive funds in a lump sum or in stages, depending on the loan program and intended use.
Types of SBA Loans & Financing Options
7(a) Loans
The most common type, used for various purposes like working capital, equipment, and real estate.
504 Loans
Used for fixed assets (land, buildings, machinery) with long-term, fixed-rate financing.
Microloans
Smaller loans for startups and small businesses, often provided through community lenders.
Disaster Loans
Low-interest loans to help businesses recover from natural disasters.
Tips for Improving Your Chances of Approval
Keep Your Business Plan Up-to-Date
A well-written business plan demonstrates your understanding of your business, target market, and financial projections, increasing lender confidence.
Maintain a Good Credit Score
A strong personal and business credit score reflects your creditworthiness and improves your chances of approval.
Prepare Financial Documentation
Organized financial records, including tax returns, bank statements, and profit and loss statements, demonstrate your financial stability.
Consider Collateral
Offering collateral (real estate, equipment, etc.) can strengthen your application and increase your chances of approval.
Pros & Cons of SBA Loans
Weighing the advantages and disadvantages can help you make an informed decision:
Pros
- Lower Interest Rates
SBA loans often have lower interest rates than conventional loans, saving you money over the loan term.
- Longer Repayment Terms
The application process may involve more paperwork and documentation than conventional loans.
- Government Backing
The SBA's guarantee reduces risk for lenders, making them more likely to approve loans to small businesses.
Cons
- Stricter Requirements
SBA loans have specific eligibility criteria that businesses must meet to qualify.
- Potential for More Paperwork
The application process may involve more paperwork and documentation than conventional loans.
- Fees
SBA loans may have some associated fees, so it's essential to factor those into your cost calculations.
Pros
- Lower Interest Rates
SBA loans often have lower interest rates than conventional loans, saving you money over the loan term.
- Longer Repayment Terms
Longer repayment terms can ease your cash flow burden and make monthly payments more manageable.
- Government Backing
The SBA's guarantee reduces risk for lenders, making them more likely to approve loans to small businesses.
Cons
- Stricter Requirements
SBA loans have specific eligibility criteria that businesses must meet to qualify.
- Potential for More Paperwork
The application process may involve more paperwork and documentation than conventional loans.
- Fees
SBA loans may have some associated fees, so it's essential to factor those into your cost calculations.
Finding the Right Lender for SBA Loans
Choosing the right lender can significantly impact your SBA loan experience. Consider factors such as the lender's experience with SBA loans, industry expertise, and customer service. Don't hesitate to ask questions about their process, turnaround time, and fees. Resources like the SBA website and online reviews can also help you research and compare lenders.