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Ready to apply for a loan? Lendio works with 75+ lenders to find the right option for your business. Click “Apply Now” to fill out our simple application.
Lendio carefully selects the lenders it works with in its marketplace. Then works with you to find the best sba loan for your unique situation. Read on for stats on each lender and what each lender is best at.
Learn about our methodology for lender selection here.
APR range
Current prime rate + lender rate
Funding amount
$50,000 to $5 million
Term
7-25 years
Min. credit score
650
Time to funding
5 to 10 days SBA turnaround
As far as SBA loans go, the SBA 7(a) is one of the most flexible. It allows businesses to use the funds in a number of ways and like other SBA loan types, has an interest rate that is capped by the federal government. Cadence Bank is an SBA lender and can help you get Small Business Administration-backed loans for your business.
$50,000 – $350,000
30- to 60-day SBA turnaround
For an SBA 7(a) loan, you’ve got BayFirst as an option for financing. CreditBench, which is part of BayFirst, offers these loans backed by the SBA. While they offer up to $350,000, they can still be an option for small business owners needing less than that amount that meets the SBA requirements.
No upfront or annual service fees for loans under $500,000
$10,000-$5 million
640
For a $5 million SBA-backed loan, look to Ready Capital. They offer loans up to the standard $5 million for business owners looking for cash and micro-loans under $25,000. They also have slightly lower credit requirements than the other lenders listed, starting at 640 and will fund franchise startups.
Wondering how we chose the best? We used the following criteria to evaluate the lenders in our network.
*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (November 28, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.
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