The Best SBA Lender For Small Businesses In 2023

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Home Best Small Business Loans in 2023 Best SBA Lenders in 2023

Best SBA Lenders

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.

Lender/Funder*Best Loan/Financing TypeLoan/FInancing AmountMin. Time in BusinessLoan/Financing TermMin. Credit ScoreTime to Funds
(After Approval)
Cadence BankLine of Credit$250K6 months6 or 12 months600Same day
BayFirstLine of Credit$10k-$250k2 yearsUp to 18 months650Same day
Ready CapitalLine of Credit$5k-$100k1 years12, 18, 24 months620Same day

The Best SBA Loan Options – All In One Marketplace

Continue reading for detailed information about the lenders listed above.
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.

Best for SBA Loan

Cadence Bank – SBA 7(a)

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

30 to 60 day 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.

Pros

  • Best for customer care
  • Capped interest rates 
  • (SBA 7(a) loans max out at $5 million
  • Backed by the Small Business Administration

Cons

  • Restricted industries include farms, gas stations and life insurance companies
  • $50,000 minimum funding amount
  • No upfront or annual service fees for loans under $500,000
  • 4% referral and packaging fee

Cadence Bank – SBA 7(a)

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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

30 to 60 day 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.

Pros

  • Best for customer care
  • Capped interest rates 
  • (SBA 7(a) loans max out at $5 million
  • Backed by the Small Business Administration

Cons

  • Restricted industries include farms, gas stations and life insurance companies
  • $50,000 minimum funding amount

  • No upfront or annual service fees for loans under $500,000
  • 4% referral and packaging fee

BayFirst – SBA 7(a)

APR range

Current prime rate + lender rate

Funding amount

$50,000 – $350,000

Term

7-25 years

Min. credit score

650

Time to funding

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.

Pros

  • Best publicly held SBA option
  • Backed by the SBA
  • Maximum rates and fees set by SBA
  • Expedited approval process compared to non-preferred SBA lenders

Cons

  • Funding amount capped at $350,000
  • Restricted industries include contractors, transportation, gym and fitness

No upfront or annual service fees for loans under $500,000

BayFirst – SBA 7(a)

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APR range

Current prime rate + lender rate

Funding amount

$50,000 – $350,000

Term

7-25 years

Min. credit score

650

Time to funding

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.

Pros

  • Best publicly held SBA option
  • Backed by the SBA
  • Maximum rates and fees set by SBA
  • Expedited approval process compared to non-preferred SBA lenders

Cons

  • Funding amount capped at $350,000
  • Restricted industries include contractors, transportation, gym and fitness

No upfront or annual service fees for loans under $500,000

Ready Capital – SBA 7(a), Microloan, Franchise Startup

APR range

Current prime rate + lender rate

Funding amount

$10,000-$5 million

Term

7-25 years

Min. credit score

640

Time to funding

30- to 60-day SBA turnaround

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.

Pros

  • Best SBA for micro and startups under $250,000
  • Loan amounts up to $5 million
  • Backed by the SBA
  • Interest rates are capped by the SBA

Cons 

  • Restricted industries include farms, gas stations and life insurance companies

No upfront or annual service fees for loans under $500,000

Ready Capital – SBA 7(a), Microloan, Franchise Startup

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APR range

Current prime rate + lender rate

Funding amount

$10,000-$5 million

Term

7-25 years

Min. credit score

640

Time to funding

30- to 60-day SBA turnaround

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.

Pros

  • Best SBA for micro and startups under $250,000
  • Loan amounts up to $5 million
  • Backed by the SBA
  • Interest rates are capped by the SBA

Cons 

  • Restricted industries include farms, gas stations and life insurance companies

No upfront or annual service fees for loans under $500,000

Lendio’s methodology

Wondering how we chose the best? We used the following criteria to evaluate the lenders in our network.

  • Lenders with fast funding time (i.e., those non-SBA loans that typically fund in under 1 week and SBA funding that funds in 2 to 3 weeks)
  • Lenders with a minimum loan amount of $5,000 and a maximum loan amount of $5 million or less
  • Lenders (online or traditional) with fees comparable to other similar lenders
  • Requirements:
    • More flexible lenders:
      • Credit Score: 600
      • Time in Business: 6 months
      • $8,000 to $10,000 gross monthly revenue
    • Average lender:
      • Credit Score: 700
      • Time in Business: 1 to 2 years
      • $20,000 to $50,000 gross monthly revenue
  • Flexible repayment options
    • Early repayment options with daily, weekly, and monthly payment options
  • External websites reviews, specifically an average TrustPilot rating of 4.5 or higher

*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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