Best SBA Approved Banks For 7(a) Loans

Get Started With Live Oak Bank

Total Rating	2.9
Rates & Fees2.1 Pricing 3.0 Affordability 1.2
Services4.4
Eligibility Requirements2.1
Application1.0
Sales & Advertising Transparency4.6 Sales Practices 5.0 Web Presence 4.0
Customer Service3.9
User Reviews3.9

Pros

Most prolific SBA 7(a) lender for 2023
Provides personalized guidance
Available in all 50 states

Cons

Slow application process
Website isn’t very informative

Why Live Oak Bank Is The Top SBA Lender Overall

As an SBA Preferred Lender and the #1 provider of SBA 7(a) loans in 2023 according to the SBA's figures, Live Oak Bank helps borrowers receive SBA-backed loans faster than other lenders.

Live Oak Bank's track record of working with SBA borrowers is second to none. Live Oak Bank is distinguished by its teams of experts, with each team focusing on a specific industry to help small businesses receive loans while providing guidance through the duration of the loan.

Our Live Oak Bank review has more details on this SBA Preferred Lender.

Live Oak Bank Features

Live Oak Bank’s most popular option for SBA funding is the 7(a) loan, which provides small business owners with up to $5 million with repayment terms of up to 25 years. If you’re interested in pursuing a 7(a) loan, our guide to the terms, rates, and eligibility of the SBA’s 7(a) loan program is essential reading.

Live Oak Bank offers SBA 504 loans as well. These loans are exclusively for the purchasing of real estate and other related purposes.

Live Oak Bank Eligibility Requirements

To qualify for an SBA loan with Live Oak Bank, borrowers need a minimum personal credit score of 680 and a business history of at least 3 years. Businesses in all 50 states + DC can apply online.

When To Choose Live Oak Bank For An SBA Loan

You're seeking an SBA loan, and you want to work with the nation's top provider of SBA loans
You have 3+ years of business history and a personal credit score of 680+

Get Started With Huntington National Bank

Huntington National Bank : Best For Midwestern Businesses

Huntington National Bank	Visit Site

Pros

2nd most prolific SBA lender in 2023
3 types of SBA loan available
Funding up to $5 million

Cons

SBA loans only offered in 11 states, mostly in the Midwest

Why The Huntington National Bank Is Great For Midwestern Businesses

The Huntington National Bank is based in the Midwest and offers SBA loans to businesses in Kentucky, Illinois, Indiana, Michigan, Ohio, Florida, Tennessee, Wisconsin, Colorado, Pennsylvania, and West Virginia.

Businesses in Huntington's region have, in Huntington, an SBA-approved bank with a track record that places it #2 nationwide as a 7(a) loan provider in 2023. What's more, Huntington says it can help borrowers secure SBA loans outside its area of operation, though you'll have to contact Huntington to see what this support entails.

Visit your local branch to find out more about Huntington Bank's SBA loans. Alternatively, you can contact an SBA specialist to learn how you can get started.

Huntington National Bank Features

The Huntington National Bank can connect qualified borrowers with SBA loans from $5,000 to $5 million. Rates, terms, and borrower requirements vary by product. Huntington is an SBA Preferred Lender, which means that it can approve most SBA loans itself without waiting for approval from the SBA.

Huntington National Bank provides 7(a) loans for almost any business purpose. For borrowers seeking quicker funding, Huntington Bank offers SBA Express loans with low-interest rates, high borrowing limits, and faster approval times. Huntington Bank also provides 504 loans to use for business improvements and expansions.

Huntington National Bank Eligibility Requirements

Huntington doesn’t list any credit score or time-in-business requirements for its SBA loans, but it does state that in order to be eligible for its 7(a) loans, your business must:

Operate for profit
Be engaged in, or propose to do business in, the US or its territories
Have reasonable owner equity to invest
Use alternative financial resources, including personal assets, before seeking financial assistance

When To Choose The Huntington National Bank For An SBA Loan

You're in the Midwest, and you want to work with one of the most prolific SBA lenders around

Newtek Lending: Best For Quick Prequalification

Newtek Lending

Get Started With Newtek Lending

Total Rating	3.3
Rates & Fees4.2 Pricing 5.0 Affordability 3.4
Services5.0
Eligibility Requirements2.8
Application1.0
Sales & Advertising Transparency2.2 Sales Practices 2.0 Web Presence 2.5
Customer Service4.0
User Reviews2.2

Pros

3rd most prolific SBA 7(a) lender in 2023
Multiple types of financing available
Applicants can quickly get prequalified

Cons

Little information on SBA loans is provided online
Company gets mixed reviews online

Why Newtek Small Business Finance Is Great For Quick Prequalification

Newtek Small Business Finance provides funding for small businesses, including SBA loans. Sitting at #3 on the SBA's top 7(a) lenders list for 2023, Newtek is a good place to seek an SBA 7(a) loan (reportedly, it also offers SBA 504 loans).

Newtek offers quick prequalification to its SBA loan applicants, so if this is important to you, consider looking into the company. With a track record that makes it the #3 most prolific SBA 7(a) lender in 2023, Newtek Small Business Finance is worth looking into if you're seeking SBA-backed business financing.

Newtek Small Business Finance Features

Newtek currently states that borrowers can receive as much as $15 million for various business purposes (SBA loans are generally capped at $5 million, though) and that repayment terms are as long as 25 years.

Newtek Small Business Finance Eligibility Requirements

All applicants must have an existing for-profit business with at least two years of tax returns. You can discuss additional requirements with a Newtek financial specialist. Interested borrowers can get prequalified by visiting Newtek’s website. For more information, you’ll need to contact the company.

Our review of Newtek Small Business Finance has more information.

When To Choose Newtek For An SBA Loan

You're looking for a top SBA lender offering expedited prequalification

Ready Capital Lending: Best For Veterans

Ready Capital Lending

Get Started With Ready Capital Lending

Total Rating	3.5
Rates & Fees4.4 Pricing 5.0 Affordability 3.8
Services4.3
Eligibility Requirements3.7
Application2.3
Sales & Advertising Transparency3.8 Sales Practices 3.0 Web Presence 5.0
Customer Service2.1
User Reviews2.1

Pros

4th most prolific SBA 7(a) lender in 2023
Offers 7(a) loans up to $5 million
Veteran business owners get preferred pricing

Cons

Time-consuming application process
Some reports of poor customer service

What Makes ReadyCap Lending Great For Veterans

Coming in at #4 on the list of top SBA 7(a) lenders for the 2023 fiscal year, ReadyCap Lending is a non-bank SBA lender -- in fact, it's an SBA Preferred Lender, so the application and funding process is especially efficient.

Besides being a prolific SBA 7(a) lender, ReadyCap's policies appeal to veterans, who will have packaging fees on 7(a) loans waived.

To learn more, see our ReadyCap Lending review. For more information or to start the application process, submit a request through Ready Capital's website.

ReadyCap Lending Features

Through ReadyCap Lending (a subsidiary of Ready Capital), you can receive up to $5 million through the 7(a) program with repayment terms of up to 25 years.

ReadyCap also offers preferred pricing to veteran business owners, stating, “For US Veterans who later become entrepreneurs and small business leaders, Ready Capital waives their packaging fees on SBA 7(a) financing.”

ReadyCap Lending Eligibility Requirements

To qualify for any of ReadyCap’s SBA programs, you must have strong personal credit and a debt service coverage ratio (DSCR) of 1.15 to 1.30. You must meet other requirements as well.

When To Choose ReadyCap Lending For An SBA Loan

You're a veteran business owner looking for favorable terms on a 7(a) loan

Get Started With Byline Bank

Byline Bank: Best For SBA Lines Of Credit

Byline Bank	Visit Site

Pros

5th most prolific SBA lender in 2023
SBA-backed lines of credit available
SBA 7(a) & 504 loans also available

Cons

Low APY with savings accounts

Why Byline Bank Is Great For SBA Lines Of Credit

Byline Bank serves the Chicago area and Milwaukee through its 40 branches, but the company offers SBA loans nationwide and offers many options to meet your needs. Byline Bank is the 5th biggest 7(a) lender for the 2023 fiscal year, so those seeking a 7(a) loan have an option with a demonstrated track record in Byline Bank.

What's more, Byline Bank is a good place to start your search if you're looking for an SBA-backed line of credit through the SBA CAPLines program.

Byline Bank Features

Byline Bank offers SBA 7(a) loans up to $5 million. Repayment terms are up to 25 years for commercial real estate and up to 15 years for other purposes. For commercial real estate or equipment purchases, businesses can apply for 504 loans with repayment terms of 10 to 25 years.

Businesses that want a more flexible option can receive an SBA line of credit, which is available for up to $5 million and is ideal for business expansion, purchasing inventory, covering payroll, or filling in revenue gaps. Repayment terms are 12 months to 10 years.

Byline Bank Eligibility Requirements

Byline Bank doesn’t list any particular qualifications for its SBA-backed loans.

When To Choose Byline Bank For An SBA Loan

You're looking for an SBA-backed line of credit, and you're interested in the SBA CAPLines program

Celtic Bank Small Business Loans: Best For Multiple SBA Loan Types

Celtic Bank Small Business Loans

Get Started With Celtic Bank Small Business Loans

Total Rating	3.8
Rates & Fees4.6 Pricing 5.0 Affordability 4.2
Services5.0
Eligibility Requirements4.4
Application3.8
Sales & Advertising Transparency1.6 Sales Practices 1.0 Web Presence 2.5
Customer Service2.2
User Reviews2.3

Pros

6th most prolific SBA lender in 2023
Quick SBA-backed Celtic Advantage loans available as well as 7(a) & 504 loans
SBA loans available in all 50 states

Cons

Opaque terms & fees for some loan products

Why Celtic Bank Is Great For Multiple SBA Loan Types

Celtic Bank is #6 on the SBA's top 7(a) lender list for a reason. As we noted in our Celtic Bank review, the variety of SBA loan types on offer -- 7(a), Celtic Advantage, 504, and SBA Express loans -- makes it a great place to look for SBA-backed loans, no matter your business needs.

Celtic Bank is an SBA Preferred Lender, so processing times may be shorter than working with other lenders.

Celtic Bank Features

Celtic Bank offers 7(a) loans with limits of up to $5 million and repayment terms of up to 25 years.

For faster approvals, Celtic Bank offers the Celtic Advantage loan, an SBA-backed product similar to the SBA 7(a) loan. The primary difference (other than approval times) is the maximum borrowing amount (just $350,000).

Celtic Bank also offers SBA 504 loans. Qualified business owners may receive up to $10 million in funding with repayment terms of up to 25 years.

SBA Express loans of up to $150K are offered as well. These are referred to as “Celtic Express” loans.

Celtic Bank Eligibility Requirements

Celtic Bank generally requires a credit score of at least 640 from its applicants. Unfortunately, Celtic Bank is not forthcoming about its particular loan requirements on its website.

When To Choose Celtic Bank For An SBA Loan

You're looking for an SBA loan, and you want a wide variety of options

Get Started With BayFirst National Bank

BayFirst National Bank : Best For Smaller SBA Loans

BayFirst National Bank	Visit Site

Pros

7th most prolific SBA lender in 2023
Offers numerous SBA loan types through CreditBench, an SBA Preferred Lender
Offers extra-quick Bolt SBA loans up to $150,000

Cons

Opaque about terms & fees

Why BayFirst National Bank Is Great For Smaller SBA Loans

Tampa-based BayFirst National Bank is a community bank that offers SBA loans through CreditBench, an SBA Preferred Lender.

BayFirst is a top-tier SBA lender -- the company's #7 position on this list is no mistake -- but it stands out for offering a variety of custom SBA-backed loans, including its Bolt loans which top out at $150K. These loans are designed to provide funding as quickly as possible -- within "days instead of weeks," according to BayFirst.

BayFirst National Bank Features

Along with SBA 7(a) loans of up to $5 million, BayFirst/CreditBench offers Bolt SBA loans (SBA-backed working capital loans up to $150,000) and FlashCap loans (SBA-backed loans up to $350,000).

According to BayFirst/Credit Bench, you can get prequalified for a Bolt SBA loan in a matter of hours.

BayFirst National Bank Eligibility Requirements

BayFirst doesn’t list any particular eligibility requirements for its SBA loans on its website, so you’ll have to contact the company if you’re curious about any possible requirements that go beyond the SBA’s guidelines.

When To Choose BayFirst For An SBA Loan

You're looking for a relatively small SBA loan and want your funding as quickly as possible

Get Started With TD Bank Business Loans

TD Bank Business Loans: Best For East Coast Businesses

TD Bank Business Loans	Visit Site

Pros

#8 most prolific SBA 7(a) lender in 2023
#2 in terms of the number of SBA 7(a) loans it has facilitated
Excellent customer service

Cons

Locations in just 16 states

Why TD Bank Is Great For East Coast Businesses

With branches in just 16 states, mainly on the East Coast, TD Bank is one of the smaller banks featured in this list. However, if you live within this bank's service area, TD Bank, having risen to become the 8th best bank for SBA loans, definitely merits your consideration.

In fact, if we just look at the total number of SBA loans approved, TD Bank is second only to The Huntington National Bank in terms of the number of 7(a) loans it has facilitated.

TD Bank's SBA page states that it is "a Preferred SBA Lender and #1 on the East Coast."

TD Bank Features

TD Bank offers SBA 7(a) loans of up to $5 million, 504 loans of up to $5.5 million, and quick SBA Express loans of up to $350,000. The company also offers USDA loans of up to $25 million to develop businesses in rural communities.

TD Bank Eligibility Requirements

TD Bank doesn’t lay out any particular requirements for 7(a) loans that go beyond what the SBA itself specifies.

When To Choose TD Bank For An SBA Loan

You live in an eastern state, and you want a range of SBA loan options

Get Started With First Internet Bank

First Internet Bank: Best For Online SBA Loans

First Internet Bank	Visit Site

Pros

#9 most prolific SBA 7(a) lender in 2023
7(a), SBA Express, and 504 loans available
SBA loans available in all 50 states

Cons

No physical branches
No eligibility information posted online

Why First Internet Bank Of Indiana Is Great For Online SBA Loans

As its name suggests, First Internet Bank Of Indiana (known primarily as First Internet Bank) is an online-only bank with no physical branches. Nonetheless, the bank is an SBA Preferred Lender and has risen to #9 on the SBA's 7(a) lender list for 2023.

If you're comfortable conducting your application process entirely online, First Internet Bank offers three different SBA-backed loans and is accredited by the BBB with an A+ rating.

First Internet Bank Of Indiana Features

First Internet Bank offers SBA 7(a) loans of up to $5 million. Terms run up to 10 years when you use your loan for business acquisition, working capital/inventory, equipment, or tenant improvement. Terms run up to 25 years when you use your loan for real estate.

First Internet Bank also offers SBA Express loans of up to $350,000. These are offered in the form of term loans or lines of credit, and you can get approved in as little as 48 hours.

The bank also offers SBA 504 real estate loans of up to $5 million. This is a relatively low maximum amount for 504 loans.

First Internet Bank Of Indiana Eligibility Requirements

First Internet Bank doesn’t specify any particular requirements for SBA funding on its website. You’ll need to contact FIB to ask if it has any requirements that go beyond the SBA’s guidelines.

When To Choose First Internet Bank Of Indiana For An SBA Loan

You're looking for an SBA Preferred Lender that offers multiple SBA loan types, and you don't mind an application and support process that is entirely online

Get Started With Wells Fargo Business Banking

Wells Fargo Business Banking: Best Large SBA Approved Bank

Wells Fargo Business Banking	Visit Site

Pros

10th most prolific SBA lender in 2023
Website advertising is clear & informative
Many financing types available

Cons

Funds can take time to disburse
Wells Fargo has had a number of scandals in recent years

Why Wells Fargo Bank Is Great As A Large SBA Approved Bank

Wells Fargo Bank has over 8,000 US branches and is one of the most well-known banks in the world. If you'd rather deal with a large, established bank than a smaller online lender when seeking an SBA loan, consider Wells Fargo.

With thousands of branches across the country and a record that makes it the 10th most prolific SBA 7(a) lender in 2023, Wells Fargo is definitely a leading option.

For more information on Wells Fargo's lending products, read our Wells Fargo Business Loans review.

Wells Fargo Features

Wells Fargo offers two SBA loan options for small businesses: 7(a) loans and 504 loans. The 7(a) loan provides borrowers up to $5 million. Repayment terms are up to 25 years for commercial real estate purchases or up to 10 years for other business purposes.

For the 504 loans, Wells Fargo will lend up to $10 million, while the borrower may also receive up to $5 million from a Certified Development Company (CDC). Repayment terms are up to 25 years for commercial real estate purchases or up to 10 years for machinery or equipment purchases.

Wells Fargo Eligibility Requirements

The only eligibility requirements Wells Fargo lists for SBA loans: Applying businesses must have a net worth under $15 million and an average net income under $5 million.

When To Choose Wells Fargo For An SBA Loan

You're looking for an SBA loan from a large bank with numerous physical branches

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

How To Find Top SBA Lenders Online

If you’re like most business owners, your plate is too full to spend hours sitting at the bank in an attempt to get an SBA loan. The internet has simplified other areas of business — invoicing, accounting, customer service — so why not put this technology to work for you in your search for SBA-backed funding?

It is entirely possible to secure an SBA loan online. Just know that the online process can still take time and requires you to complete specific tasks, such as uploading financial reports, filling out applications, and signing documents. Communicating with your lender and completing steps in a timely manner are critical steps to securing an SBA loan.

Check with lenders that you have an existing relationship with to see if they offer online loans. You could also apply for an SBA loan through an online marketplace like Fundera, Lendio, or SmartBiz. These platforms clearly outline requirements, rates, and terms and allow you to apply for and receive funding right from your home or office.

5 Tips For Choosing The Best SBA Approved Banks For Your Business

Still not sure which SBA participating lender is right for your business? These five tips can help you winnow your options.

Talk To Lenders You've Worked With In The Past

Rather than blindly choosing a lender you have no experience with, talk to banks, credit unions, and other lenders with which you have a pre-existing relationship. This may cut down on the amount of paperwork you have to submit (e.g., bank statements). If these lenders don’t offer SBA funding, they might point you in the right direction.

Make Sure You Meet All Requirements

Few things are more disappointing in business than having your loan application denied. To avoid this problem, make sure that you (and your business) meet all requirements for receiving an SBA loan. Most lenders require at least two years in business, along with the tax returns to back it up.

You should also have a solid credit score. In most cases, this is around 680, but some lenders may consider lower scores. You should also have enough revenue to pay back the loan and enough money to cover a down payment if required.

Some lenders also look at your DSCR as well as your debt-to-income ratio. We can help you calculate your debt-to-income ratio and learn how to lower it.

You must also meet the requirements of a small business as set by the SBA. This limits the number of employees you have as well as your annual revenue.

Determine Which SBA Loan Type Best Fits Your Business Situation

The SBA 7(a) loan offers high limits for most borrowers and (usually) can be used for nearly any purpose, making it a solid choice for many businesses. However, there may be other loan options that better suit your needs.

For example, an SBA line of credit might be more appropriate than a loan that comes in one lump sum. Perhaps your business has smaller needs that could be met with an SBA microloan. You may even have faced an economic loss due to a disaster in your area.

Every business situation is unique, so every business has different financial needs. Make sure to explore all SBA funding options and choose a lender that offers the right product for you.

Experience Matters, So Choose An SBA Preferred Lender

While many lenders offer SBA loans, not all lenders have the experience to help you through the process efficiently. Choose an SBA Preferred Lender with experience in these types of loans to ensure you get your funding as quickly and easily as possible. You may even want to take it a step further and choose a lender that has experience with your specific industry.

Look For Lenders With Multiple Product Offerings

Work with a lender that offers SBA loans, lines of credit, equipment financing, or other financial products. If you don’t qualify for an SBA loan, you may qualify for other financing.

Or, if you need capital now and don’t have weeks (or longer) to wait for SBA funding, make sure that your lender has other options or can at least refer you to other institutions that can provide you with what you need.

Learn How To Apply For An SBA Loan

If you’re looking for a quick rundown of how to apply for an SBA loan, follow these steps:

Check If You Meet SBA Lending Requirements
Review Your Credit Report And Score
Choose An SBA Loan Program
Find An SBA Partner Lender
Put Together An SBA Loan Application
Complete And Submit Your SBA Loan Application
Wait For SBA Loan Approval

Before you get started, note that this can be a drawn-out process, so make sure you’re ready to invest the time needed to close your loan efficiently. Your lender could reach out during the process for more information or documentation at any time, so be ready to respond.

Bottom Line: Which Of The Top SBA Lenders Is Right For Your Business?

By profiling the ten lenders that have put the most SBA-backed funding in the hands of businesses, we hope that we’ve made your search for an SBA loan a bit easier. Before applying, however, make sure that you’re familiar with the SBA’s small business guidelines before you get started.

It’s also a good idea to consider other ways you can strengthen your business loan application.

These are just a few tips to get you started. The process can be daunting, but if you can ultimately secure one of these low-cost loans, the work you put forth will be worth it several times over!

FAQs: Top SBA Lenders For 7(a) Loans

What is the easiest SBA loan to get?

SBA Microloans are probably the easiest SBA loans to get. These loans offer funding between $500 and $50,000 and are available to small businesses and not-for-profit childcare centers. According to the SBA, the average microloan is about $13,000.

What is a preferred SBA lender?

SBA Preferred Lenders (PLP, or Preferred Lenders Program) have more authority to approve SBA loans. PLP lenders tend to be faster than other SBA lenders because they don’t need to wait on the SBA for final credit decisions.

Which bank is good for SBA?

Any bank designated as an SBA Preferred Lender is a good place to seek an SBA loan. These SBA approved banks are able to process SBA loan applications more quickly than ordinary banks, as the SBA gives them the authority to make credit decisions.

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Jason Vissers

Senior Staff Writer at Merchant Maverick

Jason has been writing about small business software platforms, services, and financing since 2015. Jason’s expertise has been featured in Yahoo Finance, Time/NextAdvisor, Home Business Magazine, CreditCards.com, GoBankingRates, TheLadders.com, and other publications. He has a bachelor’s degree in Political Science from San Diego State University and currently lives in Philadelphia, Pennsylvania.

@jvizz_mm

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Sources

SBA 7(a) & 504 Lending Report (Accessed 01/05/2024) — U.S. Small Business Administration

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1. Live Oak Bank

❮ ❯

Best overall SBA lender
Provides personalized guidance
Loans available in all 50 states

2. Huntington National Bank

❮ ❯

Best for midwestern businesses
3 types of SBA loans offered
Loans up to $5 million

3. Newtek Lending

❮ ❯

Best for quick prequalification
Multiple types of funding available
Quick prequalification offered

4. Ready Capital Lending

❮ ❯

Best SBA loans for veterans
ReadyCap Lending is an SBA preferred lender
Veteran business owners get certain loan fees waived

5. Byline Bank

❮ ❯

Best SBA lender for lines of credit
SBA-backed lines of credit available through the CAPLines program
SBA 7(a) & 504 loans also available

6. Celtic Bank Small Business Loans

❮ ❯

Best for multiple SBA loan types
SBA-backed Celtic Advantage loans available with quick approval times
Celtic Bank is an SBA Preferred Lender

7. BayFirst National Bank

❮ ❯

Best SBA backed lender for smaller loans
Many types of SBA-backed loans available
SBA loans offered through CreditBench, an SBA Preferred Lender

8. TD Bank Business Loans

❮ ❯

Best for East Coast businesses
Both SBA-backed loans and USDA loans available
Available in 16 states, mainly in the East

9. First Internet Bank

❮ ❯

Best for online SBA loans
Three different SBA-backed loan products available
Up to $5 million in SBA-backed funds available per loan

10. Wells Fargo Business Banking

❮ ❯

Best large SBA approved bank
7(a) & 504 loans available
Many other financing types available