The Top 10 SBA Approved Banks For 7(a) Loans: Your Complete Guide

As an SBA Preferred Lender and the current #1 provider of SBA 7(a) loans 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. Furthermore, Live Oak Bank is distinguished by its teams of experts. Each team focuses on a specific industry to help small businesses receive loans while providing guidance through the duration of the loan.

Read our Live Oak Bank review to learn more about this SBA-approved bank.

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.

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.

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

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 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

Newtek Small Business Finance provides funding for small businesses, including SBA loans. Though Newtek doesn’t specify what SBA loans it specializes in, it is currently #3 on the SBA’s top 7(a) lenders list, making it a good place to seek an SBA 7(a) loan.

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, Newtek Small Business Finance is worth looking into if you’re seeking SBA-backed business financing.

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.

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.

Celtic Bank is #4 on the SBA’s top 7(a) lender list for a reason. The variety of SBA loan types Celtic Bank offers 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.

Sitting at #4 on the SBA 7(a) lenders list, 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 are offered as well.

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.

Coming in at #5 on the list of top SBA lenders for 7(a) loans, 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.

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.”

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.

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 #6 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.

Along with SBA 7(a) loans, 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).

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.

With 3,500+ locations in 28 states, U.S. Bank has recently risen to #7 on the SBA’s list of most prolific 7(a) lenders. U.S. Bank is an SBA Preferred Lender, so you can expect an expedited SBA loan decision compared to a typical bank.

Though SBA 7(a) loans top out at $5 million, those applying for 7(a) loans from U.S. Bank can actually get access to $7 million in funding. How? We’ll explain below.

U.S. Bank offers SBA 7(a) loans of up to $5 million when used for business funding. When used specifically for the purchase, refinance, or construction of commercial real estate, however, the bank offers $5 million in funding along with an additional $2 million in direct funding.

U.S. Bank also offers SBA 504 real estate loans of up to $12.375 million.

U.S. Bank doesn’t specify any particular requirements for SBA funding on its website. You’ll need to contact U.S. Bank to ask if there are any requirements to meet that go beyond the SBA’s guidelines.

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

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 9th most prolific SBA 7(a) lender, it’s definitely a leading option.

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

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 $6.5 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.

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.

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 10th biggest 7(a) lender, 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.

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 through the SBA CAPLines program. Lines of credit are available for up to $5 million and are ideal for business expansion, purchasing inventory, covering payroll, or filling in revenue gaps. Repayment terms are 12 months to 10 years.

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