SBA loans are managed by banks as well as various online and nonprofit lenders. The Small Business Administration (SBA), which oversees this program, provides annual reports detailing the number of loans approved by each lender. Below, we highlight the SBA lenders that issued the highest number of SBA loans in 2023, categorized by program.
Best SBA 7(a) lenders for 2024.
The SBA 7(a) loan program remains the most sought-after option, offering flexible terms and various uses like working capital, equipment purchases, and real estate. Here are the top SBA 7(a) lenders (excluding Express and Community Advantage) by loan approval count, along with key details:
| *Lender | Funding Amount | Term Length | Minimum Credit Score | Time to Funding |
| BayFirst National Bank | Up to $5M (General); Up to $150K (BOLT) | Up to 25 years (General); Up to 10 years (BOLT) | 675 (General); 700 (BOLT) | 2 weeks (General); A few days (BOLT) |
| Newtek Small Business Finance | Up to $5M | Up to 25 years | Not disclosed | Not disclosed |
| Live Oak Banking Company | Up to $5M | Up to 25 years | Not disclosed | Not disclosed |
| Ready Capital | Up to $500K | Up to 25 years | 640 | As soon as 6 days after approval |
| Cadence Bank | Up to $350K | Up to 10 years | 650 | As soon as 2 weeks |
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Best for speed to funds.
BayFirst National Bank
BayFirst offers standard SBA 7(a) loans and a specialized “SBA Bolt” product–a loan up to $150,000 with expedited processing times. They are an SBA-approved lender.
Funding amount: Up to $5 million- General; Up to $150,000- BOLT
Term length: Up to 25 years- General; Up to 10 years – BOLT
Minimum credit score: 675 – General; 700-BOLT
Time to funding: 2 weeks – General; A few days – BOLT
Best for a comprehensive business solution.
Newtek Small Business Finance
Newtek provides comprehensive solutions for businesses from SBA loans to business insurance and payroll processing. They are an SBA-approved lender.
Funding amount: Up to $5 million.
Term length: Up to 25 years.
Minimum credit score: Not disclosed
Time to funding: Not disclosed
Best for large loan amounts.
Live Oak Bank
Live Oak Bank is an online financial institution that specializes in providing a substantial volume of larger SBA loans, with an average loan size of $1.7 million in 2023. As an approved SBA lender, they are well-positioned to support businesses seeking funding.
Funding amount: Up to $5 million.
Term length: Up to 25 years.
Minimum credit score: Not disclosed
Time to funding: Not disclosed
Best non-bank lender.
Ready Capital
Ready Capital is a non-bank lender focused on SBA and USDA loans. They are an SBA-approved lender.
Funding amount: Up to $500,000 through IBusiness Technology Platform
Term length: Up to 25 years.
Minimum credit score: 640
Time to funding: As soon as six days after approval
Best for customer care.
Cadence Bank
Cadence Bank provides a variety of SBA loan products backed by excellent customer service, and they are an SBA-approved lender.
Funding amount: Up to $350K
Term length: Up to 10 years.
Minimum credit score: 650.
Time to funding: As soon as two weeks
Best Community Advantage lenders.
A Community Advantage loan is a type of SBA 7(a) loan specifically designed to assist underserved markets by financing small businesses that may not qualify for traditional bank loans.
Below, we detail three noteworthy lenders who funded the most Community Advantage loans in 2023:
| *Organization | Funding Amount | Term Length | Requirements | Works with Startups? |
| CDC Small Business Finance Corporation | $10K – $350K | 6 – 10 years | No minimum credit score, sufficient cash flow, business projections for startups | Yes, with 10% downpayment and relevant experience |
| LiftFund | Up to $350K | 7 – 10 years | Sufficient cash flow to meet payments | Yes, with 20% owner injection |
| Wisconsin Women’s Business Initiative Corp. | Up to $350K | Up to six years | Business plan with three years of financial projections | Yes, with extensive industry experience |
Best for businesses in major cities
CDC Small Business Finance Corporation
Small Business Finance Corporation provides loans to startups and small businesses across several major metropolitan areas. They serve a variety of industries, with dedicated specialists focusing on home healthcare and childcare sectors. Additionally, they offer complimentary business counseling to support their clients.
Funding amount: $10K-$350K
Term length: 6-10 years
Locations: Arizona; Atlanta, Georgia; California; Dallas-Fort Worth, Texas; Detroit, Michigan; Miami, Florida; Nevada, Washington, D.C. Metro Area
Requirements: No minimum credit score, sufficient cash flow to meet payments, business projections for early-stage/startups
Works with startups? Yes, with a 10% downpayment and management or industry experience
Best for businesses in Southern states
LiftFund
LiftFund provides access to capital for small businesses and startups throughout the Southern states. LiftFund also partners with other organizations to offer specialized loan programs to veterans and businesses in certain cities.
Funding amount: Up to $350K
Term length: Terms usually range from 7-10 years.
Locations: Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Missouri, Mississippi, New York, New Mexico, Oklahoma, South Carolina, Tennessee, and Texas.
Requirements: Cash flow sufficient to meet payments
Works with startups? Yes with 20% owner injection.
Best for businesses in Wisconsin
Wisconsin Women’s Business Initiative Corporation
This nonprofit organization specializes in providing financial and educational resources to entrepreneurs in Wisconsin. In addition to loans, the nonprofit offers one-on-one business coaching and operates as a Veterans Business Outreach Center.
Funding amount: Up to $350K
Term length: Up to six years
Locations: Wisconsin
Requirements: Business plan with three years of financial projectionsWorks with startups: Yes- if the owner has extensive industry experience.
Top SBA Express Loan lenders.
A subset of the SBA 7(a) program, SBA Express loans are designed to provide rapid access to financing for small businesses, with approval times significantly shorter than traditional SBA loans. Below are the top three SBA Express loan lenders of 2024 based on number of SBA Express loans approved in 2023:
The Huntington National Bank
Huntington National Bank is one of the most experienced SBA lenders having approved the most SBA Express loans in 2023. Current customers can apply online for a loan of up to $350,000. The bank also runs the Lift Local Business Program which supports minority, woman, and veteran-owned small businesses through business planning support, free financial courses, and loans with reduced fees and lower credit requirements. They are an SBA-approved lender.
TD Bank
TD Bank provides SBA Express Loans of up to $350,000 and features an online application for loans up to $250,000. Beyond their loan program, the bank also manages an equity fund specifically designed for SSBICs and CDFIs, aimed at offering small business loans to minority-owned and women-owned enterprises. As an SBA-approved lender, TD Bank is committed to supporting diverse business initiatives.
U.S. Bank
U.S. Bank also offers Express loans up to $350,000 with an online application available for amounts up to $250,000. The bank also offers a Business Diversity Lending program for minority, women, and veteran-owned businesses for loan products outside the SBA program. They are an SBA-approved lender.
Top SBA 504 Loan lenders.
SBA 504 loans are designed to provide financing for major fixed assets, such as real estate and equipment. SBA 504 loans follow a 50-40-10 model where 50% of the total loan amount comes from a bank loan, a Certified Development Company (CDC) provides 40% in the form of a debenture or bond, and the remaining 10% is the down payment from the small business owner.
A Certified Development Company (CDC) is a nonprofit organization that facilitates the SBA 504 loan program. Each CDC operates within a designated area and is tasked with working closely with small businesses and lenders to approve and process 504 loans. We list the CDCs with the greatest amount of CDC loans approved in 2023 below. You can search for a CDC that operates in your state on the SBA website.
| *SBA 504 Lenders | Approval Count | Locations |
| Mortgage Capital Development Corporation (TMC Financing) | 461 | Arizona, California, Nevada, and Oregon |
| Florida Business Development Corporation | 416 | Florida, Alabama, Georgia |
| Florida First Capital Finance Corporation, Inc. | 283 | Florida, Alabama, Georgia |
| California Statewide Certified Development Corporation | 227 | California, Arizona, Nevada |
| Empire State Certified Development Corporation (Pursuit Lending) | 226 | New York, Pennsylvania, New Jersey, Connecticut |
| Business Finance Capital | 217 | California |
How to find an SBA microlender.
An SBA microloan is a loan of up to $50,000 administered by a nonprofit lender. Similar to a CDC, these lenders operate locally. To locate an SBA microlender, start by visiting the SBA’s official website where a list of approved lenders and resource partners is available. You can also utilize the SBA’s local district offices as they often have details on microlenders in your area.
How to choose an SBA lender.
Selecting the right SBA lender involves considering several factors. Here’s how to make an informed decision:
Evaluate Your Needs
Determine the type of SBA loan that best suits your business needs. Whether it’s a 7(a) loan, a 504 loan, or a microloan, understanding your requirements will help narrow down your choices.
Compare Lenders
Research and compare lenders based on their loan offerings, interest rates, terms, and customer reviews. Look for lenders with a strong track record of supporting businesses similar to yours.
Seek Personalized Service
Choose a lender that offers personalized support and guidance throughout the loan process. A dedicated loan officer can help you navigate the complexities of SBA lending and increase your chances of approval.
How to Get an SBA Loan through Lendio.
Lendio is an online marketplace that streamlines obtaining SBA loans for small businesses. By connecting users with a network of lenders, it allows business owners to compare financing options through a single application. Lendio’s loan experts help gather necessary documents, making the process easier. Loans are typically funded in under 30 days, depending on the lender and documentation completeness.
FAQs About SBA Loans
An SBA lender is a financial institution that partners with the Small Business Administration to provide government-backed loans to small businesses. These lenders include banks, credit unions, and non-profit organizations.
An SBA-approved lender has met the SBA’s requirements and guidelines for issuing SBA loans. These lenders are authorized to process, approve, and service SBA loans without further SBA approval expediting the process.
The timeline for SBA loan approval can vary depending on the lender and loan type. On average, it takes 30 to 90 days from application to funding. Factors such as loan complexity and documentation requirements can affect the processing time.
Methodology
Top lenders were selected based on the number of SBA loans approved in 2023 as reported by the Small Business Administration. Lenders were also evaluated based on their lending criteria, application process and whether they are an SBA-Preferred lender.
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*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 (August X, 2024). 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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