Are you interested in an SBA loan but looking for the best lender with the best rates? Then this article helps to find the best lender for your business. Here is the complete information about the SBA loan providers for your small business. These lenders provide you with a variety of loans, ranging rates, amounts, and repayments. It would be best to borrow from lenders after having complete knowledge about lending terms and conditions. Here is the list of SBA loan lenders available to fund your business.
Lendio is an online market platform that partners with lenders to provide you with funds at the best rates. They do not charge for using their platform. The maximum amount of funds you may apply for through Lenido is $500,000. If you need more than that, then Lenido is not suitable for you. It takes 30-90 days to approve your loan and start funding. Lendio may charge an origination fee once funding starts. It allows comparing offers from many lenders.
SmartBiz is one of the best market platforms that work with a wide range of lenders. If you are looking for funds at the lowest rate, then this will be best for you. SmartBiz has conditions to funding loans if your business has two years of experience. Moreover, it requires an income of at least $100,000. They may charge some referral and packaging charges for the documentation process, but they give a faster turnover and less interest rate. They are capable of providing you with loans in a week.
Wells Fargo is a financial institution providing loans to grow your business. It offers a maximum loan amount of $100,000 with a 670 minimum credit score. It includes a term of seven years for working capital, 25 years for real estate, and ten years for equipment. Moreover, it has a minimum loan amount of $10,000. It allows online applications for current customers but not for new customers.
Chase Bank offers an express 7(a) loan to grow your business. It allows you to finance 90% of your business with extended-term length. It is flexible with charges and interest rates. This platform provides the preferred lender with a maximum amount of up to $12.5 million.
Bank of America
Bank of America is a banking institution providing lenders to fund your loan at the best rate. It’s best for small business owners to look for flexible, low rates to expand their business. It takes three weeks for loan approval.
Main Street Finance
Main Street Finance is a lender platform that helps to grow your business with no minimum credit score. It may take a year to get your loan approval. It requires a minimum income of $10,000 and business experience.
Newtek Loan Company
Newtek is at the top list of lender platforms. It offers a maximum amount of $10 million. It requires a minimum credit score of 650 and you may need to provide collateral. Moreover, it requires more than two years of business experience. Also, it takes two weeks to approve your loan application.