We earn a commission from brands listed on this site. This influences the order and manner in which these listings are presented.

This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which may impact the location and order in which brands (and/or their products) are presented, and may also impact the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time

Last updatedApril 2024

Best SBA Lenders 2024

Apply in minutes. Get funded fast.

With lower rates, you can boost your business while saving thousands on payments. Compare top lenders and lock in your rate today.
Are you eligible for a better rate?
Are you eligible for a better rate?
Sorry! There are no offers that match your criteria.Please try another search.
Show More

6,979 visitors

connected with a lender in the past week

BestMoney Total Score

Our product scores consist of a combination of the following 3 components:


BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed in the same query. Therefore, the higher the share of clicks a brand receives in any specific query, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.

Brand Reputation

Semrush is a trusted and comprehensive tool that offers insights about online visibility and performance. The BestMoney Total Score will consist of the brand's reputation from Semrush. The brand reputation is based on Semrush's analysis of clickstream data, which includes user behavior, search patterns, and engagement, to accurately measure each brand's prominence, credibility, and trustworthiness. If a brand does not have a Semrush score, the BestMoney Total Score will be based solely on the Click Trend Score and Products & Features Score (read below).

Features & benefits

BestMoney’s editorial team researches and reviews financial products based on factors such as: range of products and services offered, ease-of-use, online accessibility, customer service, special awards, and more. Each brand is then given a score based on the offerings in each parameter. The specific parameters which we use to evaluate the score of each product can be found on its review page, which is updated every 3 months. If the editorial team cannot locate information relevant to a brand's Products & Services Score, it will not be included in its calculation.

Need help finding the right lender for you?


What type of loan are you looking for?

Step 1/4

Our Top Choice for Business Loans April 2024

What is an SBA Loan?

SBA loans are loans issued by private lenders and backed by the U.S Federal Government’s Small Business Administration (SBA). These fixed-rate loans are designed to make it easier for small businesses and entrepreneurs to get financing. 

More than 800 lenders, community development organizations, and micro-lending institutions are authorized to issue SBA loans. Under the SBA’s 7(a) loan guaranty program, the lender provides the loan and the SBA promises to pay the lender a portion of the loan if the borrower defaults. 

Having government backing allows lenders to take on more risks when it comes to providing loans to small businesses. In the 2020 fiscal year, lenders issued a  combined $28 billion in SBA loans.

How to Choose the Best SBA loan 

For many businesses, an SBA loan is a way to get a lower interest rate than a regular business loan. 

There are 2 reasons for this:

  • First, the government caps fixed-rate SBA loans at a certain level. 

  • Second, lenders are willing to take more risks when they know the government is there to bail them out. 

Having said that, interest rates can still vary from lender to lender. Therefore, the first thing to look for when comparing SBA lenders is interest rate and small business loan APR. In addition, we recommend comparing lenders by reputation, level of customer support, and ease of application process.

Which SBA Financing Is Right For Your Business?

  • SBA 7(A)

The standard SBA 7(A) is the most common, and most versatile SBA loan. With a loan amount of up to $5 million and the widest range of uses, it can benefit any business that’s eligible. That said, it’s an especially attractive option for startups due to the combination of large capital and flexibility. 

  • SBA 504

If you can pinpoint your needs specifically on new machinery or facilities, however, the SBA 504 loan is your best bet. It’s similar to the standard 7(A), with loans of up to $20 million and extended repayment terms, but it’s designed specifically for large, stationary spending. Look into the 504 if your business is in need of new land, new facilities, or expanded operations.

  • SBA express loans

SBA express loans, meanwhile, get you money quicker, but less of it. The express loan drastically reduces the time it takes to receive financing (approval comes within 36 hours), making it ideal for those looking for quick turnaround. It’s best if you’re an established business with specific, time-sensitive needs, since eligibility is more difficult and new businesses might not be approved. The loan amounts cap out at $350,000, but because of their speed they’re ideal if you’re eligible and require less capital for an urgent or niche need. 


What Will an SBA Loan Cost You? 

SBA fees and sba loan rates vary by the type and amount of loan you take out, as well as market interest rates that fluctuate. The SBA rates for standard 7(A) loans range from 7.75%-10.25%, the former for loans repaid in less than 7 years and the latter for repayment that takes more than 7 years. Repayment terms expand if you use the capital to purchase new equipment (10 years) or real estate (25 years). 

What is an SBA Loan Guarantee?

A loan guarantee is the amount the federal government has agreed to pay on the loan. It can be as high as $3.75 million, and it guarantees that in the event of deferral, the lender will still receive that amount from the government. Loan guarantees are what give private lenders the confidence to offer SBAs with lower payments and more flexible terms.   

How Long Does it Take to Get an SBA Loan?

SBA loans typically take 60-90 days from application to receival of funds. Of course this depends on the loan type, the eligibility of the applicant, as well as other factors unique to each business. Those that require quicker access to finances can apply for an express SBA loan, which reduces approval time to 36 hours, and delivers money to the borrower’s bank account in a matter of weeks.  

What are the SBA Loan Requirements? 

The Small Business Administration sets rules and guidelines that lenders must follow when issuing SBA loans. To qualify for an SBA loan, a business must be a for-profit business located in the United States or its territories. The business owner must have invested their own time and money in the business and must have exhausted all other financing options. In addition to standard 7(a) loans, some lenders offer 2 other types of loans, subject to different requirements. These are 7(a) small loans, up to $350,000; and SBA Express, up to $350,000, with a turnaround time of no more than 36 hours.

Business owners should be aware of these SBA 7(a) eligibility requirements:

  • Maximum loan amount is $5 million.

  • Minimum credit score is usually 680, although some lenders have been found to accept credit scores as low as 620.

  • Collateral generally isn’t a requirement of loans worth $25,000 or less. Loans of $25,000 to $350,000 always involve some collateral. For loans exceeding $350,000 the SBA requires lenders to “collateralize the loan to the maximum extent possible up to the loan amount.”

  • Businesses involved in certain industries, such as gambling, medical research, and marijuana, are ineligible—even if their activities are legal in the state where they are located.

Applying for an SBA loan typically involves a lengthier application process than for a regular business loan. The following is a list of thing lenders may take into consideration:

  • Personal background, including criminal record. Anyone owning more than 20% or more of the business must fill out a form with their personal information and sign a personal guarantee.

  • Business background. Members of the company management team should be prepared to provide a resume outlining their business and work experience.

  • Business plan. This should include a value proposition, financial statements and projections, details of any existing debts, and a clear outline of how the SBA loan funds will be used.

  • Personal and business financial statements, tax returns, and bank statements.

  • Business credit report. As with a personal credit report, the lender will need you to provide details so it can access this report.

American Express® Business Line of Credit American Express® Business Line of Credit APPLY WITH AMEX

Current SBA Loan Rates 2024

Type of SBA LoanLoan AmountRepayment TermSBA Loan Rate
SBA 7(a) LoanUnder $25,000Over 7 yearsPrime rate + 4.75%
SBA 7(a) LoanBetween $25,000 and $50,000Over 7 yearsPrime rate + 3.75%
SBA 7(a) LoanOver $50,000Over 7 yearsPrime rate + 2.75%
SBA 7(a) LoanUnder $25,000Under 7 yearsPrime rate + 4.25%
SBA 7(a) LoanBetween $25,000 and $50,000Under 7 yearsPrime rate + 3.25%
SBA 7(a) LoanOver $50,000Under 7 yearsPrime rate + 2.25%
SBA Express LoanUp to $350,000Up to 7 yearsPrime rate + 4.5% to 6.5%
SBA 504/CDC Loan (CDC portion)Up to $5.5 million10 years2.231%
SBA 504/CDC Loan (CDC portion)Up to $5.5 million20 or 25 years2.364% - 2.399%
SBA MicroloanLess than or equal to $10,000Up to 6 yearsCost of funds + 8.50%
SBA MicroloanOver $10,000Up to 6 yearsCost of funds + 7.75%

Rates from Fundera 2023

Why Use an SBA Loan? 

SBA loans are designed to make it easier for small businesses to get funding. If your business has exhausted all other financing options, you may be able to get an SBA loan. What’s more, the government caps the sba loan rate, meaning you’ll never have to pay the high interest rates and small business loan APR often associated with other types of business loans.

Max interest rates are pegged to a base rate, using the prime rate, LIBOR rate, or an optional peg rate—but usually the prime rate published by the Wall Street Journal. In general, the prime rate is 300 points above the federal funds rate. 

This table shows the maximum loan amounts:

Loan AmountMax Rate (< 7 years)Max Rate (> 7 years)
$25,000 or lessBase rate plus 4.25%Base rate plus 4.75%
$25,000 to $50,000Base rate plus 3.25%Base rate plus 3.75%
$50,000 or moreBase rate plus 2.2%Base rate plus 2.75%

SBA loans can be used for the following purposes:

  • Purchase land

  • Cover construction costs

  • Purchase or expand an existing business

  • Refinance existing debt

  • Purchase machinery, furniture, supplies, or materials

 Biz2Credit Biz2Credit APPLY WITH BIZ2CREDIT

Alternatives to SBA Loans

Small business owners may only apply for an SBA loan after exhausting all other options. Here are a few loan types to think about first.

  • Business line of credit: Arrangement whereby a lender agrees to supply credit to a business owner.
  • Business term loan: These include secured and unsecured business loans. Unsecured loans typically come with lower APRs, but require the business owner to have very good credit.
  • Business credit card: Some credit cards offer a no-interest introductory period, making them suitable for covering small starting expenses without accumulating debt.
  • Invoice factoring: This is a type of advance on your outstanding invoices, where the lender effectively purchases your business’s accounts receivable.

Visit Fundera for invoice factoring loans >>

  • Merchant cash advance: These involve borrowing a lump sum and repaying it by withholding a percentage of daily, weekly or monthly sales.

Visit Fundera for cash advance loans >>


American Express® Business Line of Credit:

If eligible, you can be approved in minutes for a line of credit from $2,000 to $250,000 when we are able to automatically obtain your business data and verify your bank account. If a manual review is required, it will take longer to provide you with a decision. American Express® Business Line of Credit offers access to a commercial line of credit between $2,000 to $250,000. Each draw on the line of credit will result in a separate installment loan. All loans are subject to credit approval and are secured by business assets. Every loan requires a personal guarantee. Monthly fees range from 3-9% for 6-month loans, 6-18% for 12-month loans, 9-27% for 18-month loans, 12-18% for 24-month loans, and are subject to change for future loans drawn under the available line of credit. Not all customers will be eligible for the lowest fee. Not all loan term lengths are available to all customers. Eligibility is based on creditworthiness and other factors. Not all industries are eligible for American Express® Business Line of Credit. Pricing and line of credit decisions are based on the overall financial profile of you and your business, including history with American Express and other financial institutions, credit history, and other factors. Lines of credit are subject to periodic review and may change or be suspended, accompanied with or without an account closure. Late fees and return payment fees may be assessed. Loans are issued by American Express National Bank.

¹ Minimum FICO score of at least 660 at the time of application. All businesses are unique and are subject to approval and review.

The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.


* Small business loan amounts range from $5,000 - $200,000. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Small business loans not available in NV, NH, MD, WV, IA.

When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.