澳洲幸运5官方开奖结果体彩网

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Best SBA Lenders

By
澳洲幸运5官方开奖结果体彩网:Lars Peterson
A black-and-white photograph shows Lars Peterson
澳洲幸运5官方开奖结果体彩网:Full Bio

Lars Peterson joined Investopedia in 2023 as a senior editor of financial product reviews with a focus on personal loans, credit cards, mortgages, and other financial products and services. Lars has over 20 years of experience as a writer and editor in personal finance, business, and small business. He has a master's in English from California State University, Long Beach.

Learn about our 澳洲幸运5官方开奖结果体彩网:editorial policies
Updated May 02, 2025
Fact checked by
Sana Siddiqui
A photograph shows research analyst Sana Saddiqui.
Fact checked by Sana Siddiqui
Full Bio

Sana Siddiqui is a full-time Research Analyst at Investopedia with over 10 years of experience focusing on financial products and services. She has a bachelor's in communications from Southern New Hampshire University. Sana's expertise in lending and underwriting gives her broad insight into the business practices of the financial industry.

Learn about our 澳洲幸运5官方开奖结果体彩网:editorial policies

Inv✱estopedia’s choice for best overall Small Business Administration (SBA) loan lender is because of its deep expertise in originating SBA loans and its strong performance across every area we measured, from loan cost to customer experience. If you’re looking for the lender with the lowest average APR, consider Bank of Americaꦉ. If you’re a startup, try Huntington National Bank.

We collಞected 385 data points from 11 of the most active SBA lenders to create our list below. We also evaluated data from tens of thousands of loans issued in 2024 to find average APRs, average loan terms and amounts, and average time to fund for each lender, all based on real-world loan transactions💮. 

Best SBA Lenders

Note

All lenders review༒ed here are part of the SBA’s Preferred Lender Program. Preferred꧅ lenders can approve loans without getting authorization from the SBA, which significantly cuts approval time.

Best Overall : Live Oak Bank

Investopedia's Rating
4.8
Live Oak Bank logo
  • Average Loan Amount: $1,377,745
  • Average APR: 9.52%
  • Average Funding Time: 27 days
Why We Chose It

Live Oak Bank consistently raဣnked at or near the𓄧 top in nearly all key criteria in our mathematical scoring model, making it the best all-around option for SBA borrowers.

Pros & Cons
Pros

  • Strong overall performance across features

  • Competitive rates

  • Wide range of loan amounts

Cons

  • High average loan amounts

  • No physical branches

Overview

Live Oak is among the nation’s most active SBA lenders, placing at or near the top of the list for loan volume. According to our analysis🌜 of 2024 SBA (7a) loans data, Live Oak funds loans between $20,000 and $5 million, with an average loan amount of $1.37 million. That’s the highest average among the lenders we reviewed. Many of its loans are used to purchase existing businesses.

The weighted average APR for the 1440 SBA (7a) loans Live Oak processed in 2024 is 9.52%, on the lower end among the banks we re🀅viewed.

Live Oak Bank generally earns high ratings from online reviewers. You can reach customer support via phone or email. Although the bank is online-only, there is no online application. Borrowers begin an application with⭕ an email inquiry. Our researchers gave the online experience and the educational resources scores of 3 out of 5.

Live Oak Bank is an online-only bank founded in 2008. It is headquartered in Wilmingto🐓n, North Carolina.

Best for Startups : Huntington National Bank

Investopedia's Rating
4.6
Huntington Bank

 Huntington Bank
  • Average Loan Amount: $201,935
  • Average APR: 10.22%
  • Average Funding Time: 32 days
Why We Chose It

Huntington💝 National Bank funded more SBA ﷽loans for startups in 2024 than any other lender we reviewed. It’s consistently among the nation’s top SBA lenders by number of loans and loan volume.

Pros & Cons
Pros

  • Accessible loan minimums

  • Short repayment terms

Cons

  • Average APRs are on the higher end 

  • Branches in just 13 states

Overview

Among the banks we reviewed, Huntington National Ba﷽nk offered the widest range of SBA (7a) loan amounts in 2024, with loans between $1,500 and up to $4.9 million. Repayment terms of funded loans were between 12 and 312 months. The weighted average APR for the 7,577 SBA loans it funded in 2024 is 10.22%, on the higher end of the range in the dat♈a.

Of those 7,500 loans, 2,775 were for startups or new businesses. The bank offers 澳洲幸运5官方开奖结果体彩网:pre-qualification 🎀so borrowers can compare offers. To begin the application process, borrowers fill out an email form on the site.

Unfortunately, Huntington National Bank’s ranking from online reviewers is dismal. Our researchers gave the online experience and the ♊site’s educational resources scores of 3 out of 5. You can reach customer service by phone, email, or live chat.

Huntington National Bank, founded in 1866 an💝d headquartered in Columbus, Ohio, funds SBA loans nationwide despite having a regional footprint in the midwest.

Lowest Average APR : Bank of America

Investopedia's Rating
4.3
Bank of America

 Bank of America
  • Average Loan Amount: $512,248
  • Average APR: 7.76%
  • Average Funding Time: 30 days
Why We Chose It

Bank of America had the lowest�♕� average initial interest rate among the banks we researched. As one of the nation’s largest banks, it has the infrastructure to support mature and growing businesses.

Pros & Cons
Pros

  • Low average APR

  • Big bank presence

  • Deep experience supporting mature businesses

Cons

  • Less flexible repayment terms

  • High loan minimums

Overview

Bank of America funds SBA (7a) loans between $25,000 and $5,000,000. Its average loan size in 2024 was $512,248, the second-highest among the lenders we reviewed. Repayment terms for 2024 loans ranged between 60 and 324 months. The bank originated only a handful of loans for businesses noted in the SBA database as startups. Eighღty-four percent of its loans were for existing businesses at least two years old.

Like most big national banks, Bank of America fares poorly with online reviewers. Our researchers rated the online experience a 4 out of 5 and the site’s collection of educational resources a 3 out of 5. Customer support contact is limited to telephone or social🎃 media. To apply, you must make an appointment to visit a branch or make an appointment for a telephone meeting.

Bank of America, founded in San Francisco and today based in Charlotte, North Carolina, is among the nation’s largest banks.

Best for Fast Funding : U.S. Bank

Investopedia's Rating
4.2
U.S. Bank logo

U.S. Bank logo
  • Average Loan Amount: $227,069
  • Average APR: 8.50%
  • Average Funding Time: 20 days
Why We Chose It

U.S. Bank has the fastest fund🦂ing time among major SBA lenders (a couple of fintechs in our data were faster), and it offers ဣcompetitive rates and flexible terms.

Pros & Cons
Pros

  • Fast funding

  • Broad range of loan amounts and repayment terms

  • Competitive APRs

Cons

  • Few startups funded

  • Limited customer service contacts

Overview

With an average 澳洲幸运5官方开奖结果体彩网:SBA loan funding time of 20 days for its loans issued in 2024, U.S. Bank beats most of its competitors by a week or more. It also funds loans with a wide range of repayment terms (12 to 312 months), and loan amounts ($5,000 to $5 million). The weighted average APR for loans in 2024 was 8.50%, among the lowest in our data. The bank originated only a handful of loans for startups last year. But if you’ve been in business for a while, U.S Bank may be a good choice. A🌜lmost two-thirds of the 3,119 loans it funded in 2024 were for existing businesses older than two years.

Online reviews for U.S Bank are generally poor (this is true for all big banks). Our researchers rated the online experience and the site’s educational resources 4 out of 5. Customer service is available via telephone. You can visit a branch if you live in one of the 27 U.S s꧋tates th🐻at have them. To get started on a loan application, you must fill out an online form and wait to be contacted by a loan specialist. You can also start with a phone call or by visiting a branch.

U.S. Bank was founded in 1863 and is headquartered in Minneapolis, Minnesota. It is the nation’s fifth-largest bank.

Best for Small Loan Amounts : TD Bank

Investopedia's Rating
4.3
TD Bank

 TD Bank
  • Average Loan Amount: $142,568
  • Average APR: 9.96%
  • Average Funding Time: 33 days
Why We Chose It

TD Bank’s average loan funded in 2024 was among the lowest in our dataset. The bank also offers a clean and helpful website experience, with information and other resources to ꦦhelp borrowers understand the SBA lending process.

Pros & Cons
Pros

  • Smaller average loan amounts

  • Competitive rates

  • Informative educational resources

Cons

  • Slower funding time

  • Few startup loans

Overview

In 2024, TD Bank funded loans between $10,000 and $5 million, with repayment terms ranging from 12 months to 312 months. The average loan size was $142,568. Seventy percent of the 3,996 loans it originated were for existing businesses at least two years old. Only a handful of startup loans were funded. The 澳洲幸运5官方开奖结果体彩网:weighted average APR in 2024 was 9.96%, which is about middle of the pack among the le꧑nders we revi🉐ewed.

As with the other big banks we included in our research, TD Bankꦗ has not received high marks from online re🌞viewers. Our researchers rated the online experience and the collection of educational resources 4 out of 5. To apply, you must make a phone call (or schedule one). 

TD Bank is one of North America’s largest banks. It is headquartere🦹d in Toronto, Ontario, Canada🅠.

Compare the Best SBA Lenders

Lender Average Loan Amount Average APR Average Funding Time
$1,377,745 9.52% 27 days
$201,935 10.22% 32 days
$512,248 7.76% 30 days
$227,069 8.50% 20 days
$142,568 9.96% 33 days

Why Trust Us

Investopedia collected and analyzed over 300 key data points from 11 leading small business lenders to evaluate the most important factors for readers choosing an SBA loan lender. We used this data to review each lender based on cost, loan terms and features, reputation, customer experience, and other factors. Investopedia developed this process to provide an unbiased, comprehensive review to help readers make the right fi𝔍nancial decision for their needs. Investopedia launched in 1999 and has been helping readers find the best SBA loans and lenders since 2021.

How We Choose the Best SBA Lenders

To evaluate and rank SBA loan lenders, we collected 385 data points, across 11 leading SBA loan lenders, including traditional banks and finance companies. We researched and evaluated customer experience, reputation, and loan costs and terms. We also analyzed tens of thousands of individual SBA loans issued in 2024 to find average APRs, average loan amounts and repayment terms, and average times to fund for each lender. To rank the lenders in our database and to generate star ratings, we weighted the💙 data we collected, which fell into the following five broad areas:

  • Loan Costs & Fees: 18%
  • Loan Terms & Features: 17%
  • Borrowing Requirements: 15%
  • Reputation: 29%
  • Customer Experience: 21%

To maintain the integrity of the data following collection and analysis, Investo🎃pedia’s compliance team monitors changes to key details, like interest rates and fees. Compliance team members then update our pages to ensure they are accurate as of the date on the byline.

SBA Lenders
Article Sources
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