There are a lot of choices when it comes to obtaining a loan for your small business. And while some choices are naturally better than others, these SBA lenders stand out in the crowd in 2021.
Live Oak Bank
Of all the SBA lenders in business today, Live Oak Bank is by far the largest. You can choose from several different loans, which are offered to small businesses all over the country. They offer competitive rates and use a lending process that is completely transparent. Live Oak Bank is best known for its original purpose, extending loans to those in the agriculture and veterinary industries.
The bank has since expanded and now extends loans to business owners in several other industries, including trucking, healthcare, solar energy, and craft brewing. However, no matter what industry you are in, to qualify for this loan you will have to have been in business for a minimum of three years. Your personal credit score has to be 680 or above in order to get a loan from Live Oak Bank. If you do qualify for a loan, the maximum amount loan is $25 million, which you must pay back in 25 years or less.
United Midwest Savings Bank
Known for extending micro loans, the United Midwest Savings Bank also offers financial services that include residential loans. The maximum the bank will lend you is $150,000. However, this loan can be combined with a USDA loan if you need more than $150,000 for your small business. This bank is best for small business owners in Ohio, as that is where it operates its physical offices. To obtain a loan from the bank, you can file your application online and receive a decision quickly.
Another option if you need to obtain a loan quickly is the Funding Circle. Many approved applicants get their money within two weeks of the approval. Whether you need as little as $25,000 or as much as $250,000, Funding Circle is a smart choice. They also extend business term loans and cash advances.
Contact Signal Peak Commercial Lending to learn about our comprehensive SBA loan programs.