For small businesses, there are quite a few different lenders specific to these types of businesses and will cater to, as well as provide growth to your small business. In order to determine the best lender, there is a great and highly credited source for being matched. In this article, all of the listed lenders are included and backed by the SBA, or The U.S. Small Business Administration. These lenders are most desirable to small businesses because all carry longer terms and lower interest rates than regular business loans.
Business Lenders is a leading non-bank lender. It is referred to as a “preferred lender” by the SBA, servicing and closing SBA loans since their creation in 1993. By helping so many small businesses grow and acquire the financing they need, this lender is rightly accredited as a leading SBA lender. This company is inherently very responsive to their customers, claiming that responsive customer service is one of their core values. In order to qualify, you’ll need a 680+ FICO score, a down payment of at least 10% if purchasing a business or commercial property, collateral, and at least 2 years in business. They also provide third-party specialized loan servicing for 7(a) and 504 loans.
Wells Fargo has a whopping approval rate of over 1.2 billion dollars and over 4,000 small businesses approved. If you’re approved for a Wells Fargo small business loan, you can expect predictable payments, funds ready as soon as the next business day, 1-5 year term options, and loan amounts from $10,000 to $100,000. A Wells Fargo small business loan is great for large, one-time expenses, business expansion, facility remodels, and emergency repairs. Whether it be a 7(a) or 504 loan, both include lower down payments and longer payment terms, meaning low monthly payment.
While Wells Fargo is ranked #1 in SBA lenders, Live Oak Banking Company is ranked as a close second. With over 1 billion dollars in approval rate, they approve loans to almost everywhere in the United States. The maximum amount of capital they offer is an astounding $5,000,000. This lender also offers an average interest rate of 6.18%, making Live Oak Banking Company a great source for SBA loans.
The best type of loan to consider is a government loan. They are beneficial to both the lender and borrower since the loan’s risk is decreased due to being backed by the SBA. Of course, the 7(a) small business loan is one of the most popular, the SBA also promotes other loan options like the micro-loan program for smaller business needs for small or short-term financing for supplies, equipment, and other needed tools for your business.
The SBA is not only the best resource for acquiring a lender and loan, but it’s also the biggest and most credited. With these things in mind you can be sure that taking the time to find your lender through the program will be exceedingly beneficial in finding the perfect loan and its terms. Without visiting the SBA website, the process of acquiring a small business loan and going through different small business lenders can be stressful and lengthy.
Our GREATEST report: How To Ride The Mega Bull Market In Blockchain And Cryptocurrencies: A Practical Guide which features 20 tips for investors looking for exposure in crypto assets. Get access now >>
Our LATEST report: China’s Stock Market Bullish. 7 High Quality Stock Tips For Long Term Portfolios. Featuring 7 high reward stocks in carefully chosen sectors. Get access now >>
SPECIAL report: Canadian Cannabis Market On Fire. Which Stocks To Buy. Featuring 5 very high reward stocks. Get access now >>
Follow official Ethereum prices in real-time. Read daily Ethereum price news on www.ethereumprice.today >>