Here Are The Top SBA Lenders of 2020

When it comes to business loans, SBA loans are the cream of the crop. The Small Business Administration sets ideal rates and terms available to qualifying lenders. But the thing is they don’t give out any loans on their own. Instead, many business lenders offer SBA loans for the most qualified lenders. So, you can now gain approval for SBA loans quite quickly. Let’s go over the top SBA lenders that you can apply with today.

What Exactly Are SBA Loans?

SBA loans are the “Rolls Royce” of business financing. They offer businesses the best rates and repayment terms. They can land you anywhere from $500 and $5.5 million in business financing. Repayment terms last up to 25 years. Their rates also won’t exceed 13%, while starting as low as 3.63%.

Do I Qualify For PPP Loan?

The basic requirement for SBA loans is a FICO SBSS credit score of 140 or more. There are also other requirements you need to meet. You also need to present a lengthy checklist of information.

For the details of qualifying for and receiving an SBA loan, refer to our SBA guide.

Who are the Top SBA Lenders of 2020?

Become marketplace

Become is a small business lending marketplace. So, if you qualify, they can match you with one of the SBA loan providers on their platform. 

Access to the Become platform is based on Become’s criteria. But for an SBA loan, you will need to meet the higher standards set out for SBA lenders. But Become will prequalify you for any available SBA loans (and all other loans) when you sign up. So, you can see if you qualify for SBA loans on the platform when you sign up.

Main Street Finance Group

Main Street Finance Group offers a strange mix of business financing products. But one of their products is an SBA loan.

What Main Street Finance Groups offers its most qualified customers is SBA 7(a) loans. SBA 7(a) loans are widely seen as one of the best loan products in the US. They usually offer rates of about 6.5% and they have repayment terms of 25 years. Main Street Finance Group can offer these ideal loans to their more qualified borrowers. Otherwise, they also offer fast merchant cash advances for low credit borrowers.

Credibly

Credibly offers several SBA loan products for:

• Working capital
• Debt refinancing
• Commercial real estate
• Simple installment loans

Credibly offers these SBA loans in addition to many other loan products. So, you can consider their SBA loans if you’re thinking of any large business expansions. They are also good for other financial goals, such as consolidating other debts. See the current SBA rates.

Fundera

Fundera can match you with many different SBA loan products. These SBA loan products have terms of 7, 10, or 25 years. If you qualify, you can get these SBA loans for purchasing real estate, emergencies, working capital, or equipment.

Fundera is a one-stop shop for business loan products. So, you can expect some diversity in the SBA loans they can match you with.

SuperMoney marketplace

SuperMoney is another business loans platform. But they host some of the more well-known and reputable alternative lenders. And of course, they also host SBA lenders for more qualified borrowers.

The SBA loans you can get matched with on SuperMoney are by no means especially great. But you can find all the SBA products that get you the best rates and terms for a business loan.