Small-business lenders can be traditional financial institutions, such as banks or credit unions, government agencies, nonprofit organizations or online fintech companies. Individual lenders vary in the types of
small-business loans
they provide, as well as their application processes and eligibility criteria for borrowers. The best small-business lender offers the products you need, has requirements you can meet and charges affordable interest rates and fees.
Learn about each of your lender options below, and compare some of the top loan products from BW’s highest-rated small-business lenders.
What is a small-business lender?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Government small-business lenders
The federal government doesn’t usually lend to small-business owners directly. However, it does guarantee financing issued through the SBA loan program. SBA loans are funded by participating lenders — typically banks and credit unions — and backed by the U.S. Small Business Administration.
Many national, regional and local banks are
SBA lenders
, including big-name institutions like Chase and Bank of America. Some lenders, like BayFirst Financial, even offer their own specialized SBA lending programs. BayFirst’s
SBA Bolt loan
, for example, can fund faster than other 7(a) loans. The SBA website also has a lender match tool to help you find the best SBA lender for you.
SBA loans offer long terms, low interest rates and can be used for a variety of purposes. To
qualify for an SBA loan
, you’ll need good credit and financials, as well as a few years in business.
Credit union and bank small-business lenders
Banks and credit unions offer some of the most affordable small-business loans, but these lenders also have lengthy application processes and strict
eligibility requirements
. You’ll likely need strong credit, two or more years in business and solid revenue to qualify for a loan from one of these small-business lenders.
Borrowers report higher rates of approval, as well as greater overall satisfaction, with small banks compared with large, national banks — according to a Federal Reserve survey released in 2024
lenders SmallBusiness