Best SBA Loans 2020

SBA loans are small-business loans guaranteed by the SBA and issued by participating lenders, mostly banks.

SBA loans are the cheapest business loans.

The SBA can guarantee up to 85% of loans of $150,000 or less and 75% of loans of more than $150,000. The average 7(a) loan amount was about $425,500 in 2018, according to the agency’s lending statistics. The program’s maximum loan amount is $5 million.

SBA loans are provided but banks or online lenders. On their official site you can find a matching tool that will help you find the best option for you.

2326 Reviews
Amount

$30,000 to $350,000

Min Credit Score

-

APR

9.7% to 11.04%

Approval

-

Terms

10 years

Get started

Chosen 11156 times

Alternative Payday Loan
More Information
Customer type:
All
Borrow up to:
350,000 $
Low credit score:

Weekend payout:

Credit check:
No
Age:
18
From 2326 Reviews
Interest Costs
Flexibility Terms
Website Functionality
Support Service
2326 Reviews
Amount

$500,000 to $5 million

Min Credit Score

-

APR

7.38% to 7.43%

Approval

-

Terms

25 years

Get started

Chosen 11156 times

Alternative Payday Loan
More Information
Customer type:
All
Borrow up to:
$5 million
Low credit score:

Weekend payout:

Credit check:
No
Age:
18
From 2326 Reviews
Interest Costs
Flexibility Terms
Website Functionality
Support Service
2326 Reviews
Amount

$75,000 to $5 million

Min Credit Score

-

APR

5.50% to 8.25%

Approval

-

Terms

10 to 25 years

Get started

Chosen 11156 times

Alternative Payday Loan
More Information
Customer type:
All
Borrow up to:
$5 million
Low credit score:

Weekend payout:

Credit check:
No
Age:
18
From 2326 Reviews
Interest Costs
Flexibility Terms
Website Functionality
Support Service
How do I get an SBA loan?

The best place to start is the SBA website, which includes a loan application checklist. Use this to gather your documents, including your tax returns and business records. Here are some of the documents you’ll need before applying:

  • SBA’s borrower information form
  • Statement of personal history
  • Personal financial statement
  • Personal income tax returns (previous three years)
  • Business tax returns (previous three years)
  • Business certificate or license
  • Business lease
  • Loan application history
Loan typeWhat you need to know
7(a) loan program (SBA’s flagship loan program)
  • Federally guaranteed term loans of up to $5 million.
  • Funds for working capital, expansion, equipment purchases.
  • Processed through banks, credit unions, specialized lenders.
504 loan program
  • Federally guaranteed loans of up to $5 million.
  • Funds for buying land, machinery, facilities.
  • Processed through private-sector lenders and nonprofits.
Microloans
  • Loans of up to $50,000.
  • Funds for working capital, inventory, equipment, starting a business.
  • Processed through community-based nonprofits.
SBA disaster loans
  • Loans of up to $2 million.
  • Funds for small-business owners affected by natural disasters and other emergencies.
  • Processed through the SBA.
SBA loan size7(a) loan paid off in under 7 years *7(a) loan paid off in over 7 years *
$25,000 or less9.50%10.00%
$25,001 to $50,0008.50%9.00%
More than $50,0007.50%8.00%
*Rates calculated with the current prime rate of 5.25%