SBA Loan Programs at a Glance
Before comparing lenders, you need to understand what programs are available. The SBA offers several loan types, each designed for different situations. Here are the five you will see most often.
What You'll Need to Apply
Every SBA lender has a slightly different checklist. But these are the baseline documents most will ask for upfront.
- 6–12 months of bank statements
- At least 2 years of business tax returns
- Owner's personal tax return
- Personal Financial Statement (PFS)
- Debt schedule (what you currently owe)
Note: Every lender has slightly different requirements. These are the baseline documents most will ask for upfront.
Our Top 5 SBA Lenders
These are the lenders we work with most. Each one has a different strength. Your best option depends on your credit score, time in business, industry, and how fast you need capital.
Newity
#1 by Loan CountNewity is one of the fastest ways to get an SBA loan. They processed 6,307 SBA loans in CY2025, more than any other lender in the country. That kind of volume means they have seen almost every type of deal. If you qualify, your application does not sit in a queue.
For borrowers, that speed matters. Newity's underwriting runs your credit, tax, and background checks at the same time instead of one at a time. That cuts the back-and-forth and gets you to a decision faster. Fewer surprises. Fewer "we need one more document" emails weeks into the process.
The credit floor is lower here than most SBA lenders: 640 FICO. If you have been turned down elsewhere because of credit, Newity may still be an option.
They also offer a Growth Term Loan (GTL), a non-SBA product with loans up to $200K. The GTL was built for borrowers who need SBA-style terms but do not qualify for the SBA program, or who need to refinance an existing MCA at a lower rate. It was so popular that Newity had to pause the program after exceeding funding projections. It is expected to return late Q2 or early Q3 2026.
Time in business: 2+ years (4+ for construction). Aggregate cap across SBA and GTL: $350K.
Huge Capital Notes: Newity is one of our first options for qualified borrowers. You get an idea of rate and dollar amount qualification upfront, so there are no surprises later in the process. Their dedicated specialists do a great job of moving you from submission to funded. The client portal is easy to navigate for document uploads, and processing times are consistently faster than most SBA lenders we work with.
SmartBiz Bank
Fastest SBA OptionIf you need SBA funding fast, SmartBiz is the lender to know. Their BOLT program can get you funded in as few as 7 days. That is not a typo. For an SBA loan, that timeline is unheard of.
BOLT covers loans up to $150K with lighter documentation than a standard SBA application: 6 months of bank statements, 1 year of business tax returns, and a debt schedule. You need a 680+ credit score, 3+ years in business, and $250K+ in annual revenue.
For larger SBA loans ($50K–$350K), SmartBiz uses a standard 7(a) process with a 660+ credit minimum. They report a 90% approval rate on applications that come through their platform and can pre-qualify you in about 5 minutes, so you know where you stand before committing to a full application.
SmartBiz originally started as a marketplace connecting borrowers to partner banks. In 2025, they acquired Centrust Bank and became SmartBiz Bank, N.A. That means they can now approve and fund your loan directly instead of handing it off to another institution.
Beyond SBA, SmartBiz also offers lines of credit and term loans for businesses that need working capital outside the SBA program.
Huge Capital Notes: Want quality rates and terms without the size requirements of a traditional SBA deal? The SmartBiz BOLT program is a great option for qualified borrowers willing to sacrifice a point or two on rate to get funded quickly without jumping through the typical hoops of a standard SBA loan. Plus, with a full suite of other products, you may find yourself pivoting to a different option depending on your qualifications.
Live Oak Bank
#1 by Dollar VolumeIf your industry is on Live Oak's preferred list, this is one of the best SBA experiences you will find. They have dedicated lending teams for 29 specific industries: veterinary, dental, pharmacy, funeral homes, fitness, franchises, healthcare, accounting, HVAC, insurance, investment advisory, and more. That means your underwriter actually understands your business model, not just your financials.
For borrowers, Live Oak's Express program has some of the best terms available. No hard credit pull during the application. No personal collateral required. No prepayment penalty. You need a 650 credit score and 2+ years of positive cash flow. Average timeline is 17–20 days.
Live Oak is the #1 SBA lender by dollar volume nationally. In CY2025, they funded $2.68 billion across 2,148 loans, with an average deal size of $1.25 million. They started by lending exclusively to veterinary practices and have closed over $850 million in that single vertical alone.
The trade-off: Live Oak has the most restrictive industry list we work with. 23 blocked categories including landscaping, gas stations, art galleries, used car dealers, and all construction. If your industry is not on their preferred list, you may want to look at another option.
Huge Capital Notes: There is a reason Live Oak is #1 by dollar volume. Fast communication, responsive team, and strong execution on deals they want. If your industry is on their preferred list and you qualify, this is a great choice, especially on sub-$350K deals. The Express program with no personal collateral, no hard credit pull, and no prepayment penalty is hard to beat. Their industry-specific underwriters also tend to move faster because they already understand the financials of your business type.
Huntington National Bank
7-Year #1 StreakIf your business is in the Midwest, Huntington is probably the most experienced SBA lender near you. They are the #1 SBA lender by volume in nine states: Colorado, Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, Texas, and West Virginia.
Huntington held the #1 spot nationally for SBA loans by unit count for seven straight years (FY2018–2024). In CY2025, they processed 6,071 loans totaling $1.86 billion. Their average loan size is $307K, which means they handle the kind of deals most small businesses actually need.
For minority-owned, woman-owned, and veteran-owned businesses, Huntington runs the Lift Local Business Program: $133 million deployed to over 1,875 businesses through targeted lending initiatives. If you qualify, that is a real advantage.
The other benefit of Huntington is that they are a full-service bank. SBA is just one product. You can also get conventional loans, deposit accounts, merchant services, credit cards, treasury management, and insurance all in one place. They won 15 "Best Bank" awards in 2025 for small and mid-sized business service.
Huge Capital Notes: Huntington is a strong option for larger funding amounts, Midwest-based businesses, and startups. They have more flexibility with their funding parameters than most SBA lenders, skilled underwriters who can work through complex deals, and a full suite of conventional products if SBA is not the right fit. If you are in one of their nine core states, they are hard to beat on experience and local market knowledge.
iBusiness Funding / Ready Capital
Startup-FriendlyiBusiness Funding stands out for two reasons: they accept startups, and they offer some of the smallest SBA loans available. If you need $15K–$50K in working capital, their MicroCap program covers it at Prime + 6.5%. Most SBA lenders will not touch a deal that small.
For standard SBA 7(a) loans ($100K–$350K), iBusiness uses a tiered qualification system. Stronger credit profiles can borrow up to 70% of annual revenue. Mid-tier profiles cap at 40%. The third tier is where it gets interesting: startups and business acquisitions are allowed with cash flow documentation. Most SBA lenders flat-out reject startups.
iBusiness is the lending services division of Ready Capital. In 2024, they acquired Funding Circle USA for $41.8 million, adding Funding Circle's automated borrower experience to their own platform. Through ReadyCap Lending, they processed 2,430 SBA loans totaling $900.5 million in CY2025, ranking #5 nationally.
They have processed over $7 billion in SBA loans to date. Their platform handles 1,200+ loan applications daily, so they are built for volume and speed. They also offer conventional loan products outside of SBA.
Huge Capital Notes: The acquisition of Funding Circle gives iBusiness a unique edge: they can offer both SBA and conventional products under one roof. That means more options for borrowers who may not fit neatly into one program. Their full suite of SBA lending models, from MicroCap to standard 7(a) to startup-friendly tiers, covers a lot of needs that other lenders simply will not touch.
What Most Borrowers Get Wrong About SBA Loans
$350K covers more than you think
Most small businesses looking at SBA funding need less than $350K. That is the sweet spot for all five lenders on this list. Working capital, equipment, hiring, inventory, refinancing existing debt. Unless you are buying commercial real estate or making an acquisition, you probably do not need a $5M loan.
That matters because sub-$350K SBA loans come with real advantages. No collateral is required below the $350K threshold. Processing is faster. Documentation is lighter. And the lenders on this list have built their platforms around that deal size, which means faster decisions and fewer bottlenecks.
Huntington is the exception. They do the full range, from small working capital loans to $5M deals with full underwriting. If your deal is larger or more complex, that is where they stand out.
Collateral: what actually happens
Below $350K, most SBA lenders will file a UCC lien on your business assets. That is standard. But they typically will not ask you to put up personal property like your home.
Above $350K, lenders start looking at additional collateral. That could mean real estate, equipment, or other business assets with real value. It does not mean you need to pledge everything you own. It means the lender wants something beyond the UCC to reduce their risk on a larger deal.
Live Oak's Express program is worth highlighting here: no personal collateral at any loan size within their program. That is not common in SBA lending.
Credit is not the only factor
A lot of borrowers assume their credit score is a pass-or-fail threshold. It is not. SBA lending is more nuanced than that. A borrower with a 640 credit score but strong revenue, healthy cash flow, solid liquidity, and real collateral can still get a deal done. A borrower with a 720 credit score but thin revenue and no assets may not.
Lenders weigh the full picture: credit, time in business, annual revenue, cash flow coverage (DSCR), existing debt, industry risk, and the purpose of the loan. Every deal is different. That is why two borrowers with the same credit score can get completely different outcomes depending on which lender they apply to and how the deal is packaged.
Key Takeaway
SBA lending is not one-size-fits-all. The right lender depends on your credit, industry, deal size, and how fast you need capital. A below-average credit score does not automatically disqualify you if the rest of your financials are strong.
Side-by-Side Comparison
| Lender | Min Credit | Max Loan | Fastest Timeline | Best For | Programs |
|---|---|---|---|---|---|
| Newity | 640 | $350K | 2–3 weeks | Lower credit, first-time SBA | SBA 7(a), GTL |
| SmartBiz Bank | 660 | $350K | 7–30 days | Speed (BOLT program) | SBA 7(a), BOLT, LOC, Term |
| Live Oak Bank | 650 | $350K (Express) | 17–20 days | Industry specialists, no collateral | SBA 7(a) Express |
| Huntington | Varies | $5M | 30–90 days | Midwest, full-service banking | SBA 7(a), Conventional |
| iBusiness / Ready Capital | 640 | $350K | Varies | Startups (with DSCR), MicroCap | SBA 7(a), MicroCap, Conventional |
Should You Use a Broker?
Navigating SBA lending on your own is doable, but it takes time. Each lender has different credit minimums, revenue requirements, industry restrictions, and documentation standards. Submitting to the wrong one wastes weeks and can result in a denial that was avoidable.
A commercial loan broker does the matching for you. They review your financials, make sure you are qualified before anything gets submitted, and send your application to the lender with the best approval odds for your specific situation.
Brokers also handle the back-and-forth during underwriting: following up with lenders, communicating what is needed, and keeping things on track. They can help you get documents from your CPA, organize your financials, and prepare your package so nothing is missing.
The five lenders on this list are a starting point. They are not the full picture. At Huge Capital, we work with additional banks, credit unions, and underwriting teams across the SBA landscape. When the loan amount gets larger, when the deal involves a niche industry, or when you need a specific rate structure, those deeper relationships are what get the deal done. The right underwriter at the right institution can mean the difference between an approval and a decline on the same application.
If SBA turns out not to be the right fit, a good broker pivots you to the best alternative. Lines of credit, equipment financing, DSCR loans, or other products that match your actual situation.
Most brokers, including Huge Capital, charge nothing upfront. The broker is paid by the lender when your loan closes.
Not Sure Which SBA Program Fits?
Talk to an advisor who knows every lender on this list.
See If You QualifyFrequently Asked Questions
What is an SBA loan?
An SBA loan is a government-backed business loan. The Small Business Administration does not lend money directly. Instead, it guarantees a portion of the loan made by an approved lender, which reduces the lender's risk and allows them to offer lower rates and longer terms than conventional financing.
What credit score do I need for an SBA loan?
It depends on the lender and program. Some SBA lenders accept credit scores as low as 640. Others require 660 or higher. The BOLT program requires 680+. Your credit score is one factor. Lenders also evaluate time in business, annual revenue, cash flow, and industry.
How long does it take to get an SBA loan?
The BOLT program can fund in as few as 7 days. SBA Express typically takes 14–60 days. Standard 7(a) loans take 30–90 days. 504 loans take 30–90 days. Timelines vary by lender, deal complexity, and how quickly you provide documentation.
What is the difference between SBA 7(a) and 504?
7(a) is the most flexible SBA program. It can be used for working capital, equipment, real estate, acquisitions, and refinancing. 504 is specifically for real estate purchases and heavy equipment. 504 loans have fixed rates tied to Treasury bonds and involve three parties: a bank, a Certified Development Company, and the SBA.
Can I get an SBA loan for a startup?
Some lenders allow startups. iBusiness Funding accepts startups in their Segment 3 tier with DSCR requirements. Live Oak Express accepts startups (excluding commercial real estate). Most other SBA lenders require 2–3 years in business minimum.
What is the BOLT program?
BOLT is an SBA 7(a) loan up to $150,000 with streamlined underwriting. It is offered through SmartBiz Bank and can fund in as few as 7 days. Requirements include a 680+ credit score, 3+ years in business, and $250K+ in annual revenue. Documentation is lighter than a standard SBA application.
Do I need collateral for an SBA loan?
For loans under $350,000 (the "small loan" threshold), collateral is generally not required. Above $350,000, lenders typically require a UCC filing on business assets and may require additional collateral. Live Oak Express does not require personal collateral at any loan size within their program.
How is a broker different from applying directly?
A broker strategically places your deal with the SBA lender that gives you the best chance of approval. When you apply directly, you are limited to that single lender's programs and criteria. A broker knows each lender's credit minimums, industry restrictions, and approval patterns. They prepare your package, handle communication with the lender, and pivot you to alternatives if SBA is not the right fit. There is no upfront cost to the borrower.