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Best SBA Loans August 2024
Government-backed funding for your big ideas
The landscape of business loans can be overwhelming so knowing the best lenders from the rest simplifies the process. Different loan types cater to various business owner needs, from rapid funding to flexible repayment terms and we’re here to help you choose a lender with your best interests in mind.
Researched, reviewed, and delivered here saving you time and money.
Last updated on August 16, 2024
#1 Best Overall for SBA Loans
National Business Capital
10.0
Shep's Score
Loan Amount: $10K - $5M
- Time in business: 1 yr.
- Monthly revenue: $40k+
- Min. credit score: 580
#2
Lendio
9.6
Shep's Score
Loan Amount: $1K - $5M
- Time in business: 6 mos.
- Monthly revenue: $8k+
- Min. credit score: 500
#3
Credibly
9.6
Shep's Score
Loan Amount: $5K - $600K
- Time in business: 3 mos.
- Monthly revenue: $15k+
- Min. credit score: 500
#4
Kapitus
8.4
Shep's Score
Loan Amount: up to $5M
- Time in business: 2 yrs.
- Monthly revenue: $20k+
- Min. credit score: 625
#5
Biz2Credit
7.2
Shep's Score
Loan Amount: $25k - $6M
- Time in business: 6 mos.
- Monthly revenue: $20k+
- Min. credit score: 580
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National Business Capital: Best overall for SBA loans
with National Business Cap.
27,000
Loans Secured
$2+ Billion
in Funding
Pros:
- High approval odds with 75+ Lenders in NBC’s network
- Greater flexibility. Along with their network of lenders, NBC has their own funding options
- Established lender with 14 years in business
- ⭐ 4.9 Stars on Google (852 reviews)
- ⭐ 5.0 Stars on TrustPilot (2,554 reviews)
Cons:
- Interest rates may vary depending on the lender and loan type
- Minimum time in business: 1 year
- Minimum annual revenue: $500,000
- Minimum loan amount: $10,000
- Maximum loan amount: $5,000,000
- Minimum credit score: 580
- Loan term: 1-10 years
- Interest rate: varies
- Time to funding: as fast as 24 hours
- Repayment schedule: varies, depending on matched lender
- Fees: varies, depending on matched lender
- Availability: all 50 states
- Paperwork: 3 months of bank statements – no tax returns required
The rundown: National Business Capital offers the best loans for most business owners.
As a direct lender with access to a lending marketplace, National Business Capital collaborates with over 75 lenders. Simply complete their application within minutes and NBC will find all the money you qualify for. You’ll then review your options alongside expert guidance, finalize your application, and receive your money.
National Business Capital offers quick approvals, often within 24 to 48 hours, with flexible terms from 1 to 10 years. They cater to various industries, offer direct lending options, and provide financing even for those with poor credit. The application process is straightforward, with no upfront fees, allowing businesses to swiftly acquire funding and business assets. Additionally, National Business Capital boasts some of the best public reviews in the industry, reflecting their commitment to excellent customer service and satisfaction.
#2
with Lendio
400,000
Loans Secured
$15+ Billion
in Funding
Lendio offers quick funding, with businesses able to receive funds in as little as 24 hours after approval. The process is streamlined through a simple application and access to over 75 lenders, ensuring a high chance of finding a suitable option. Dedicated funding managers help guide applicants to the best fit for their needs.
Pros:
- High approval odds with 75+ Lenders in Lendio’s network
- Established lender with 13 years in business
- The highest lifetime loan volume on this list
- ⭐ 4.8 Stars on Google (1,988 reviews)
- ⭐ 4.8 Stars on TrustPilot (21,136 reviews)
Cons:
- Less flexibility without direct lending options
- Minimum time in business: 6 months
- Minimum annual revenue: $96,000
- Minimum loan amount: $1,000
- Maximum loan amount: $5,000,000
- Minimum credit score: 500
- Loan term: 1-5 years
- Interest rate: varies
- Time to funding: as fast as 24 hours
- Repayment schedule: varies, depending on matched lender
- Fees: varies, depending on matched lender
- Availability: all 50 states
#3
with Credibly
46,000
Loans Secured
$2.5+ Billion
in Funding
Credibly is a financing company that provides small and medium-sized businesses with a range of funding options, through direct lending and various lending partners. They focus on delivering fast, flexible financial solutions tailored to the needs of each business. With a streamlined application process and personalized support, Credibly aims to help businesses secure the funding they need to grow and succeed.
Pros:
- Established lender with 17 years in business
- The second highest lifetime loan volume on this list
- ⭐ 4.8 Stars on Google (204 reviews)
- ⭐ 4.8 Stars on TrustPilot (1.860 reviews)
Cons:
- Factor rates used instead of interest rates
- Smaller network of 24 lenders
- Direct lending options are only available for Working Capital Loans and Merchant Cash Advances
- Minimum loan amount: $5,000
- Maximum loan amount: $600,000
- Minimum credit score: 500
- Interest rate: varies
- Time to funding: as fast as same day
- Repayment schedule: varies, depending on lender
- Fees: varies, depending on lender
- Availability: all 50 states
#4
with Kapitus
50,000
Loans Secured
$6+ Billion
in Funding
Kapitus is a business financing company that provides small and medium-sized businesses with a range of funding solutions. With a focus on flexible and tailored financial products, Kapitus offers options such as working capital loans, equipment financing, and lines of credit. Their goal is to help businesses access the capital they need to grow and thrive, whether it’s for managing cash flow, expanding operations, or purchasing new equipment. Kapitus prides itself on quick approvals and personalized service, making it easier for businesses to secure the funding they require.
#5
with Biz2Credit
200,000
Loans Secured
$8+ Billion
in Funding
Biz2Credit is a leading online financing platform that specializes in providing small businesses with access to a variety of funding options. They offer solutions such as term loans, working capital, and commercial real estate loans, all tailored to meet the specific needs of each business. By leveraging advanced technology and a large lender network, Biz2Credit simplifies the loan application process, allowing businesses to secure financing quickly and efficiently. Their mission is to empower entrepreneurs with the financial resources they need to grow and succeed.
Why choosing the right business loan is so important
Choosing the right business loan is crucial for your business’s success and growth. A great lender offers more than just competitive rates and flexible terms; they become a strategic partner in your journey. By easing financial pressures and providing stability, they enable you to focus on expansion and innovation. Conversely, the wrong lender can choke your cash flow with high costs and rigid terms, stunting your business’s growth and putting your future at risk. Don’t leave your business’s potential to chance—choose a lender who truly supports your vision and empowers you to reach new heights.
How we chose the best business loans
We looked at over 10 business lenders and narrowed down our list to the top 5, based on the following criteria:
- Lifetime loan volume of $2 Billion or more
- Lifetime transaction volume of 20,000 or more
- Minimum of 10 years in business
- Minimum search volume of 2,000 per month
- Public Reputation: During our research, we found that although most business lenders provide flexibility on time in business, minimum revenue, loan amounts, credit scores, loan terms, interest rates, funding time, down payment, etc – many do not deliver on their promises. Therefore, we weighted our analysis heavily on this data.