Thousands of banks, including community banks, as well as credit unions across the U.S. make at least some type of small business loan. Most of the banks we list here serve small business owners nationally or, at least in multiple states. However, there may be a small, local bank (or credit unions) in your community that could be a perfect fit for your business, though not for a general list like this. Don’t be shy about seeking those out.
1. Chase Bank
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It shouldn’t surprise you to see Chase leading the pack. J.P. Morgan Chase Bank, N.A. has one of the more robust credit offerings for businesses of all sizes, including those who need working capital, equipment financing, or commercial real estate loans. If big borrowing is your goal, this SBA lender offers plenty of SBA-backed options, including SBA 7(a) loans, SBA Express loans and SBA 504 loans, which can connect you with a million or more for that new storefront or manufacturing plant.
Not ready to go big yet? That’s OK, too
Lump sum loans include term loans, draw loans, and advised loans with loan amounts starting as low as $5000, terms as long as 7 years and fixed monthly payments. The minimum payment during the draw period is just accrued interest plus 1% of the outstanding balance OR $100, whichever is greater.
Chase’s Business Line of Credit program is a great way to access capital as needed, which you can borrow against as you need it to grow your business. Lines of credit start at $10,000 – $500,000 and offer a 5-year revolving term, with potential to renew.
Best for small businesses looking for a wide variety of loan options.
2. Live Oak Bank
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Never heard of Live Oak Bank? You’re not alone. This SBA-preferred lender is a completely online bank, with no physical branches to visit. What they do focus on, however, they do very well: primarily SBA 7(a) loans or 504 loans.
In FY 2023, Live Oak Bank was the top SBA 7(a) lender based on the total amount of funding approved. The average approval amount was nearly $1.5 million.
You won’t find a lot of extra business lending programs here, but with SBA preferred status, Live Oak Bank may get your SBA loan application approved quicker than most. They also handle other government small-business lending programs, such as agricultural loans through the USDA, and they make larger commercial loans as well.
Best for SBA loans.
3. Wells Fargo
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One of the big names in business banking, Wells Fargo has been offering consumer and business financial loans for a long time. With a full range of options, including equipment financing, short and medium-term loans, working capital loans, lines of credit, healthcare practice financing, commercial loans and business credit cards, this big bank is perfect for someone who wants to choose from a wide variety of business financing.
Wells Fargo also participates in the SBA small business loans program. Extra perks can be found for existing customers; if you already use Wells Fargo for your personal checking account, business checking account, or savings account, it’s worth checking out.
Best for a wide range of loan options and perks for customers.
4. Capital One
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Capital One is a familiar name when it comes to business credit cards with lots of choices for those looking for rewards credit cards, including options for those with fair or good credit.
If you’re looking for a more traditional loan option, however, this bank may help, too. It offers SBA loans (7a and 504), lines of credit and real estate loans up to $5 million, and trade credit in various amounts in almost every industry.
Other lending options, including equipment financing, lines of credit, can be just what you need to get to the next level of business. (One other solid perk of Capital One is that it offers a robust mobile app experience. It’s ideal for someone who is on the go and wants a bank that will be there.)
While startups may qualify for small business credit cards from Capital One, for lines of credit and business loans, 2 years time in business and a business checking account is required.
Best for established businesses looking for a robust online experience.
5. Bank of America
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Bank of America has been a leader in personal finance products and offers small business loans as well. With SBA loans and traditional business loans, lines of credit, franchise financing, commercial real estate loans, and business credit cards, it’s been giving a variety of solutions to small businesses poised for growth.
Bank of America values its relationships with customers and is more likely to offer great rates if you have other bank account services with the company.
Best for perks and benefits for Bank of America customers.
6. U.S. Bank
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U.S. Bank offers business bank accounts, credit cards, loans and lines of credit, payments and more. It consistently ranks as a top SBA lender. For FY 2023, it originated nearly 2000 SBA 7(a) loans with an average loan amount of $177,916.
U.S. Bank Business Essentials® lending options provide customizable funding options and an easy online application process. Options include:
- Quick loans up to $250,000 with online application (fixed rate)
- Business term loans up to $1 million secured by collateral
- Commercial real estate loans
- SBA loans up to $12,375,000
- Equipment financing up to $1 million
Best for SBA loans and faster loan approvals for non-SBA loans up to $250,000.
7. PNC Bank
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PNC Bank’s small business services include checking accounts, credit cards, merchant services, loans and lines of credit and more. It operates in 27 states and the District of Columbia. In FY 2023 it originated 565 SBA 7(a) loans with an average loan amount of $260,942.
PNC offers detailed guidelines on its website explaining what it looks for in personal credit, business credit history, years in business (generally 3+), financial trends, business debt service coverage, liabilities, net worth and collateral. It’s a good idea to review those before applying.
PNC Bank offers a variety of small business loans, including:
- Unsecured loans ($20,000 – $100,000) with 2-5 year terms
- Secured small business loans ($101,000+) with 2-7 year terms
- Small business commercial real estate loans ($100,001+) with 5-15 year terms and 25 year amortization
- Secured vehicle financing ($10,000-$250,000) with terms of 2-6 years
