Top Fast Business Loans – September 2023 – Written by Sarah George Written by Sarah GeorgeArrow Real Writer, Small Business Loans Sarah George is a writer who is passionate about helping small business owners understand the complexities of business loans. She has been featured in publications such as CBS, CNET, Finder and Reviews.com. Sarah Georges
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Top Fast Business Loans – September 2023
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SBA loans are small business loans guaranteed by a government promise to assume some of the payment risk. They are designed to help make business loans more accessible to small businesses. Loans are offered by lenders approved by the Small Business Administration.
While there are a variety of SBA lender options, the best SBA lenders can efficiently go through approvals to shorten the normally long financing timeline. Some lenders have SBA preferred lender status, which gives them the authority to approve certain loans without a direct green light from the SBA. If you’re a subprime borrower, you can also look to SBA lenders with relaxed eligibility requirements.
In 2023, SBA 7(a) lenders approved more than 52,700 loans totaling $24.9 billion in small business loans, according to the SBA’s weekly loan report. On average, business owners received $471,562 per SBA loan to grow their business.
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Of these, more than 20,000 approvals were for brand new startups and startups under scrutiny for less than two years. Approximately $9.1 billion in funding was provided to startups, representing approximately 38% of approved SBA 7(a) loans.
While you can get SBA business loans from many sources, some lenders stand out, typically lenders that are part of the SBA Preferred Loan Program (PLP). These lenders tend to approve large volumes of SBA loans and may bypass direct SBA approval in some cases. This speeds up approvals and gives them the ability to process more approvals than other lenders.
For example, preferred lender Huntington National Bank continues to be the leading originator, approving thousands more SBA loans than its national peers over the past five years. Live Oak Bank was the only bank to surpass Huntington National Bank in amount funded.
Compared to SBA 7(a) loans, SBA 504 loans are not as widely approved, but small businesses generally receive more funding. Nearly 5,600 small businesses received SBA 504 loans this year, totaling about $6 billion, according to the SBA’s weekly loan report. The average loan is funded with over $1 million.
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One possible reason for the increase in funds is that SBA 504 loans are intended for construction projects or equipment purchases. Financing these projects may require more than a general working capital loan.
The best SBA lenders for 504 loans are not reputable banks because you typically apply through a Certified Development Corporation (CDC). CDC also works with another financial institution to guarantee the loan.
So far in 2023, SBA Community Advantage lenders have helped 794 small businesses, providing more than $139.9 million in financing. The average loan amount is $176,168. These amounts are already better than the 2022 figures, which show just $114.8 million was disbursed to 722 small businesses, with an average loan size of $159,009.
The SBA Community Advantage Loan is part of a temporary program designed to help small businesses in underserved markets. It is set to expire in 2024, but the SBA is working to transform lenders in this pilot program into Community Advantage small business loan companies with the authority to make SBA 7(a) loans to businesses in underserved communities.
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SBA commercial loans are competitive in nature due to their interest rates and payment terms. Many lenders have strict eligibility requirements, which is not helpful for subprime borrowers. To help you overcome this problem, we’ve rounded up online lenders that offer some of the best small business loans. This includes SBA loans for startups and businesses with bad credit.
Fundible is a fintech lender that serves a variety of businesses through its direct lending platform or lender network. It offers business loans for bad credit and startups, with the ability to work with personal credit scores as low as 450 in its loan portfolio. As for SBA loans, you will need more credit to qualify, but it still accepts start-up businesses.
As with any lender, you are more likely to qualify with even stronger references. For example, you are more likely to be approved for an SBA loan with a personal credit score of 685 and an annual income of $350,000.
Although SBA loans are not its primary focus, Creditfy maintains lenient application requirements. Accepts jobs with only six months of experience and no income. You also need a personal credit score of just 600, well below the SBA’s normal credit standards. The lender prefers to see your finances at $250,000 per year, which gives you a head start in the approval process.
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Funding Circle is a unique online SBA lender specializing in small SBA loans for borrowers with fair to strong credit. Business owners can qualify with as little as 630 personal credit scores for loans ranging from $50,000 to $500,000. You must have been in business for at least two years and have annual sales of $400,000.
Getting an SBA business loan through Lendio works well for borrowers with poor finances because it is a loan marketplace. Landio has partnered with more than 75 lenders to bring you a variety of SBA loan options, including SBA 7(a), SBA 504, and SBA microloans.
You need at least a personal credit score of 600 and a monthly income of $8,000. But you will need two years of income before being accepted.
There are a number of approved lenders that offer SBA business loans. You can choose the right SBA lender by considering several features:
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Top SBA Lenders