Popular Small Business Lenders
Small business owners may feel like getting a small business loan is nearly impossible, but some banks actually specialize in working with small businesses. If you’re looking for small business lenders, try the ones on this list, which was compiled from the lenders that give the most in SBA 7(a) loans. The top five on the list in order of loan volume lent in the 2014 fiscal year include: Wells Fargo, Live Oak Banking Company, US Bank National Association, Huntington National Bank, J.P. Morgan Chase.
Wells Fargo: The most active of the SBA-backed small business lenders, Wells Fargo gave more than 2,700 loans totaling over $800 million in fiscal year 2014 thus far. Financing options include lines of credit starting at $5,000, term loans for 2 to 5 years starting at $10,000, the 100% financing for healthcare practices, real estate financing, and equipment/vehicle financing.
Live Oak Banking Company: Headquartered in Wilmington, Delaware, Live Oak was started in 2008 and provides loans to independent businesses in niche industries. Live Oak’s target industries are agriculture, family entertainment centers, death care, pharmacy, healthcare (medical, dental, vision), veterinary, and investment advising.
US Bank: Products include SBA-backed loans (express loans up to $500,000 as well as 7(a) and 504 loans from $250,000), commercial real estate loans, equipment financing, lines of credit and term loans for almost any industry, though it provides particular options for financing McDonald’s franchises and health care practices. Like the remaining small business lenders on this list, US Bank also offers bank accounts which can be useful for business owners wanting to use one financial institution for all financial accounts.
Huntington National Bank:Offer lines of credit, term loans, SBA backed-loans, and equipment financing (for technology, vehicles, etc.) For expedited SBA loans, the maximum loan amount is $100,000, and for expedited term loans and lines of credit the maximum amount is $250,000.
J.P. Morgan Chase: Good for term loans, equipment financing (for higher education, healthcare, government, and corporate businesses), SBA loans (7(a) loans, 504 loans, export express loans for up to $500,000, and express loans up to $350,000), lines of credit for $10,000 and up, term loans for $5,000 and up, international trade financing, equipment financing, and commercial real estate funding for $50,000 and up.
Small business owners should explore various financing options aside from popular small business lenders, just to have a wide array of options–but these popular lenders can be a good places to start. For more on small business lenders see BankingGrades, which rates banks and list the most small business friendly banks (mostly regional and local banks) in U.S. major metropolitan areas.
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