Where to Get a Loan for Small Business List Banks
Getting financing for your small business isn't a matter of "if" but "when." Sooner or later, your business is going to need capital, whether it's to make it through a slow period or to expand.
That's why, even if you're not looking to take out a loan right now, it's smart to look ahead to stay on top of what's available. There are a lot of small business financing options available to a business owner looking for a small business loan, but do you know the differences between loan types? Are you aware of all the lenders offering them? Can you tell if an online lender or brick-and-mortar bank is better for your situation?
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So many questions go into finding a business lending solution. A good place to start may be identifying those traditional lenders that might be the best for small business loans . Research each to see if they have the bank loans best-suited for your unique growth plans. You may even see a few on this list that are new to you!
Best Banks for Small Business Loans
We at Nav have worked with a lot of lenders over the years, and when it comes to traditional lenders—AKA banks—these consistently come to the top of the list.
- Chase
- Live Oak Bank
- Wells Fargo
- Capital One
- Bank of America
Chase
It shouldn't surprise you to see Chase leading the pack. It 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 lender offers plenty of SBA-backed options, including 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. Chase's 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.
Here are your business banking options with Chase:
- Checking
- Credit cards
- Lines of credit
- Loans
- Savings and CDs
- Merchant services
- Collections services
Live Oak Bank
Never heard of Live Oak Bank ? You're not alone. This SBA-preferred lender is completely online, with no physical branches to visit. What they do focus on, however, they do very well. Choose from SBA 7(a) loans or 504 loans.
You won't find a lot of extra business lending programs here, but with SBA preferred status, Live Oak Bank can get you approved and on your way quicker than most. They also handle other government small-business lending programs, such as agricultural loans through the USDA. Don't ignore what an online bank can do for you!
Here's what you can get with Live Oak Bank:
- SBA loans (7(a) and 504)
- Agricultural loans
- Commercial loans
- Savings
- CDs
Wells Fargo
One of the big names in business banking, Wells Fargo has been handling 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, and business credit cards, this bank is perfect for someone who knows they need business financing but aren't sure where to start.
Wells Fargo also works with 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.
Wells Fargo has a lot to offer businesses looking for financial services:
- Checking
- Savings and CDs
- Commercial loans
- SBA loans
- Lines of credit
- Commercial real estate loans
- Credit cards
- Healthcare practice financing
- Merchant services
- Payroll services
Capital One
Capital One is a familiar name when it comes to business credit cards. That's because it offers some startup business options that allow even those with less-than-excellent credit to get access to rewards credit cards with low or no annual fees.
If you're looking for a more traditional loan option, however, the bank can help there, too. It partners with the SBA, offering loans for various amounts in almost every industry. Other lending options, including equipment financing and 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 does so much online! It's ideal for someone who travels and wants a bank that will be everywhere they go.)
Here's what you can get with Capital One:
- Checking
- Savings
- Escrow
- Credit cards
- Equipment and vehicle loans
- Lines of credit
- SBA loans (7(a) and 504)
- Real estate term loans
- Business installment loans
- Trade credit
- Merchant services
Bank of America
Bank of America has been more aggressively financing small businesses in recent years. With SBA loans and traditional business loans, lines of credit, and 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.
Here's more of what Bank of America offers:
- Checking
- Savings
- Secured and unsecured loans
- Lines of credit
- Credit cards
- Vehicle loan
- Commercial real estate loan
- SBA loans
- Franchise financing
- Payroll services
Types of Business Loans That Banks Offer
Many of the top banks got on our "best of" list because of the variety of funding options they offer. It's a benefit to business owners to be able to walk into a bank branch, sit down, and spell out their needs in person—and have confidence they will get just the right lending product.
This article was originally written on September 6, 2019 and updated on November 19, 2021.
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Where to Get a Loan for Small Business List Banks
Source: https://www.nav.com/blog/best-banks-for-small-business-loans-201917/