The 5 Best Banks for Small Business Lending in 2021

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Obtaining financing for your small business is not a question of “if” but of “when”. Sooner or later your business will need capital, whether it’s to get through a downturn or to grow.

That’s why, even if you’re not looking to take out a loan just yet, it’s a good idea to look ahead to stay on top of what’s available. There are many small business financing options available to a business owner looking for a small business loan, but do you know the differences between the types of loans? Do you know all the lenders who offer them? Can you tell if an online lender or a traditional bank is better for your situation?

So many questions to find a business loan solution. A good place to start may be to identify traditional lenders who might be best for small business loans. Research each one to see if they have the bank loans best suited to your unique growth plans. You may even see a few on this list that are new to you!

Best Banks For Small Business Lending

At Nav, we’ve worked with many lenders over the years, and when it comes to traditional lenders – AKA banks – these consistently top the list.

  • chase away
  • Bank of live oaks
  • Wells fargo
  • A capital letter
  • Bank of America

chase away

It shouldn’t surprise you to see chase away leading the pack. It has one of the strongest credit offerings for businesses of all sizes, including those in need of working capital, equipment financing, or commercial real estate loans. If your goal is big borrowing, this lender has plenty of SBA guaranteed options including SBA 504 loans which can earn you a million or more for that new storefront or manufacturing plant.

Not ready to grow up yet? It’s good too. Chase’s Line of Credit program is a great way to access the capital you need, which you can borrow as and when you need it to grow your business.

Here are your banking options for businesses with Chase:

  • Verification
  • Credit card
  • Credit lines
  • Loans
  • Savings and CDs
  • Merchant services
  • Recovery service

Bank of live oaks

Never heard of Bank of live oaks? You’re not alone. This SBA Preferred Lender is fully online, with no physical branches to visit. What they focus on, however, they do very well. Choose from SBA 7 (a) or 504 loans.

You won’t find many additional business loan programs here, but with SBA Preferred Status Live Oak Bank can get you approved and get started faster than most. They also administer other government small business loan 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
  • CD

Wells fargo

One of the big names in investment banking, Wells fargo has a long history of managing consumer and business financial loans. 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 anyone. one who knows he needs financing for his business but doesn’t know where to find it. start.

Wells Fargo also works with the SBA small business loans program! Additional benefits can be found for existing customers; if you’re already using 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:

  • Verification
  • Savings and CDs
  • Commercial loans
  • SBA loans
  • Credit lines
  • Commercial real estate loans
  • Credit card
  • Funding of health care practice
  • Merchant services
  • Payroll services

A capital letter

A capital letter is a household name when it comes to business credit cards. This is because it offers business start-up options that allow even those with less than excellent credit to have access to reward credit cards with little or no annual fees.

If you are looking for a more traditional loan option, the bank can help you as well. It partners with the SBA and offers loans of varying amounts in almost every industry. Other loan options, including equipment financing and lines of credit, may be just what you need to take your business to the next level. (Another big plus of Capital One is that it does so much online! It’s ideal for someone who travels and wants a bank that will be wherever they go.)

Here’s what you can get with Capital One:

  • Verification
  • Savings
  • Escrow
  • Credit card
  • Equipment and vehicle loans
  • Credit lines
  • SBA loans (7 (a) and 504)
  • Term mortgage loans
  • Installment loans to businesses
  • Commercial credit
  • Merchant services

Bank of America

Bank of America has more aggressively funded small businesses in recent years. Along with SBA loans and traditional business loans, lines of credit and credit cards, it offers a variety of solutions for small businesses ready to grow.

Bank of America values ​​its relationships with its customers and is more likely to offer great rates if you have other bank account services with the business.

Here’s more of what Bank of America has to offer:

  • Verification
  • Savings
  • Secured and unsecured loans
  • Credit lines
  • Credit card
  • Vehicle loan
  • Commercial real estate loan
  • SBA loans
  • Franchise financing
  • Payroll services

Types of business loans offered by banks

Many of the best banks are on our “best of” list because of the variety of funding options they offer. It is a benefit for business owners to be able to walk into a bank branch, sit down and explain their needs in person, and have confidence that they will get the right loan product.

This article was originally written on September 6, 2019 and updated on November 19, 2021.

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