During these challenging times, you could be wondering where you can get funding for your business. Maybe you need to pay your staff, acquire working capital, or even purchase stock. SBA loans are available for business people, but not all lenders are ideal for offering this government-backed funding. The following SBA lenders are some of the best in today’s world. Follow through to make an informed decision on the lender who better suits your business needs.
This is the largest of all SBA lenders. This institution offers a wide variety of loans across the country. Additionally, there is a team of highly qualified personnel ready to serve you. Apart from the SBA loans, the bank provides commercial and USDA loans. However, the bank has no physical branches – they offer their services online or via the phone.
If you have invested in the real estate business, then this is your to-go SBA lender. This financial institution offers loans that can be used to purchase real estate in 40 out of 50 U.S states. You can get a maximum loan of $10 million from this bank.
Wells Fargo is a reputable company that offers diverse SBA loans in terms of qualifications, amounts, and terms. This lender offers 7(a), 504, and commercial loans, giving you a platform to combine different loans to satisfy your business needs. Wells Fargo offers its services both online and in-person.
The best thing about Newtek is that, besides being one of the best SBA lenders, the organization offers other business services. These include business insurance, web design, lines of credit, and human resource services. However, before getting a loan from Newtek, your business must have been operational for at least two years.
The highest amount you can get from this savings bank is $150,000. This is the appropriate option if you want a small loan and a shorter loan processing period. However, if you want anything higher than that amount, you have the option to combine a USDA and an SBA loan as long as you qualify.
Many businesses have been affected financially during this pandemic, but you can revive or maintain yours by getting loans from credible SBA lenders. Contact KPI today to understand how you can manage your business better.