Determining the "best" banks for small business loans can vary depending on various factors like loan terms, interest rates, eligibility criteria, customer service, and the specific needs of your business. However, several banks are often recognized for their small business lending programs and favorable terms.
Here are five well-regarded banks known for their small business loans:
- Chase Bank: Chase offers a range of small business loan options, including SBA loans, lines of credit, term loans, and business credit cards. They have a wide geographic reach and various financial products to suit different business needs.
- Wells Fargo: Wells Fargo provides SBA loans, lines of credit, equipment financing, and commercial real estate loans for small businesses. They have a solid reputation for catering to small business needs.
- Bank of America: Bank of America offers SBA loans, lines of credit, equipment financing, and business credit cards tailored to small businesses. They are known for their competitive rates and diverse lending options.
- S. Bank: U.S. Bank provides various small business lending options, including SBA loans, term loans, lines of credit, and equipment financing. They have a nationwide presence and offer personalized service.
- TD Bank: TD Bank offers SBA loans, business lines of credit, term loans, and commercial mortgages for small businesses. They are known for their flexible lending options and customer-centric approach.
Remember, while these banks are often recognized for their small business lending programs, the best bank for your small business loan will depend on your specific needs, location, creditworthiness, and the terms that suit your business best. It's advisable to research and compare offerings from multiple banks, considering interest rates, fees, repayment terms, and customer reviews before choosing the right bank for your small business loan. Additionally, working with a local community bank or credit union might provide more personalized service and tailored loan options for your business.
Forbes Advisor has a list of best loan lenders in 2023 and below are some local banks and credit unions that may be more appropriate for your needs:
- American Eagle Credit Union
- Citizens Bank
- Navy Federal Credit Union: Navy Federal offers business loans, lines of credit, and commercial real estate financing for small businesses. They cater to a wide range of industries and have competitive rates.
- VyStar Credit Union: VyStar provides small business loans, lines of credit, and commercial real estate financing. They offer personalized service and flexible terms for local businesses.
- Digital Federal Credit Union (DCU): DCU offers small business loans, equipment financing, lines of credit, and commercial real estate loans. They provide competitive rates and focus on assisting small businesses in various industries.
- First Tech Federal Credit Union: First Tech provides business loans, lines of credit, and commercial real estate financing for small businesses. They offer personalized service and competitive rates.
- Santander Bank: Santander Bank offers small business loans, lines of credit, equipment financing, and SBA loans for businesses in Connecticut. They have a wide range of financial products and support services. https://www.santanderbank.com/business/borrowing-options
- M&T Bank (merged with People's United Bank): M&T Bank offers SBA loans, lines of credit, equipment financing, and commercial real estate loans for small businesses. They have a range of financial products tailored to different business needs.
About the author
Dr. Melissa-Sue John is a professor of psychology at the University of Saint Joseph, the CEO of Lauren Simone Publishing House, a diversity, equity and inclusion officer, a winner of several awards, business accelerators, and grants including Citizen's Bank, CT Next, Girls for Technology, Goldman Sachs, Hayvn Hatch, ICCC, Realist Ventures, reSET, Urban Hope, and a WBDC Women Rising award recipient.