One of the hardest things for small businesses these days is getting money. The right business loan can make all the difference, whether you're just starting out or want to grow. Because there are so many choices, it's important to know which banks offer the best rates, approval times, and flexibility for small business loans. In 2025, these are the best banks for small business loans.
Top Banks for Small Business Loans
1. Chase Bank
Lines of credit, SBA loans, and commercial loans are some of the business loans that Chase has to offer. Customers like their digital banking tools and customer service.
Types of loans: term loans, lines of credit, and SBA loans
Max Loan Amount: Up to $5 million (SBA)
APPLY HERE: Chase Bank
2. Bank of America
Startups and well-known companies both use Bank of America. In addition to reasonable prices, they provide individualized help.
Loan Types: Business credit lines, SBA loans, and secured and unsecured term loans are some of the loan types available.
Loan Maximum: varies by product
APPLY HERE: Bank of America
3. Wells Fargo
Wells Fargo offers many ways for small businesses to get the money they need, such as loans for equipment and real estate.
Loan Types: Different kinds of loans include term loans, SBA loans, and business lines of credit.
Max Loan Amount: Most you can borrow is up to $100,000 (unsecured), or more for SBA loans.
APPLY HERE:
Wells Fargo
4. U.S. Bank
Small businesses that want personalized service and flexible payment terms should come to U.S. Bank.
Loan Types: SBA loans, quick loans, and equipment financing are some types of loans.
Maximum Loan Amount: $1 million or more
APPLY HERE: U.S. Bank
5. Live Oak Bank
For businesses in the healthcare, farming, and franchises, Live Oak Bank is the best choice because they offer SBA loans.
Loan Types: Small Business Administration (7(a)) and Small Business Administration 504 loans are offered.
Max loan amount: The most you can borrow is $5.5 million.
APPLY HERE: Live Oak Bank
Bonus: Alternative Lenders
Banks are great, but alternative lenders like Bluevine, OnDeck, and Fundbox can get you money faster, especially if your business is new or your credit isn't great. Rates are usually higher, though.
How to Apply for a Small Business Loan
To speed up the loan application process, do these things:
1. Choose the type of loan you need.
Name the amount you need and what it will be used for, like buying equipment, real estate, cash flow, etc.
2. Verify Your Credit
Good personal and/or business credit (FICO score of 650 or higher is recommended) is needed by most banks.
3. Get the documents you need.
Concept for a business
Personal and business tax returns from the last two to three years
Financial statements showing profits and losses
Sheets of balance
legal papers (like licenses and articles of incorporation)
4. Compare Banks and Loan Companies
When you want to compare your options, use bank websites or platforms such as Lendio or Fundera.
5. Utilize our online or in-person application process
You can now apply for most major banks online. For others, you might need to go to a branch near you.
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Frequently Asked Questions
1. What is the minimum credit score for a small business loan?
A credit score of 650 or higher is needed to get into most banks. There may be more freedom with SBA loans.
2. Startups: Is it possible to get loans?
Of course, but it's harder. For new businesses with little or no credit history, SBA microloans or lines of credit are often easier to get.
3. When does approval happen?
Wait times for approval vary from lender to lender and loan type to loan type.
4. There may be banks that will lend money without requiring collateral.
Some banks, like Chase and Bank of America, do offer unsecured loans, but the terms and interest rates are usually stricter.
5. What is the difference between plain old loans and SBA loans?
Being partially backed by the government, SBA loans are easier to get and usually have lower rates.
CONCLUSION
Selecting the appropriate bank for your small business loan can greatly affect the outcome. Think about what you need, your credit score, and how quickly you need the money. There are good options at the banks listed above for 2025, whether you want low interest rates, quick approval, or personalized service.
Help with a business plan or loan application financial projections? We'd be glad to help if you let us know!
