How we ranked SBA lenders
We reviewed SBA lenders and the online services that place SBA loans with partner banks, then scored each on the same seven funder criteria we use for every provider. The list follows that score. Two of the five, Fora Financial and Lendio, do not appear as lenders in SBA's loan file: they help you apply, and a partner bank makes the loan [5]. We label them so you know who will hold your loan.
Cost on SBA loans is judged against the SBA's own caps, not against online loans. A lender that prices below the cap and publishes its formula scores well on cost. SBA 7(a) rates run about 10% to 15% at the maximum allowed spreads with a 7% prime rate [13].
Who makes the most SBA loans: SBA's own data
SBA publishes every 7(a) loan it backs, with the lender's name and amount. We counted fiscal 2025 (Oct 1, 2024 to Sep 30, 2025) from the file current to June 30, 2026 [5]. That year, lenders approved 78,078 SBA 7(a) loans worth $37.29 billion.
| Lender | Loans | Dollars approved |
|---|---|---|
| Live Oak Banking Company | 2,280 | $2.85 billion |
| The Huntington National Bank | 7,784 | $2.49 billion |
| Newtek Bank | 4,828 | $2.03 billion |
| Northeast Bank | 7,815 | $1.32 billion |
| ReadyCap Lending | 3,137 | $1.17 billion |
Volume is not the same as quality, which is why only lenders we reviewed are in the ranking above. But a lender that closes thousands of SBA loans a year has a well-worn process, and that matters when your file needs to move. Live Oak makes fewer, larger loans: about 3% of FY2025 loans but about 7.7% of the dollars [5].
The SBA lenders most active in New Jersey
In fiscal 2025, lenders approved 2,830 SBA 7(a) loans worth $1.2 billion for New Jersey projects [5]. The leaders are mostly regional banks with branches here.
| Lender | NJ loans | NJ dollars |
|---|---|---|
| TD Bank | 644 | $111.1 million |
| Live Oak Banking Company | 77 | $79.8 million |
| Newtek Bank | 159 | $60.0 million |
| Northeast Bank | 312 | $52.2 million |
| The Huntington National Bank | 117 | $47.6 million |
SmartBiz approved 27 SBA 7(a) loans worth $5.3 million for New Jersey projects from October 2024 through June 2026 [5]. For the full county-by-county picture and more local banks, see our New Jersey SBA lenders page and SBA lending by county.
Which SBA program to ask for
The lender matters, but so does the program. The SBA runs several, and the right one depends on the size of the loan and what it buys.
| Program | Size | Who decides | Good for |
|---|---|---|---|
| 7(a) | Up to $5 million [1] | SBA, or a lender with delegated authority [16] | Working capital, buying a business, refinancing, real estate |
| SBA Express | Up to $500,000, 50% SBA guarantee [16] | The lender, without SBA review [16] | Smaller loans that need a faster yes |
| 504 | Live Oak lists up to $15 million [8] | A Certified Development Company with a senior lender [17] | Buildings and major fixed assets on long fixed rates [17] |
Express loans move faster because the lender makes the credit decision itself [16]. The lower SBA guarantee means lenders can be pickier. For a building or a big piece of equipment, a 504 loan through a Certified Development Company can give long-term fixed financing [17]. Live Oak and SmartBiz both lend under 7(a); Live Oak also makes 504 loans [8].
Requirements, cost and timing compared
| Lender | Min credit | Time in business | Revenue | Cost shown | Timing |
|---|---|---|---|---|---|
| SmartBiz | Above 680 [6] | 3+ years [6] | Not a minimum | Prime + 3% to 4.75% [2] | 4 to 6 weeks over $150,000 [14] |
| Fora Financial | 640 [7] | Not published | Not published | Not published | Up to 25 days from approval [7] |
| Live Oak Bank | 680 [8] | 2 years for Express [9] | Not published | 9.50% to 10.50% APR, Express [9] | 30 to 45 days to approve and close [8] |
| Lendio | Set by lender | Set by lender | Set by lender | Prime plus [10] | 1 to 3 months [10] |
| Ameris Bank | Not published | Not published | Not published | Not published | Not published |
SBA rules that apply at every lender
Some terms are set by the SBA, not the lender, so they are the same wherever you apply.
- Maximum 7(a) loan: $5 million [1].
- Rate caps on variable loans: base rate plus 6.0% for $50,001 to $250,000, plus 4.5% for $250,001 to $350,000, and plus 3.0% above $350,000 [4].
- Guarantee fee: 0.25% to 3.75% of the loan, based on size [15].
- Prepayment: on loans of 15 years or longer, prepaying 25% or more in the first three years triggers a fee of 5%, 3% or 1% of the amount prepaid, by year [4].
What differs between lenders is the spread they charge under the cap, their own packaging and closing fees, how fast they move and what they ask for. That is where the scores above separate. Use our SBA loan calculator to see a payment at a given rate and term.
Our funding service is listed separately
Batch Capital, our funding service, is not ranked here. It compares offers from funding partners, and because we earn money when a deal it arranges is funded, we keep it out of the scored list.