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Our experts ranked and reviewed everything from interest rates to loan amounts to find the best small business lenders of 2024. While some lenders may be partners, this didn’t influence our selection process.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Read more about how we scored the 2024 Bankrate Awards winners in .

See our top picks

Awards

Best minority-led small business lender

Lendistry

Lendistry

Learn more in our Bankrate review
Highlights High loan amounts Awards several grants Easy online application

Why they won

As a fintech, Lendistry is able to offer fast and accessible online business loans. It’s also the only black-led nonbank to offer SBA 7(a) loans nationwide.

Top features

  • Loans of up to $5 million
  • Offers SBA loans in all 50 states
  • Offers term loans for startups
Awards

Best CDFI for small business loans

Accion Opportunity Fund

Accion Opportunity Fund

Learn more in our Bankrate review
Highlights Low interest rates Welcomes bad credit and startups Flexible repayment terms

Why they won

This nonprofit lender levels the playing field, offering an affordable term loan accessible to business owners in traditionally underserved communities.

Top features

  • Interest rates starting at 7.49%
  • Loan terms of up to 60 months
  • Also offers mentoring and support
Awards

Best business line of credit

Fundible

Fundible

Learn more in our Bankrate review
Highlights Welcomes bad credit and startups Flexible repayment terms No prepay penalties

Why they won

Fundible’s business lines of credit are unsecured (no collateral required), have minimum eligibility requirements and loan amounts start as low as $1,000.

Top features

  • Lines of credit up to $500,000
  • Welcomes bad credit and startups
  • Can fund within 24 hours

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Awards
Awards

Best small business lender for bad credit

Fundible

Fundible

Learn more in our Bankrate review
Highlights Low starting rates Flexible repayment terms Long repayment terms

Why they won

From equipment loans to SBA loans, Fundible offers relaxed eligibility requirements on its products. Even business owners with credit scores in the 500s may qualify. 

Top features

  • Fast funding within 24 hours
  • No prepay penalties
  • Most loans don’t require collateral
Awards

Best small business lender for good-to-excellent credit

Wells Fargo

Wells Fargo

Learn more in our Bankrate review
Highlights Unsecured credit lines Low interest rates Top SBA lender

Why they won

Wells Fargo’s flexible business lines of credit and SBA loans offer long repayment terms and low interest rates for well-qualified borrowers.

Top features

  • Two types of unsecured credit lines
  • SBA Preferred Lender
  • Free rewards program
Awards

Best small business lender for newer businesses

Taycor Financial

Taycor Financial

Learn more in our Bankrate review
Highlights Open to bad credit Accessible equipment loans Long repayment terms

Why they won

Taycor has several types of business loans with minimum time-in-business requirements of three or six months. Its equipment loans are open to startups with at least three years of related field experience.

Top features

  • Low annual revenue requirements
  • Low starting loan amounts
  • High maximum loan amounts
Awards

Best small business lender for equipment loans

Creditfy

Creditfy

Learn more in our Bankrate review
Highlights Low rates Accepts bad credit Low annual revenue requirement

Why they won

Creditfy equipment loans are a low-interest option that’s more accessible than what many other lenders offer. The relaxed eligibility requirements welcome business owners with bad credit, low revenue, limited time in business and even those who need smaller loan amounts. 

Top features

  • High loan amounts
  • Minimum credit score of 550
  • Rates as low as 6.49%
Awards

Best lender for working capital loans

Wells Fargo

Wells Fargo

Learn more in our Bankrate review
Highlights Low interest rates Unsecured options No annual revenue requirement

Why they won

Wells Fargo has several business lines of credit to cover a variety of business needs. And with long repayment terms, business owners have the flexibility to pay their balance quickly or over an extended period of time. 

Top features

  • Three business lines of credit
  • Free rewards program with unsecured lines
  • No collateral required for unsecured lines
Awards

Best small business lender for fast business loans

Creditfy

Creditfy

Learn more in our Bankrate review
Highlights Low interest rates Unsecured options High approval rate

Why they won

Creditfy offers several business loans that can be funded as fast as 24 hours. With relaxed eligibility requirements and a 90% approval rate, many small business owners have a better chance of approval compared to other lenders. 

Top features

  • Fast application
  • High approval rate
  • Welcomes 99% of industries in the U.S.
Awards

Best small business lender for SBA loans

Live Oak Bank

Live Oak Bank

Learn more in our Bankrate review
Highlights Top SBA lender High loan amounts Long repayment terms

Why they won

Since 2018, Live Oak has been the nation’s top SBA 7(a) lender by loan amount. And as a Preferred Lender, it's authorized to approve loans at a much faster rate than many other SBA lenders. 

Top features

  • SBA Preferred Lender
  • Top SBA lender by loan amount
  • Repayment terms up to 25 years

Explore the best of the best

Check out the 2024 Bankrate Awards winners across our top categories.