This SBA Preferred Lender can streamline your application and might not require as much collateral as other providers.

  • Best for growing your business or refinancing debt for a lower rate.
  • Pick something else if you need working capital or fast funding.

    $5,000,000

    Max. Amount

Details

Product Name Byline Bank SBA 7(a) loan
Max. Amount $5,000,000
Loan Term Up to 25 years
APR Varies
Requirements Live in eligible state, meet SBA’s standard requirements for the 7(a) loan program

First, do I qualify?

Byline Bank doesn’t disclose its eligibility requirements. But you’ll need to live in an eligible state and meet the Small Business Administration’s basic requirements for its 7(a) loan program at a minimum to qualify.

What states does Byline Bank operate in?

  • California
  • Colorado
  • Florida
  • Illinois
  • Indiana
  • Minnesota
  • Ohio
  • Texas
  • Wisconsin

What makes Byline Bank SBA loans unique?

Byline Bank offers government-backed funding with lower collateral requirements than your typical SBA lender. While the SBA backs up to 85% of the loan, many lenders require you to cover that additional 15% with your business’s assets. But Byline doesn’t always require this.

It’s also an SBA Preferred Lender, which means it can approve or reject your application without waiting for the SBA to weigh in. This can speed up and streamline the process, since it doesn’t have to go back and forth with the SBA to get approval.

What other loans does Byline Bank offer?

In addition to SBA 7(a) loans, 504 loans and CAPLines, Byline Bank offers the following types of financing:

  • USDA Business and Industry (B&I) loans. Businesses in rural areas can borrow between $1 and $10 million with terms up to 30 years from this government-guaranteed program backed by the US Department of Agriculture (USDA).
  • Franchise loans. Customize an SBA loan specifically for a franchise by working with an experienced franchise financing team.
  • Financial adviser loans. Customize an SBA loan for financial advisers. Borrow between $150,000 and $5 million with 10-year terms and up to 100% financing.
  • Equipment financing. Flexible funding for buying new equipment, buying out a lease, paying your supplier and more.

Pros

  • SBA Preferred Lender
  • One of the most active SBA lenders in the country
  • Wide range of SBA loan programs available

Cons

  • No information about costs online
  • Can take a few days to get a response
  • Only available in nine states

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