SBA 7(a) and 504 loans from this top online lender.

  • Best for getting an online SBA loan with fair credit.
  • Pick something else for a fast turnaround.


Min. Amount


Max. Amount


Product Name Newtek business loans
Min. Amount $10,000
Max. Amount $10,000,000
Loan Term 7 to 25 years
Min. Credit Score 650
APR Starting at 6%
Requirements 650+ personal credit score, at least two years of tax returns.

How much will this loan cost me?

Newtek term loans come with rates starting at the prime rate + 2.75% — or around 6% APR. You can borrow between $10,000 and $10,000,000 with terms from seven and 25 years.

You may also have to make a down payment on the business expense you want to fund — though that’s not always the case. For example, startups are required to make a 30% down payment. And business acquisitions require a 10% down payment.

Use the calculator below to find out how much your loan might cost you.

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How it works

The rates, loan amounts and terms depend on the loan program. The SBA caps interest rates on its 7(a) loans at 8% and the bank portion of 504 loans at 9.75% — though this doesn’t include the SBA guarantee fee. The lowest rates go to borrowers with loans over $50,000 who opt for the shortest seven-year term.

Other factors like your personal credit score, time in business and revenue can affect the rate, term and loan amount you qualify for.

What do I need to qualify?

You and your business must meet the following requirements for a Newtek term loan:

  • Personal credits core of 650 or higher
  • At least two years of tax returns
  • Based in the US
  • Cash flow to repay the loan

While Newtek prefers to work with business owners that have a 650 credit score, it can be flexible.

Be aware of SBA requirements

But on top of these requirements, you also need to meet SBA requirements for the type of loan you’re applying for. This can include size standards that vary by industry and showing that you’ve been able to get funding elsewhere.

If an owner has a criminal record or has defaulted on a government loan, it could also affect your eligibility.

What information do I need to apply?

SBA loans typically come with a laundry list of documents and forms. This can include:

  • Personal financial statements for all owners
  • Two or three years of business tax returns
  • Business bank statements
  • Profit and loss statements
  • Financial projections
  • Business plan

You’ll likely need to provide additional documents, though it varies depending on the loan and business.

What industries does Newtek work with?

Newtek doesn’t list any restricted industries, but businesses in what are typically considered high-risk industries can qualify. This includes wholesalers, construction, retail, manufacturing and the service industry.

But you’ll need to meet SBA requirements, which can restrict businesses involved in gambling, adult entertainment, political activity and life insurance.

What other business financing does Newtek offer?

In addition to term loans, Newtek also offers business lines of credit. These are secured by either your business’s accounts receivables or inventory.

Credit limits range from $50,000 to $1.5 million — or up to 80% of the value of your accounts receivable. Credit lines backed by inventory range from $50,000 to $500,000 — or 50% of your inventory’s value. Both come with renewable one-year terms.

Pros and cons

Newtek can be a great option for businesses that have struggled to get an SBA loan through a bank or credit union. But it’s not right for all business needs.


  • Most active online 7(a) lender in the country
  • Works with fair credit and high-risk industries
  • 24/7 customer service
  • Low starting rate of 6%.


  • Turnaround of six to eight weeks]
  • Might require a down payment
  • No loans under $10,000
  • Terms start at seven years

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