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Business owners who may have trouble obtaining a traditional small business loan in Cleveland need to look at SBA loans. The Small Business Administration guarantees these loans that are sanctioned through banks for small businesses. You can use an SBA loan in Cleveland to start a new business, acquire a business, purchase equipment, real estate, and more.
The SBA guarantee makes it possible for banks to sanction these loans that they typically wouldn’t due to their risk tolerance. Most of the SBA lenders in Cleveland have a lot of experience working with businesses that need quick access to funds. They can sort out the SBA loan applications quickly and ensure that business opportunities are not missed due to a lack of funds.
Choosing the right SBA lender is the key, though. Some might drag out the process for months. This can weigh heavily on a small business that desperately needs the funds. That’s why we’ve put together a list of the best Cleveland SBA lenders that can help you get sorted quickly:
| Rank | Cleveland Lender | Headquarters | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Huntington Bank | Columbus, OH | 57 | $164,268 | 5.5% |
| 2 | Citizens Bank | Elizabethton, TN | 8 | $1,178,000 | 6.0% |
| 3 | KeyBank | Cleveland, OH | 7 | $313,600 | 5.7% |
| 4 | Premier Bank | Youngstown, OH | 6 | $1,575,000 | 4.3% |
| 5 | First National Bank of Pennsylvania | Greenville, PA | 6 | $1,337,167 | 5.5% |
Connect me to a Cleveland lender!
Don’t forget: Limiting your searches to “business loans near me” or “SBA loans near me” isn’t going to cut it. Consider offers from local and nationwide SBA lenders. Don’t know how to get in touch with them? SbaLenders.com connects you to the best SBA lenders for your business so that you can get the financing you need in the shortest amount of time possible.