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In the beginning of legal technology, few legal pads, telephones, and typewriters are the basic pieces of stuff you’ll see in a newly opened practice. Now, as the technology progresses, modern lawyers strive to keep up with the costs of being a competent practitioner, maintain the office, and expand a successful practice. In some instances, a Small Business Administration (SBA) loan can be the best option for a small law firm. So if you’re ready to be ahead of the competition, here are the top 15 banks for law firm SBA loan:
1) Wells Fargo Bank — Sioux Falls, SD
2017: 57 loans, $227,000 average loan, average interest rate of 8.2%
Number 1 in our list is none other than Wells Frago Bank – one of the largest banks in the world and takes pride in being the #1 SBA 7(a) lender by dollars according to the U.S. Small Business Administration as of September 30, 2014. With their years of experience working with small to large scale businesses, including law firms, they can offer a deep understanding of business needs, with benefits you won’t find anywhere else. Take note that Wells Fargo also has the highest number of approved loans for law firms (year to date) on our list.
2) TD Bank — Wilmington, DE
2017: 61 loans, $55,667 average loan, average interest rate of 8.9%
Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.
3) JPMorgan Chase Bank — Columbus, OH
2017: 45 loans, $189,887 average loan, average interest rate of 7.3%
Just like Wells Fargo, JMorgan Chase Bank also has years of experience working with undeniably thousands of customers. With their SBA financing, businesses can take advantage of longer repayment terms and higher borrowing limits. Small business owners may not understand how the SBA relationship work – and JPMorgan Chase Bank is confident that they’ll help you along the process as easy as possible while fully understanding each step you need to take.
4) FinWise Bank — Sandy, UT
2017: 28 loans, $466,714 average loan, average interest rate of 6.7%
FinWise Bank has been serving communities since 2000. Their mission is to help their customers reach financial goals by delivering exceptional products in a manner that continually surpasses expectations. FinWise Bank promises that when you call them, you talk to an expert, not a machine.
5) Compass Bank — BIRMINGHAM, AL
2017: 23 loans, $90,926 average loan, average interest rate of 8.5%
Named a “National Preferred Lender” by the SBA, BBVA Compass has the experience and know-how to position your small business for future growth. Recognized as an “SBA Lender of the Year” in 2015 by the Small Business Administration, BBVA Compass is proud to do their part to help small businesses overcome their current economic challenges and position themselves for future growth.
Still undecided? No need to look further, here is the complete list of our banks for SBA small business law firm loans:
|Rank||Bank||City||State||# Loans||Avg Loan||Avg Int|
|1||Wells Fargo||Sioux Falls||SD||121||$208,549||8.5%|
|3||JPMorgan Chase Bank||Columbus||OH||80||$238,678||7.7%|
|6||Celtic Bank||Salt Lake City||UT||35||$97,657||7.3%|
|7||First Home Bank||Seminole||FL||34||$219,147||7.3%|
|12||Independence Bank||East Greenwich||RI||27||$104,259||7.5%|
|16||Zions Bank||Salt Lake City||UT||13||$126,385||8.3%|
|18||Newtek Small Business||Lake Success||NY||12||$475,250||7.5%|
|19||Banner Bank||Walla Walla||WA||11||$96,873||6.3%|
|20||Fifth Third Bank||Cincinnati||OH||11||$137,455||6.1%|
|21||Seacoast Commerce Bank||San Diego||CA||11||$614,164||6.9%|
|24||Associated Bank||Green Bay||WI||9||$89,444||6.2%|