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Small Business Loans in Alabama

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10 Small Business Loans in Alabama

Our list is the result of specialized research on small business lenders in Alabama, backed by reliable data. The lenders are ranked by the volume of small business loans they've provided this year.

This essentially showcases the banks and lenders that are truly active in granting loans to small businesses in Alabama.

(This contrasts sharply with other sites that often focus on nonprofits with infrequent lending or government programs that are inaccessible to many businesses!)

Methodology: Our research is based on information regarding SBA 7a loans, which means every lender on this list offers such loans. Additionally, we've detailed various other types of small business loans that these institutions feature on their websites.

Unfortunately, traditional banks typically have demanding criteria, including high credit scores and a minimum of two years of business operation. To address this, we've started our list with several financing options that are more accommodating for small business owners facing credit challenges or those who are relatively new to the business landscape.

1. Credit Suite

Credit Suite operates in the business credit consulting and software sector, also providing two innovative financing alternatives.

Their Cash Flow Financing is tailored for business owners with bad credit. It allows you to use your business's cash flow as a means for accessing adaptable financing. Instead of standard monthly installments, repayment is linked to a percentage of your regular cash flow.

Additionally, their Credit Line Hybrid is focused on funding based entirely on personal credit standing, sidestepping the need for detailed financial records, bank statements, or business plans. 

It's a great fit for businesses across all ages, from startups to established, with available funding ranging from $5,000 to $150,000.

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid
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2. Wells Fargo Bank

Wells Fargo, a major national banking entity, is likely a familiar presence in your local area. It's somewhat unexpected that their selection of small business financing options is modest, given their size. However, their prominent position on this list is attributed to the substantial volume of loans they consistently originate.

Business financing options offered:

  • SBA 7a Loans & 504 Loans

  • 2 Business Lines of Credit

  • Practice Financing 

3. Live Oak Banking Company

Live Oak is widely recognized for its extensive SBA lending across the United States. While their website might not detail their full range of loan options, they invest considerable effort in comprehending the sectors their clients operate in.

Their site specifically mentions 48 diverse industries, asserting that they have tailored financing solutions for each of these sectors.

Business financing options offered:

  • SBA Loans

  • USDA Loans

  • Industry Verticle Loans

4. BayFirst National Bank

BayFirst National primarily specializes in SBA loans, as evident from their website slogans "Lightning Fast Business Loans!" and "In-house team, quick funding." A key strength is their internal underwriting team, ensuring both quick turnaround and professional expertise.

Given that SBA loans typically involve a lengthy funding process, BayFirst National's ability to expedite this is a significant benefit.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

5. The Huntington National Bank

Huntington National Bank stands out not only as a leading small business lender in this region but also for being the top issuer of SBA 7a loans nationwide.

This achievement places them among the top 10 lenders in almost every other state, showcasing their commitment to supporting small businesses.

Beyond SBA loans, Huntington also provides a diverse range of financial solutions for small businesses, including options like equipment leasing, agricultural financing, and various real estate loan types.

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

6. BankFirst Financial Services

BankFirst is headquartered in Mississippi and has over 40 branches throughout Mississippi and Alabama. They go into great detail on their website about the terms and loan amounts for their SBA loans. They also have many other business financing options.  

Business financing options offered:

  • SBA 7a and 504 Loans

  • Business Term Loans

  • Equipment Loans

  • Commercial Real Estate Loans

  • Agriculture Loans

  • Business Lines of Credit

  • 2 Business Credit Cards

7. Cadence Bank

Cadence Bank is a small bank providing a select array of small business lending choices.

Business financing options offered:

  • Small Business Administration Loans

  • Business Loans & Lines of Credit

  • 1 Business Credit Card

8. PNC Bank

PNC, a substantial national banking entity, operates numerous retail outlets. Its extensive scale naturally leads to a comprehensive array of small business lending options and a selection of five business credit cards.

On their website, you can find fundamental details about the loan amounts and terms for each type of financing. PNC enables the convenience of online applications and provides a detailed checklist of necessary business documents required for each specific business loan application. 

Business financing options offered:

  • Term Loans

  • Unsecured Small Business Loans

  • Secured Small Business Loans

  • Small Business Commercial Real Estate Loans

  • Secured Vehicle Finance Loans

  • Small Business Lines of Credit

  • 5 Business Credit Cards

9. Newtek Bank

Newtek might not be as well-known as conventional banks with physical branches, but it's a significant, publicly traded corporation heavily involved in small business lending.

While their website showcases just a handful of small business financing choices, their range of offerings is much broader. They provide a variety of financial services and products specifically designed for small businesses, including payment processing, insurance, employee benefits, and payroll management services, among others.

Business financing options offered:

  • Term Loans

  • Asset Based Financing

  • Inventory Based Financing

  • SBA Loans

10. SouthState Bank

SouthState Bank, a smaller banking institution, has a notable presence across the southeastern states. It offers the usual range of small business loans typical of banks. Additionally, it uniquely provides financing options specifically tailored for franchises. 

Business financing options offered:

  • Lines of Credit

  • Term Loans

  • Business Lending Express

  • SBA Loans

  • Franchise Finance

  • Business Real Estate Loans

How to apply for a small business loan in Alabama 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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