What are SBA lender types and which should I use?

SBA lenders range from large banks (Wells Fargo, JPMorgan, Live Oak Bank) to community banks and credit unions to online lenders (Fundera, SmartBiz). Preferred Lenders (PLP) have authority to approve SBA loans internally — faster and often more experienced. Live Oak Bank is the top SBA lender by volume and specializes in specific industries. Choose a lender experienced in your loan type and industry.