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FWBank

SBA Preferred Lender bank: SBA 7(a) loans $100K to $5M plus 504 to $10M, 9.25% median starting rate, startups and franchises welcome, weeks to close.

SBA & Government-Backed Loans:
SBA 7(a) Loans
Tags:
#$1m+#Working Capital#Secured#Buying A Business

Rates & Cost

What the financing costs, normalized so lenders can be compared.

Estimated APR:
~9.79% APR on a $350K 10-yr SBA 7(a) at the 9.25% median rate incl. 3% guaranty fee (Lender List est.); SBA caps at 7% Prime: 10% to 13.5% variable
Pricing (as quoted by lender):
"Competitive" — no rates published; SBA 7(a) FOIA data (as of Jun 30, 2026): 9.25% median starting rate last 12 months (8.25% to 10.25%), median Prime + 2.0
Cost to borrow $100K for 6 months:
≈$6,265 (6 months' interest at 9.25% on a 10-yr SBA 7(a), $4,565, plus $1,700 SBA guaranty fee; bank fees not published)
Fees:
SBA guaranty fee (2% of guaranteed share ≤$150K; 3% on $150,001 to $700,000); bank closing/packaging fees not published
Early payoff:
Allowed; SBA prepayment fee only on 15+-year terms when ≥25% is prepaid in years 1 to 3 (5%/3%/1%)
Pricing transparency (0-3):
0

Repayment Terms

How and how fast you pay it back, and how flexible it is.

Term:
Up to 25 years; about 10 years typical (median 126 months, SBA 7(a) FOIA data)
Repayment schedule:
Monthly, fully amortizing, no balloon; variable rate tied to Prime (multi-year adjustable)
Flexibility in slow months:
Low — fixed monthly amortizing payments that move with Prime; 10- to 25-year terms keep them small

Eligibility & Access

Who qualifies and what you have to put on the line.

Funding amount:
SBA 7(a) $100,000 to $5,000,000 (FY2026 loans through June: $100,000 to $4,953,700; median $697,700 last 12 months); SBA 504 up to $10,000,000 (with a CDC)
Minimum revenue:
Lender does not publish; must meet SBA size standards (for-profit businesses)
Minimum time in business:
None — startups accepted (12 of 32 FY2026 loans through June; 27 of 71 in FY2025); 10% equity injection for startups and acquisitions
Credit check:
Lender does not publish a minimum score; full credit underwriting (SBA: SBSS 165+ for expedited loans ≤$350K)
Personal guarantee:
Required from owners of 20% or more (SBA rule)
Collateral & lien:
Secured — collateral on all 103 FY2025–26 SBA 7(a) loans (bank cites "minimal collateral requirements")

Speed & Service

How fast you get funded and how the lender treats you.

Time to funding:
Lender does not publish; SBA 7(a) typically 30 to 90 days application to funding (PLP approval in-house skips the 5 to 10 business-day SBA review)
Lender status:
Active SBA Preferred Lender (last 7(a) approval Jun 10, 2026; 55 loans in the 12 months to Jun 30, 2026)

Company Verification

Who actually stands behind the lender: legal entity, registration, and how long the business and its website have existed. Checked against public registries.

Legal entity:
FWBank
Registered in:
Illinois (FDIC cert #59195)
Company formed:
Chartered 2021
Website domain registered:
Nov 2020
Follow:
Share on:
Listing image

Best for: Startups, franchisees and young businesses needing a $300K to $5M SBA 7(a) loan; its mission targets women founders, but any for-profit business qualifies.

Not for: Borrowers needing under $100K, cash within days, posted rates or no collateral.

Lender List verdict: First Women's Bank, a Chicago SBA Preferred Lender chartered in 2021, approved 55 SBA 7(a) loans worth $70.8M in the 12 months to June 30, 2026. Its 9.25% median starting rate is about Prime + 2, and closing takes weeks.

First Women's Bank at a glance

First Women's Bank (FWBank)
Lender typeFDIC-insured bank; SBA Preferred Lender
Founded / HQ2021 / Chicago, Illinois
Amounts7(a) $100K to $5M; 504 up to $10M
Cost (headline)9.25% median rate, variable (last 12 months)
TermUp to 25 years; 10 years typical
StatusActive; last SBA approval June 10, 2026

What is First Women's Bank (FWBank)?

First Women's Bank (legally FWBank) is a $206.7 million Chicago bank that received Illinois' first new bank charter in over a decade in July 2021. It aims to narrow the lending gap for women and has made 200 SBA 7(a) loans with zero charge-offs.

First Women's Bank SBA programs

First Women's Bank offers SBA 7(a) loans up to $5 million and SBA 504 loans (via a Certified Development Company) up to $10 million, both for up to 25 years.

  • 7(a): variable, fully amortizing; real estate, equipment, working capital, acquisitions
  • Volume: 71 loans in FY2025, 32 in FY2026 through June; median loan $697,700 (last 12 months)
  • Preferred Lender: approved 52 of 55 recent loans in-house
  • Franchises: 89 of 200 loans; top brands F45 Training, Urban Air and Prime IV

First Women's Bank rates and fees: what it really costs

First Women's Bank's SBA 7(a) loans had a 9.25% median starting rate in the 12 months to June 30, 2026, a median spread of Prime + 2.0; the bank posts no rates. At today's 7.00% Prime, SBA caps loans above $350K at 10.0% and loans of $250,001 to $350K at 11.5%.

Worked example: $350,000 over 10 years at 9.25% costs $4,481.15 a month, $537,737.43 in total. The $7,875 SBA guaranty fee (3% of the 75% guaranteed share) lifts the APR to about 9.79%.

First Women's Bank requirements

First Women's Bank follows SBA rules.

RequirementFirst Women's Bank minimum
Business sizeWithin SBA size standards
Down payment10% (0% for some existing practices)
Personal guaranteeOwners of 20% or more
CollateralTaken on all 103 FY2025–26 loans
Credit score / revenueLender does not publish
Time to closeLender does not publish; 30 to 90 days typical

Frequently asked questions about First Women's Bank

Where Is First Women's Bank Located? First Women's Bank has one office, at 29 N. Wacker Drive, Suite 900, in Chicago; call (312) 690-4522. Its SBA loans reach 34 states, led by Illinois and Texas.

How Big Is First Women's Bank? First Women's Bank held $206.7 million in assets at June 30, 2026, per FDIC data, which dates its charter to July 12, 2021. It approved $70.8 million of SBA 7(a) loans in the 12 months to June 30, 2026.

How Long Does First Women's Bank Take to Close an SBA Loan? First Women's Bank publishes no timeline; most 7(a) loans take 30 to 90 days to fund. As a Preferred Lender since FY2023, it approves in-house, skipping the 5 to 10 business-day SBA review.

Does First Women's Bank Lend to Startups? Yes. 39 of its 103 FY2025–26 loans funded businesses not yet open, and 69% of last-12-month loans went to businesses two years old or less. Expect a 10% injection, collateral and a personal guarantee.

Compare more SBA 7(a) lenders, or see Illinois peer Busey Bank and SBA lender Milestone Bank.

SBA figures: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).

Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.

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