Milestone Bank
SBA 7(a) lender, $500K to $5M, 10 to 25 yrs. FY2026 rates median 9.50% (Prime-based), PLP in-house approval, finances startups and buyouts. Best for big deals.
Rates & Cost
What the financing costs, normalized so lenders can be compared.
Repayment Terms
How and how fast you pay it back, and how flexible it is.
Eligibility & Access
Who qualifies and what you have to put on the line.
Speed & Service
How fast you get funded and how the lender treats you.
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.
Best for: Buyers of an existing business or franchise, and owners funding a startup or expansion, who need an SBA 7(a) loan of roughly $500K to $5M and can put down at least 10%.
Not for: Borrowers who need less than $500K, want money in days, or don't meet SBA size, citizenship and guarantee rules. If you were searching for the Milestone credit card, that card comes from a different bank.
Lender List verdict: Milestone Bank is a small Utah bank that approved 69 SBA 7(a) loans worth $133.4M in FY2026 (SBA lender report as of September 30, 2026), with a real appetite for acquisitions and startups. Expect pricing near Prime + 2.75% (about 9.75% today), just under the SBA's 10% cap on loans over $350K, and no published fees or timeline until you get a term sheet.
Milestone Bank at a glance
Milestone Bank makes SBA 7(a) loans of $500K to $5M nationwide.
| Milestone Bank | |
|---|---|
| Lender type | FDIC-insured bank (cert 58148); SBA Preferred Lender (PLP) |
| Founded | 2006 as LCA Bank Corporation; renamed December 2023 |
| HQ | Salt Lake City, Utah; second office in Troy, Michigan |
| Parent/owner | Affiliate of Lease Corporation of America (per 2023 rebrand) |
| Products | SBA 7(a), equipment finance, asset-based lending, deposits |
| Amounts | $500K to $5M (SBA, posted) |
| Cost (headline) | FY2026 SBA rates 8.5% to 10.0%, median 9.50% (through June 30, 2026) |
| Term | 10 to 25 years, fully amortizing |
| Funding speed | Lender does not publish; standard SBA 7(a) loans often take 60 to 90 days |
| Status | Active; SBA lender in FY2026 |
What is Milestone Bank?
Milestone Bank is an FDIC-insured bank in Salt Lake City, Utah, chartered in 2006, that makes SBA loans of $500K to $5M nationwide. This Milestone Bank review covers SBA lending only and leans on official SBA data, since we found no customer reviews. Chartered as LCA Bank Corporation, the banking affiliate of Lease Corporation of America, it adopted the Milestone name in December 2023 and held about $342 million in assets in mid-2026.
Beyond SBA loans, Milestone offers equipment loans and leases, asset-based lines (launched February 2026) and business deposits. Since FY2020 its SBA 7(a) loans have gone to projects in 32 states, led by Texas (28 loans) and Florida (26). It has no connection to the Milestone Mastercard, a consumer credit card issued by The Bank of Missouri.
Milestone Bank's SBA programs
Milestone Bank approved 69 SBA 7(a) loans worth $133.4M in FY2026, up from 54 loans and $76.6M in FY2025. It can structure bridge and pari passu deals, and as an SBA Preferred Lender (PLP) it approves 7(a) loans without sending each file to the SBA.
| SBA 7(a) data | FY2025 | FY2026 |
|---|---|---|
| Loans approved | 54 | 69 |
| Dollars approved | $76.6M | $133.4M |
| Average loan size | $1.42M | $1.93M |
Source: SBA Lender 7(a) Activity reports, as of September 30, 2025 and September 30, 2026.
Of 55 FY2026 loans approved through June 30, 2026, 47 went through PLP, seven through SBA Express and one as a CAPLine; all were variable-rate, and 33 were business purchases. FY2025 leaned toward restaurants (15 loans). Milestone's SBA page does not mention 504 loans. Loan mix: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
How a Milestone Bank SBA loan works
A Milestone Bank SBA loan runs $500K to $5M over 10 to 25 years, underwritten and approved in-house by the bank's SBA team.
- Amount: $500K to $5M posted; nine FY2026 loans under $500K, the smallest $100K
- Term: 10 years for working capital and acquisitions, up to 25 with real estate
- Payments: monthly, fully amortizing, variable rate tied to Prime
- Collateral: taken on 54 of 55 FY2026 loans (through June 30, 2026)
- Funding speed: lender does not publish; standard SBA 7(a) loans often take 60 to 90 days
Milestone Bank rates and fees: what it really costs
Milestone Bank's FY2026 SBA 7(a) loans carried variable rates of 8.5% to 10.0%, averaging 9.27% (median 9.50%) through June 30, 2026. Loans are priced at WSJ Prime plus a spread; with Prime at 7.00% today, the SBA caps loans over $350K at 10.0% and loans of $250,001 to $350K at 11.5%. Milestone does not publish its spread; FY2026 rates, set when Prime was mostly 6.75%, suggest about Prime + 2.75%.
- SBA upfront guaranty fee: 2% of the guaranteed portion up to $150K; 3% on $150,001 to $700K; 3.5% to $1M and 3.75% above; 0% up to $700K for manufacturers and some rural and food-supply businesses
- Prepayment: SBA fee only on loans of 15+ years, when you prepay 25%+ in the first three years (5%, 3%, 1%)
- Lender fees: not published
Worked example: $350,000 over 10 years at 9.27% costs $4,484.96 a month. Over 120 payments you repay $538,194.80, or $188,194.80 in interest. Add the SBA guaranty fee ($350,000 × 75% guaranteed × 3% = $7,875) and the total cost is $196,069.80, roughly 9.8% APR with the fee financed. At today's Prime + 2.75% (9.75%) the payment is $4,576.96; at the 11.5% cap, $4,920.84. $350K is below Milestone's posted floor, though two FY2026 $300K loans priced at 9.50%.
Milestone Bank requirements
Milestone Bank follows SBA rules: a 10% equity injection on startups and buyouts, and a personal guarantee from every 20% owner.
| Requirement | Milestone Bank minimum |
|---|---|
| SBA size standard | Must be small for your NAICS code (most non-manufacturers under $7.5M average receipts; most manufacturers 500 employees or fewer) |
| Equity injection | 10% of project cost for startups and full changes of ownership |
| Personal guarantee | Required from every owner of 20% or more |
| Ownership | All owners U.S. citizens or nationals living in the U.S. (rule effective Mar 1, 2026; under legal challenge) |
| Loan size | $500K posted minimum |
| Credit score / time in business | Lender does not publish |
| Time to close | Lender does not publish; standard 7(a) loans often take 60 to 90 days |
Since October 1, 2026, SBA rules require cash flow covering debt 1.25 times on first-time business purchases and an independent valuation on deals over $350K.
Pros and cons
Milestone Bank's strength is in-house approval of large loans (FY2026 average $1.93M); its drawback is a $500K minimum.
Pros
- PLP status: in-house approval, no separate SBA review
- FY2026 rates (median 9.50%) ran about Prime + 2.75%, just under the Prime + 3.0% cap
- Comfortable with large deals (FY2026 average $1.93M)
- Finances startups and business purchases (87 of 109 SBA loans from FY2025 through June 30, 2026)
- 25-year terms available on real-estate deals
Cons
- $500K posted minimum rules out smaller borrowers
- No published rates, fees, credit floor or timeline
- Small bank: about $342M in assets
- No public customer reviews to judge service
- Easily confused with the Milestone credit card
Milestone Bank alternatives on Lender List
If Milestone Bank's $500K minimum is too high, Lendistry and iBusiness Funding offer SBA 7(a) loans from $10K and $15K.
- Busey Bank — Illinois bank also writing large SBA loans (51 FY2026 loans averaging about $1.05M; SBA report as of September 30, 2026)
- Lendistry — non-bank SBA Preferred Lender with 7(a) loans from $10K
- iBusiness Funding — national SBA fintech platform matching borrowers with 7(a) lenders from $15K to $5M
- Browse all SBA 7(a) loans and acquisition financing on Lender List
Frequently asked questions about Milestone Bank
Milestone Bank's SBA loans run $500K to $5M; seven common questions follow.
Is Milestone Bank Legit? Yes. Milestone Bank is an FDIC-insured bank (certificate 58148) operating since 2006 and an SBA Preferred Lender with 149 SBA 7(a) loans since FY2020 and no recorded charge-offs. No BBB, Trustpilot or Google review profile exists, and no enforcement actions are on file. Weiss rates its safety D+, which matters more to depositors than borrowers.
What Bank Is the Milestone Credit Card? The Milestone Mastercard is a consumer credit card issued by The Bank of Missouri, not by Milestone Bank. Milestone Bank in Salt Lake City, formerly LCA Bank Corporation, is a business lender that makes SBA 7(a), equipment and asset-based loans.
How Long Does Milestone Bank Take to Close an SBA Loan? Milestone Bank does not publish a timeline, but standard SBA 7(a) loans commonly take 60 to 90 days from application to funding. Because Milestone is an SBA Preferred Lender, it approves the guarantee in-house and skips the 5 to 10 business days of SBA review that a non-delegated lender would add.
Does Milestone Bank Lend to Startups? Yes. In FY2025, 23 of Milestone Bank's 54 SBA loans financed businesses that had not yet opened, and FY2026 data through June 30, 2026 shows nine more. Startups must inject at least 10% of the project cost, and every owner of 20% or more must personally guarantee the loan.
What Is the Minimum Loan at Milestone Bank? Milestone Bank posts a $500K minimum and a $5M maximum, the SBA 7(a) ceiling. SBA data shows nine FY2026 loans under $500K, the smallest $100K, so exceptions exist, but plan on $500K or more; smaller borrowers can compare Lendistry or iBusiness Funding.
How Big Is Milestone Bank? Milestone Bank held about $342 million in assets in mid-2026, down from $391 million a year earlier. That makes it a small bank, but its SBA lending is outsized: 69 7(a) loans worth $133.4M in FY2026 (SBA report as of September 30, 2026).
Where Is Milestone Bank Located? Milestone Bank's head office is at 310 S. Main Street in Salt Lake City, Utah, and it has a second office in Troy, Michigan. It lends nationwide: its SBA 7(a) loans since FY2020 went to projects in 32 states, led by Texas and Florida.
Last verified 2026-10-26. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
Best for: Buyers of an existing business or franchise, and owners funding a startup or expansion, who need an SBA 7(a) loan of roughly $500K to $5M and can put down at least 10%.
Not for: Borrowers who need less than $500K, want money in days, or don't meet SBA size, citizenship and guarantee rules. If you were searching for the Milestone credit card, that card comes from a different bank.
Lender List verdict: Milestone Bank is a small Utah bank that approved 69 SBA 7(a) loans worth $133.4M in FY2026 (SBA lender report as of September 30, 2026), with a real appetite for acquisitions and startups. Expect pricing near Prime + 2.75% (about 9.75% today), just under the SBA's 10% cap on loans over $350K, and no published fees or timeline until you get a term sheet.
Milestone Bank at a glance
Milestone Bank makes SBA 7(a) loans of $500K to $5M nationwide.
| Milestone Bank | |
|---|---|
| Lender type | FDIC-insured bank (cert 58148); SBA Preferred Lender (PLP) |
| Founded | 2006 as LCA Bank Corporation; renamed December 2023 |
| HQ | Salt Lake City, Utah; second office in Troy, Michigan |
| Parent/owner | Affiliate of Lease Corporation of America (per 2023 rebrand) |
| Products | SBA 7(a), equipment finance, asset-based lending, deposits |
| Amounts | $500K to $5M (SBA, posted) |
| Cost (headline) | FY2026 SBA rates 8.5% to 10.0%, median 9.50% (through June 30, 2026) |
| Term | 10 to 25 years, fully amortizing |
| Funding speed | Lender does not publish; standard SBA 7(a) loans often take 60 to 90 days |
| Status | Active; SBA lender in FY2026 |
What is Milestone Bank?
Milestone Bank is an FDIC-insured bank in Salt Lake City, Utah, chartered in 2006, that makes SBA loans of $500K to $5M nationwide. This Milestone Bank review covers SBA lending only and leans on official SBA data, since we found no customer reviews. Chartered as LCA Bank Corporation, the banking affiliate of Lease Corporation of America, it adopted the Milestone name in December 2023 and held about $342 million in assets in mid-2026.
Beyond SBA loans, Milestone offers equipment loans and leases, asset-based lines (launched February 2026) and business deposits. Since FY2020 its SBA 7(a) loans have gone to projects in 32 states, led by Texas (28 loans) and Florida (26). It has no connection to the Milestone Mastercard, a consumer credit card issued by The Bank of Missouri.
Milestone Bank's SBA programs
Milestone Bank approved 69 SBA 7(a) loans worth $133.4M in FY2026, up from 54 loans and $76.6M in FY2025. It can structure bridge and pari passu deals, and as an SBA Preferred Lender (PLP) it approves 7(a) loans without sending each file to the SBA.
| SBA 7(a) data | FY2025 | FY2026 |
|---|---|---|
| Loans approved | 54 | 69 |
| Dollars approved | $76.6M | $133.4M |
| Average loan size | $1.42M | $1.93M |
Source: SBA Lender 7(a) Activity reports, as of September 30, 2025 and September 30, 2026.
Of 55 FY2026 loans approved through June 30, 2026, 47 went through PLP, seven through SBA Express and one as a CAPLine; all were variable-rate, and 33 were business purchases. FY2025 leaned toward restaurants (15 loans). Milestone's SBA page does not mention 504 loans. Loan mix: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
How a Milestone Bank SBA loan works
A Milestone Bank SBA loan runs $500K to $5M over 10 to 25 years, underwritten and approved in-house by the bank's SBA team.
- Amount: $500K to $5M posted; nine FY2026 loans under $500K, the smallest $100K
- Term: 10 years for working capital and acquisitions, up to 25 with real estate
- Payments: monthly, fully amortizing, variable rate tied to Prime
- Collateral: taken on 54 of 55 FY2026 loans (through June 30, 2026)
- Funding speed: lender does not publish; standard SBA 7(a) loans often take 60 to 90 days
Milestone Bank rates and fees: what it really costs
Milestone Bank's FY2026 SBA 7(a) loans carried variable rates of 8.5% to 10.0%, averaging 9.27% (median 9.50%) through June 30, 2026. Loans are priced at WSJ Prime plus a spread; with Prime at 7.00% today, the SBA caps loans over $350K at 10.0% and loans of $250,001 to $350K at 11.5%. Milestone does not publish its spread; FY2026 rates, set when Prime was mostly 6.75%, suggest about Prime + 2.75%.
- SBA upfront guaranty fee: 2% of the guaranteed portion up to $150K; 3% on $150,001 to $700K; 3.5% to $1M and 3.75% above; 0% up to $700K for manufacturers and some rural and food-supply businesses
- Prepayment: SBA fee only on loans of 15+ years, when you prepay 25%+ in the first three years (5%, 3%, 1%)
- Lender fees: not published
Worked example: $350,000 over 10 years at 9.27% costs $4,484.96 a month. Over 120 payments you repay $538,194.80, or $188,194.80 in interest. Add the SBA guaranty fee ($350,000 × 75% guaranteed × 3% = $7,875) and the total cost is $196,069.80, roughly 9.8% APR with the fee financed. At today's Prime + 2.75% (9.75%) the payment is $4,576.96; at the 11.5% cap, $4,920.84. $350K is below Milestone's posted floor, though two FY2026 $300K loans priced at 9.50%.
Milestone Bank requirements
Milestone Bank follows SBA rules: a 10% equity injection on startups and buyouts, and a personal guarantee from every 20% owner.
| Requirement | Milestone Bank minimum |
|---|---|
| SBA size standard | Must be small for your NAICS code (most non-manufacturers under $7.5M average receipts; most manufacturers 500 employees or fewer) |
| Equity injection | 10% of project cost for startups and full changes of ownership |
| Personal guarantee | Required from every owner of 20% or more |
| Ownership | All owners U.S. citizens or nationals living in the U.S. (rule effective Mar 1, 2026; under legal challenge) |
| Loan size | $500K posted minimum |
| Credit score / time in business | Lender does not publish |
| Time to close | Lender does not publish; standard 7(a) loans often take 60 to 90 days |
Since October 1, 2026, SBA rules require cash flow covering debt 1.25 times on first-time business purchases and an independent valuation on deals over $350K.
Pros and cons
Milestone Bank's strength is in-house approval of large loans (FY2026 average $1.93M); its drawback is a $500K minimum.
Pros
- PLP status: in-house approval, no separate SBA review
- FY2026 rates (median 9.50%) ran about Prime + 2.75%, just under the Prime + 3.0% cap
- Comfortable with large deals (FY2026 average $1.93M)
- Finances startups and business purchases (87 of 109 SBA loans from FY2025 through June 30, 2026)
- 25-year terms available on real-estate deals
Cons
- $500K posted minimum rules out smaller borrowers
- No published rates, fees, credit floor or timeline
- Small bank: about $342M in assets
- No public customer reviews to judge service
- Easily confused with the Milestone credit card
Milestone Bank alternatives on Lender List
If Milestone Bank's $500K minimum is too high, Lendistry and iBusiness Funding offer SBA 7(a) loans from $10K and $15K.
- Busey Bank — Illinois bank also writing large SBA loans (51 FY2026 loans averaging about $1.05M; SBA report as of September 30, 2026)
- Lendistry — non-bank SBA Preferred Lender with 7(a) loans from $10K
- iBusiness Funding — national SBA fintech platform matching borrowers with 7(a) lenders from $15K to $5M
- Browse all SBA 7(a) loans and acquisition financing on Lender List
Frequently asked questions about Milestone Bank
Milestone Bank's SBA loans run $500K to $5M; seven common questions follow.
Is Milestone Bank Legit? Yes. Milestone Bank is an FDIC-insured bank (certificate 58148) operating since 2006 and an SBA Preferred Lender with 149 SBA 7(a) loans since FY2020 and no recorded charge-offs. No BBB, Trustpilot or Google review profile exists, and no enforcement actions are on file. Weiss rates its safety D+, which matters more to depositors than borrowers.
What Bank Is the Milestone Credit Card? The Milestone Mastercard is a consumer credit card issued by The Bank of Missouri, not by Milestone Bank. Milestone Bank in Salt Lake City, formerly LCA Bank Corporation, is a business lender that makes SBA 7(a), equipment and asset-based loans.
How Long Does Milestone Bank Take to Close an SBA Loan? Milestone Bank does not publish a timeline, but standard SBA 7(a) loans commonly take 60 to 90 days from application to funding. Because Milestone is an SBA Preferred Lender, it approves the guarantee in-house and skips the 5 to 10 business days of SBA review that a non-delegated lender would add.
Does Milestone Bank Lend to Startups? Yes. In FY2025, 23 of Milestone Bank's 54 SBA loans financed businesses that had not yet opened, and FY2026 data through June 30, 2026 shows nine more. Startups must inject at least 10% of the project cost, and every owner of 20% or more must personally guarantee the loan.
What Is the Minimum Loan at Milestone Bank? Milestone Bank posts a $500K minimum and a $5M maximum, the SBA 7(a) ceiling. SBA data shows nine FY2026 loans under $500K, the smallest $100K, so exceptions exist, but plan on $500K or more; smaller borrowers can compare Lendistry or iBusiness Funding.
How Big Is Milestone Bank? Milestone Bank held about $342 million in assets in mid-2026, down from $391 million a year earlier. That makes it a small bank, but its SBA lending is outsized: 69 7(a) loans worth $133.4M in FY2026 (SBA report as of September 30, 2026).
Where Is Milestone Bank Located? Milestone Bank's head office is at 310 S. Main Street in Salt Lake City, Utah, and it has a second office in Troy, Michigan. It lends nationwide: its SBA 7(a) loans since FY2020 went to projects in 32 states, led by Texas and Florida.
Last verified 2026-10-26. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
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