Open Bank
SBA Preferred Lender bank in Los Angeles: SBA 7(a) loans up to $5M, 8.5% median starting rate (last 12 months), 25-year real estate terms; SBA loans typically close in 30 to 90 days.
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: Owners buying or refinancing owner-occupied real estate or a business who want a bank-held SBA 7(a) loan of about $1M (median $1.1M; up to $5M).
Not for: Borrowers who need a small, fast loan with posted rates.
Lender List verdict: Open Bank is a Los Angeles SBA Preferred Lender that approved 134 7(a) loans worth $225.6 million in the year to June 2026, at a median starting rate of 8.5%. It favors large 25-year real estate deals; pricing comes only after a consultation.
Open Bank at a glance
| Open Bank | |
|---|---|
| Lender type | FDIC-insured bank (cert 57944); SBA Preferred Lender |
| Founded / HQ | 2005, Los Angeles, California |
| Parent/owner | OP Bancorp (Nasdaq: OPBK) |
| Amounts | SBA 7(a) up to $5,000,000 |
| Cost | 8.5% median starting rate (last 12 months); variable |
| Status | Active; last SBA approval June 25, 2026 |
What is Open Bank?
Open Bank is a $2.75 billion Los Angeles community bank, opened in 2005 as First Standard Bank and renamed in 2010. Its parent, OP Bancorp, serves small and mid-sized businesses, focusing on Korean and other minority communities, through branches in California, Texas and Nevada.
How Open Bank's SBA 7(a) loans work
Open Bank makes SBA 7(a) loans up to $5 million and approves them in-house as a Preferred Lender; it does not advertise 504 or Express loans.
- Real estate (51%+ owner-occupied): up to 90% loan-to-value, 25 years
- Business purchase: 75%, 10 years; equipment: 85%, 10 years; working capital: 10 years
- Volume: FY2025, 130 loans ($223.3 million); FY2026 through June, 91 loans ($154.6 million)
- Reach: 35 states, led by California, Texas and Washington
Open Bank SBA rates and fees
Open Bank's 7(a) loans from the last 12 months carried a median starting rate of 8.5%, all variable; it posts no spreads or fees. SBA caps run from Prime + 3% above $350K (10% at today's 7% Prime) to Prime + 4.5% from $250,001 to $350K.
Worked example: a $350,000, 10-year loan at 8.5% costs $4,339.50 a month, or $520,739.89 over 120 payments, including $170,739.89 of interest. The SBA's 3% fee on its 75% guarantee is $7,875; netting it from proceeds puts the APR near 9.03%.
Open Bank requirements
Open Bank publishes no credit score, revenue or time-in-business minimum.
| Requirement | Open Bank minimum |
|---|---|
| Personal credit score | Lender does not publish |
| Annual revenue | Must meet SBA size standards |
| Equity injection | 10%+ for startups and business purchases |
| Guarantee | Personal guarantee from 20%+ owners |
| Time to close | Lender does not publish; SBA 7(a) typically 30 to 90 days |
For smaller loans with posted rates, see Lendistry or browse all SBA 7(a) loans.
Frequently asked questions about Open Bank
Is Open Bank Legit? Yes. Open Bank has operated since 2005, is FDIC-insured (cert 57944), and its parent, OP Bancorp, trades on Nasdaq as OPBK. It is an SBA Preferred Lender that approved 134 7(a) loans in the 12 months to June 2026, with one charge-off among 811 loans since FY2020.
Is Open Bank the Same as Openbank by Santander? No. Most "Open Bank reviews" online describe Openbank, the online savings brand of Santander. Open Bank at myopenbank.com is an unrelated Los Angeles bank, FDIC cert 57944, owned by OP Bancorp, that makes SBA 7(a), commercial real estate and other business loans.
How Long Does Open Bank Take to Close an SBA Loan? Plan on roughly 30 to 90 days; Open Bank publishes no timeline. Preferred Lender status skips the separate SBA review, but most of its loans finance real estate, so appraisals, any 10% equity injection and closing documents still take weeks.
Does Open Bank Lend to Startups? Open Bank does not say. SBA rules permit 7(a) loans to startups that inject at least 10% of the total project cost. Open Bank's free, no-obligation pre-qualification consultation is the best way to learn whether it will finance a new business.
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.
Best for: Owners buying or refinancing owner-occupied real estate or a business who want a bank-held SBA 7(a) loan of about $1M (median $1.1M; up to $5M).
Not for: Borrowers who need a small, fast loan with posted rates.
Lender List verdict: Open Bank is a Los Angeles SBA Preferred Lender that approved 134 7(a) loans worth $225.6 million in the year to June 2026, at a median starting rate of 8.5%. It favors large 25-year real estate deals; pricing comes only after a consultation.
Open Bank at a glance
| Open Bank | |
|---|---|
| Lender type | FDIC-insured bank (cert 57944); SBA Preferred Lender |
| Founded / HQ | 2005, Los Angeles, California |
| Parent/owner | OP Bancorp (Nasdaq: OPBK) |
| Amounts | SBA 7(a) up to $5,000,000 |
| Cost | 8.5% median starting rate (last 12 months); variable |
| Status | Active; last SBA approval June 25, 2026 |
What is Open Bank?
Open Bank is a $2.75 billion Los Angeles community bank, opened in 2005 as First Standard Bank and renamed in 2010. Its parent, OP Bancorp, serves small and mid-sized businesses, focusing on Korean and other minority communities, through branches in California, Texas and Nevada.
How Open Bank's SBA 7(a) loans work
Open Bank makes SBA 7(a) loans up to $5 million and approves them in-house as a Preferred Lender; it does not advertise 504 or Express loans.
- Real estate (51%+ owner-occupied): up to 90% loan-to-value, 25 years
- Business purchase: 75%, 10 years; equipment: 85%, 10 years; working capital: 10 years
- Volume: FY2025, 130 loans ($223.3 million); FY2026 through June, 91 loans ($154.6 million)
- Reach: 35 states, led by California, Texas and Washington
Open Bank SBA rates and fees
Open Bank's 7(a) loans from the last 12 months carried a median starting rate of 8.5%, all variable; it posts no spreads or fees. SBA caps run from Prime + 3% above $350K (10% at today's 7% Prime) to Prime + 4.5% from $250,001 to $350K.
Worked example: a $350,000, 10-year loan at 8.5% costs $4,339.50 a month, or $520,739.89 over 120 payments, including $170,739.89 of interest. The SBA's 3% fee on its 75% guarantee is $7,875; netting it from proceeds puts the APR near 9.03%.
Open Bank requirements
Open Bank publishes no credit score, revenue or time-in-business minimum.
| Requirement | Open Bank minimum |
|---|---|
| Personal credit score | Lender does not publish |
| Annual revenue | Must meet SBA size standards |
| Equity injection | 10%+ for startups and business purchases |
| Guarantee | Personal guarantee from 20%+ owners |
| Time to close | Lender does not publish; SBA 7(a) typically 30 to 90 days |
For smaller loans with posted rates, see Lendistry or browse all SBA 7(a) loans.
Frequently asked questions about Open Bank
Is Open Bank Legit? Yes. Open Bank has operated since 2005, is FDIC-insured (cert 57944), and its parent, OP Bancorp, trades on Nasdaq as OPBK. It is an SBA Preferred Lender that approved 134 7(a) loans in the 12 months to June 2026, with one charge-off among 811 loans since FY2020.
Is Open Bank the Same as Openbank by Santander? No. Most "Open Bank reviews" online describe Openbank, the online savings brand of Santander. Open Bank at myopenbank.com is an unrelated Los Angeles bank, FDIC cert 57944, owned by OP Bancorp, that makes SBA 7(a), commercial real estate and other business loans.
How Long Does Open Bank Take to Close an SBA Loan? Plan on roughly 30 to 90 days; Open Bank publishes no timeline. Preferred Lender status skips the separate SBA review, but most of its loans finance real estate, so appraisals, any 10% equity injection and closing documents still take weeks.
Does Open Bank Lend to Startups? Open Bank does not say. SBA rules permit 7(a) loans to startups that inject at least 10% of the total project cost. Open Bank's free, no-obligation pre-qualification consultation is the best way to learn whether it will finance a new business.
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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