Updated November 13, 2026
Quick answer
As of November 2026, a $10 million business loan is almost always secured and tied to a project: commercial real estate, an SBA 504 project, an asset-based line against receivables and inventory, or a bank loan shared among banks. It is above the SBA 7(a) maximum of $5 million, and a 504 project caps the SBA part at $5 million ($5.5 million for small manufacturers). Lenders typically want cash flow of about 1.25x the payment. Axiant Partners, a business-loan broker in Boca Raton, places large loans. These are typical figures, not a quote.
Who Lends $10 Million, and Against What
At this size the question is not which lender is easiest but which collateral and which program can carry the amount. Five structures reach $10 million; an SBA 7(a) loan on its own does not, because its maximum is $5 million.
| Structure | Secured by | Size rule | Usually fits |
|---|---|---|---|
| Commercial real estate loan | The building | Lender’s LTV and DSCR tests | Buying or refinancing property |
| SBA 504 project | Bank first lien plus a CDC second | 504 part up to $5M, or $5.5M for manufacturers | Owner-occupied buildings, heavy equipment |
| Asset-based line | Receivables and inventory | A borrowing base, recalculated often | Distributors, manufacturers |
| Bank term loan or participation | Cash flow and all business assets | One bank’s legal lending limit | Acquisitions, recapitalizations |
| USDA B&I guaranteed loan | Real estate, equipment, a USDA guarantee | Up to $25M per borrower | Businesses in eligible rural areas |
Sources: 13 CFR 120.931 for the 504 limits, 7 CFR 5001.406 for USDA B&I (see USDA Business & Industry loans). Most real deals combine two of these, for example a 504 loan for the building and an asset-based line for working capital. If the project is property, start with commercial real estate loans; for a purchase of a company, see business acquisition financing, or $1M-$5M acquisition loans for deals inside the SBA limit.
Why $10 Million Is Different From $5 Million
Three things change once a request passes $5 million.
The SBA 7(a) door closes. The SBA’s 7(a) program tops out at $5 million, so a $10 million need is either split across structures or financed outside the SBA. Our $5 million business loan guide covers the 7(a) end of the market.
One bank may not be allowed to lend it all. Under 12 CFR 32.3, a national bank’s loans to one borrower generally can’t exceed 15% of its capital and surplus, plus another 10% if the excess is fully secured by readily marketable collateral. A bank with $50 million of capital and surplus can lend one borrower about $7.5 million under the general limit. A $10 million loan from that bank means it sells part of the loan to other banks (a participation) or brings in a co-lender. State banks follow their state’s limits, which are often similar.
Underwriting becomes covenant lending. Expect reviewed or audited financial statements, a debt service coverage test and often a leverage test that are checked every quarter or year, and reporting duties for as long as the loan is outstanding.
Worked Example: An $11 Million Building Through SBA 504
Illustrative, not a quote. An established manufacturer buys and renovates its own building for $11,000,000. A standard 504 split puts about $9.9 million of debt on the project:
| Piece | Share | Amount | Rule |
|---|---|---|---|
| Bank first-lien loan | 50% | $5,500,000 | At least equal to the 504 loan (13 CFR 120.920) |
| CDC 504 loan | 40% | $4,400,000 | Under the $5M, or $5.5M manufacturer, limit |
| Borrower contribution | 10% | $1,100,000 | Minimum for an established business (120.910) |
Two things move the borrower’s share. A business that has operated two years or less, or a special-purpose building, needs at least 15%, and both together need 20% (13 CFR 120.910). At 15% on the same project the contribution is $1,650,000 and the 504 loan falls to $3,850,000. And because the 504 part is capped, a larger project puts more on the bank loan, which then runs into the lending limit above. Our SBA 504 guide and 504 fees page cover the rest.
What Cash Flow Supports $10 Million
Most lenders size a loan this large on debt service coverage: the cash flow available for debt payments divided by the payments. At a common 1.25x test, here is what a fully amortizing $10 million loan needs at two rate scenarios (computed; not quotes):
| Rate and amortization | Monthly payment | Annual payments | Cash flow at 1.25x |
|---|---|---|---|
| 7%, 10 years | About $116,100 | About $1.39M | About $1.74M a year |
| 7%, 25 years | About $70,700 | About $848,000 | About $1.06M a year |
| 9%, 10 years | About $126,700 | About $1.52M | About $1.90M a year |
| 9%, 25 years | About $83,900 | About $1.01M | About $1.26M a year |
The spread between rows is why structure matters more than rate. The same $10 million on a 25-year real estate schedule needs roughly $640,000 to $680,000 less cash flow a year than on a 10-year equipment or acquisition schedule. Lenders also look at global cash flow, meaning the owners’ other debts and income. Use the DSCR formula to test your own numbers.
What Lenders Typically Ask For at This Size
- Three years of financial statements, reviewed or audited by a CPA, plus interim statements and tax returns.
- Projections that show the loan’s purpose paying for itself, with the assumptions written down.
- A debt schedule for the business and its owners.
- Third-party reports: an appraisal, and for real estate usually a Phase I environmental assessment, ordered early because they set the timeline.
- Personal guarantees from the larger owners on most bank and SBA structures.
- A clear use of funds, priced out: purchase contract, construction budget or acquisition model.
For an asset-based line, add receivable agings and inventory reports, since the borrowing base is recalculated from them, commonly monthly or more often.
How to Get a $10 Million Business Loan, Step by Step
- Name the project and the collateral. A building, a company, equipment or receivables each point to a different structure in the table above.
- Run the coverage test yourself at a conservative rate before you talk to a lender.
- Get the statements reviewed if they are only compiled. It is the most common gap at this size.
- Decide on the equity: 10% to 20% on a 504 project, often more on a conventional or acquisition loan.
- Approach lenders that hold loans this size, or a broker who knows which banks can lend $10 million without a participation.
- Order the third-party reports as soon as a term sheet is signed.
When you have the project and the numbers, get matched with lenders that do large loans.
Frequently Asked Questions
Can you get a $10 million SBA loan?
Not as a single 7(a) loan, which tops out at $5 million. An SBA 504 project can reach $10 million or more in total, because a bank lends at least as much as the 504 loan, but the 504 part itself is capped at $5 million, or $5.5 million for small manufacturers and energy projects.
What do you need to qualify for a $10 million business loan?
Typically several years of reviewed or audited financials, cash flow of about 1.25 times the payments, real collateral such as property or receivables, equity in the project and personal guarantees from the larger owners. These are typical requirements, not a lender's rules.
What is the monthly payment on a $10 million business loan?
It depends mostly on the term. At 7% it is about $116,100 a month over 10 years or about $70,700 over 25 years; at 9% about $126,700 or $83,900. These are computed examples, not quotes.
Can a startup get a $10 million business loan?
Rarely, and only with substantial equity and collateral. A business two years old or less needs at least a 15% contribution on an SBA 504 project, and most conventional lenders want an operating history before lending this much.
Why would a bank split a $10 million loan with other banks?
Because of lending limits. A national bank generally can't lend one borrower more than 15% of its capital and surplus, plus 10% with readily marketable collateral, so a smaller bank sells part of a large loan to other banks as a participation.
Are there government loans above $5 million?
Yes. USDA Business and Industry guaranteed loans go up to $25 million per borrower for eligible rural businesses, and an SBA 504 project can exceed $5 million in total because the bank's first-lien loan sits alongside the 504 loan.
Sources & Further Reading
- SBA 7(a) Loans — Program overview and the $5 million maximum loan amount.
- 13 CFR 120.931: 504 lending limits — The $5,000,000 limit per borrower and the $5,500,000 limit for small manufacturers and energy projects.
- 13 CFR 120.910: Borrower contribution — The 10%, 15% and 20% minimum contributions to a 504 project.
- 13 CFR 120.920: Third Party Lender participation — How large the bank's first-lien loan must be relative to the 504 loan.
- 12 CFR 32.3: Lending limits — The national bank limit of 15% of capital and surplus to one borrower, plus 10% with readily marketable collateral.
- 7 CFR 5001.406: Loan limits — USDA Business and Industry guaranteed loans of up to $25 million per borrower.
- OCC Comptroller's Handbook: Asset-Based Lending — How banks lend against receivables and inventory through a borrowing base.
Figures above describe ranges commonly seen across lenders and reflect published guidance as of the date on this page. Confirm current terms with the cited source or your lender before acting.