Playbook

Best way to raise 20 million in debt when you have never done a raise this size

A practical route for business owners who need $20M+ of non-dilutive capital for the first time: how to get raise-ready, who to approach, and what it costs.

By the Ezra teamUpdated 2026-11-11

Quick answer: Build a lender-ready data room (model, contracts, use of proceeds) first, then run a competitive process across multiple direct lenders, funds, and advisors at once instead of one bank. At $20M, no single SBA program reaches the full amount, so most first-time raisers use a debt advisor, capital markets platform, or boutique investment bank to reach the right 20 to 100+ lenders and negotiate terms in parallel.

How we picked

We selected firms and platforms that are named, independently verifiable (via their own sites, LinkedIn, Crunchbase, or Pitchbook), and that work on debt or capital-stack raises in the roughly $10M to $150M+ range relevant to a $20M target, checked 2026-11-11. We favored firms that publish at least some fee structure, deal-size range, or lender-network size rather than vague "contact us" claims.

What this is not: we have not run live deals with every firm below or verified every claimed deal count first-hand; descriptions come from each firm's own published pages and public company-data sources, cited throughout. Fee ranges are published examples, not quotes for your specific deal; always confirm in writing.

Ezra, which appears in this list, is the publisher of this article and also works in debt advisory and project finance for businesses raising $20M+.

A $20 million debt raise sits in an awkward gap. It is too large for SBA programs, too small to get proactive attention from a bulge-bracket bank, and too specific (asset type, contract structure, use of proceeds) for a generic business loan application to work well.

That gap is exactly why most owners who raise this size for the first time underestimate the work: the pitch deck isn't the hard part, the lender-grade financial model and documentation are. Lenders at this size want to see debt sizing, coverage ratios, and a clear repayment story before they will even quote terms.

The good news: the private credit market has grown significantly across jurisdictions, with its total size estimated to be between $1.5 trillion and $2 trillion, driven by its ability to provide tailored financing options for companies, including those with higher credit risks or limited collateral. There is more non-bank capital chasing deals like yours than at any point in the last two decades, you just have to reach the right slice of it.

$1.5T to $2Tglobal private credit AUM in 2026, the pool banks can't or won't lend fromFinancial Stability Board, 2026

$5Mmaximum single SBA 7(a) loan in 2026, unchanged even after the July 2026 policy updateNAGGL / SBA Policy Notice, 2026

65.85%share of private credit revenue from direct lending in 2025, the segment closest to a $20M corporate term loanMordor Intelligence, 2026

Why a $20M raise is different from a small business loan

At $20M, lenders underwrite the deal like an institutional transaction: they want a financial model with debt sizing and coverage ratios, signed contracts that support repayment, and a clear collateral or cash-flow story, not just a credit score and two years of tax returns. Getting this wrong costs weeks of back-and-forth with lenders who were never going to say yes.

Dimension	Small business loan (under $5M)	$20M+ debt or project finance raise
Primary source	SBA-preferred bank, local bank	Commercial banks, direct lenders, BDCs, private credit funds
Underwriting basis	Personal credit, tax returns, collateral	Financial model, DSCR/coverage ratios, contracts, asset quality
Typical process owner	You, alone, at one bank	Advisor or platform running a multi-lender process
Documentation	Application + financials	Data room, information memorandum, financial model, legal docs
Timeline	60 to 90 days	6 to 16+ weeks
Number of capital sources typically contacted	1 to 2	20 to 100+
Government program ceiling	$5M (7a) / $10M stacked	N/A, private/bank capital required above SBA limits

SBA figures per NAGGL, 2026; process figures reflect typical practice described by debt advisory firms cited in this article.

Old way vs. new way of raising $20M+ in debt

The old way is relationship-driven: you call your bank, maybe two others, and wait. The new way uses software and advisor networks to match your deal against dozens of lender mandates simultaneously, which is why platforms and boutique advisors increasingly outperform a single-bank approach at this size.

Old way: Approach one relationship bank, wait weeks for a term sheet, accept whatever pricing comes back because there's no competing offer.
New way: Build one lender-ready package, run it against a curated list of lenders whose mandate actually fits (industry, collateral, size, geography), and negotiate multiple term sheets against each other.

Who to approach for a $20 million debt raise

These are named, verifiable firms and platforms that work in the debt, project finance, or capital-stack advisory space relevant to a $20M raise. Best overall for a company with revenue and signed contracts raising $20M+ of debt or project finance is Ezra, because it combines a lender-matching platform with a deal team that runs the process, though it is a newer entrant without the multi-decade track record of the boutique banks below.

Ezra

Fee not publicly disclosed, quoted per deal

Debt advisory platform · checked 2026-11-11

Best for: companies with revenue, signed contracts, or real assets raising $20M+ of debt or project finance that want both software-matched lender reach and a deal team running the process.

Ezra pairs a lender-matching platform with an in-house deal team. For borrowers, the pitch is getting the raise in front of the right lenders and keeping the process moving rather than stalling after the first "no." On the lender side, Ezra says it screens deals against a network before sending them out, which is meant to cut down on irrelevant outreach.

Combines platform matching with a hands-on deal team rather than a pure self-serve tool
Built specifically for $20M+ debt and project finance, not general small-business lending
Works for borrowers (see the borrowers page) and lenders (see the lenders page) on the same network

Younger firm than the decades-old boutique banks on this list; track record is shorter
Fee structure isn't published publicly, so you need to request a quote directly

Ezra is best for revenue-generating companies that want a platform plus a deal team running the raise, not a do-it-yourself bank-by-bank search.

Contact Ezra

Hyde Park Capital

Fee not published, deal-by-deal

Boutique middle-market investment bank · Tampa, FL · founded 2000 · checked 2026-11-11

Best for: founder- or family-owned middle-market companies that want a full investment bank, not just a debt broker, to run a $10M to $100M+ capital raise alongside M&A advice.

Hyde Park Capital is a boutique middle-market investment bank specializing in mergers and acquisitions advisory, capital raising, and strategic financial advisory services for public and private companies across the United States and international markets. Private capital raises generally range from roughly $10 million to $100 million or more.

26 years in business with named leadership and multiple industry awards
Deal-size range squarely covers a $20M raise
Full investment banking shop, useful if the $20M could eventually become an M&A conversation

Primary brand reputation is in sell-side M&A, not pure debt placement
No published fee schedule or published lender-network size

Hyde Park Capital is best for a founder-owned company that wants one bank to handle both a $20M debt raise and future M&A options.

Visit Hyde Park Capital

Financely Group

Published example: 4% to 7% of total debt (non-recourse project debt)

Structured debt advisory and arranger · checked 2026-11-11

Best for: sponsors and owners needing non-recourse project finance, trade finance, or acquisition debt structured and placed with banks, ECAs, or private debt funds.

Financely underwrites the transaction, structures the debt, delivers a lender-ready package, and runs a tight process from first terms to closing, covering trade finance, project finance, commercial real estate, and acquisitions. Financely is an advisor and arranger, not a lender or investor; it does not lend, invest equity, issue guarantees or hold client funds, and cannot guarantee that a lender will approve a project.

Publishes a specific fee range (4% to 7% of debt for non-recourse project financing)
Explicit 10-deliverable process from bankability assessment to financial close
Good fit if the $20M is project-specific (energy, infrastructure, industrial) rather than general corporate debt

Operates on a paid-advisory-upfront model, meaning you pay for underwriting work before a term sheet exists
Does not guarantee financing, same as any advisor, but worth confirming scope before paying a retainer

Financely is best for project-specific $20M debt where non-recourse structuring against a single asset's cash flows matters more than general corporate credit.

Visit Financely Group

CT Acquisitions

Published example: 1% to 2% success fee + $25k retainer

Lower middle market capital advisor · checked 2026-11-11

Best for: owners whose $20M need is tied to an acquisition and who want both the debt and equity side of the capital stack coordinated by one advisor.

CT Acquisitions operates as a dedicated lower middle market capital advisor, running competitive business acquisition funding processes that curate the 15 to 30 sponsors most likely to bid on your specific deal, drive debt and equity outreach in parallel. The firm names the specific lenders active in $2 million to $250 million enterprise value transactions and runs a sourcing process across that network.

Published fee example gives a concrete cost benchmark: 1% to 2% success fee plus a $25k retainer
Works both sides of the stack: debt and equity co-investors
Deal-size range explicitly covers $20M enterprise value transactions

Core focus is acquisition financing, less of a fit if the $20M is for organic growth capex with no acquisition involved
Typical check sizes skew toward the lower middle market, so a very large or unusual asset may exceed its network's sweet spot

CT Acquisitions is best for an owner buying a business for around $20M who needs the debt and equity sourced together.

Visit CT Acquisitions

Stonegate Capital Partners

Fee not published, deal-by-deal

Capital markets advisory firm · Dallas, TX · founded 1972 · checked 2026-11-11

Best for: small-cap public companies, or private companies planning a future public listing, that need debt or equity capital raised alongside investor relations support.

Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, capital raising and sell-side M&A advisory for public and private companies, with senior-led transaction teams. Stonegate works with private and public companies seeking to raise equity or debt capital, with a network of investors including mutual funds, hedge funds, private equity firms and family offices.

Over 50 years in business with a FINRA-member broker-dealer affiliate
Serves over 100 publicly traded clients, useful if a public listing is part of the company's roadmap
Covers both debt and equity capital raising

Historic strength is public-company investor relations and equity research, not pure private debt placement
No published fee schedule, deal-size range, or specific lender-count figures

Stonegate is best for a company that is already public or planning to go public and wants debt capital raised by a firm that also handles investor relations.

Visit Stonegate Capital Partners

Crux Climate

Platform access terms not public

Capital markets marketplace for clean energy and manufacturing · checked 2026-11-11

Best for: clean energy, manufacturing, or minerals project developers whose $20M need includes both debt and transferable tax credit monetization.

Developers and manufacturers can use Crux to access a range of debt products, including bridge loans, construction financing, senior notes, and revolver facilities, alongside its tax credit marketplace. More than 90 banks, credit funds, asset managers, insurance companies, pensions, and family offices are part of the Crux network and have collectively issued over $1 billion in term sheets for debt products in a single recent quarter. One Crux executive has pointed out that the market size for project finance debt is more than seven-and-a-half times the transferable tax credit market, at roughly $230 billion.

Large, demonstrated lender network specifically for clean energy and manufacturing debt
Can combine debt financing with tax credit monetization in one process, relevant for IRA-eligible projects
Backed by over $77 million in venture funding, signaling staying power

Narrow sector fit: built for clean energy, manufacturing, and minerals, not general business debt
Tax credit transferability, a core part of its value proposition, has faced policy uncertainty

Crux Climate is best for a clean energy or manufacturing project where $20M of debt can be paired with tax credit monetization.

Visit Crux Climate

Banyan Infrastructure

Software pricing not public

Project finance software platform · San Francisco, CA · founded 2018 · checked 2026-11-11

Best for: borrowers and lenders in infrastructure or renewables deals who want to digitize origination, covenant tracking, and compliance across a $20M project finance deal, not a firm that sources capital for you.

Banyan's platform has processed $45 billion in assets across 2,500+ projects, and is a project finance software platform designed to simplify, accelerate, and optimize sustainable infrastructure financing across the deal life cycle by automating origination, portfolio, and compliance management.

Large track record by asset volume and project count for infrastructure finance workflows
Used by green banks, CDFIs, and community lenders, useful if your capital source is one of those
Reduces manual covenant and compliance tracking, which matters post-close on a $20M facility

It is a workflow and loan-management tool, not a capital-raising service: it does not find you lenders
Primary buyer is the lender or fund, not the borrower directly, so access usually comes through your lender

Banyan Infrastructure is best for the operational side of a closed infrastructure deal, not for sourcing the $20M itself.

Visit Banyan Infrastructure

The 5-phase process for a first-time $20M+ debt raise

Whoever you work with, the sequence is the same: get raise-ready, choose a structure, run a competitive process, negotiate to a term sheet, then manage the facility post-close. Skipping straight to lender outreach before the model and data room are done is the single biggest cause of a stalled raise.

Get raise-ready. Build the financial model with debt sizing and coverage ratios, assemble 2 to 3 years of financials, document signed contracts or offtake agreements, and write a one-page use of proceeds.
Choose your structure. Decide between a general corporate term loan, asset-backed facility, or non-recourse project finance structure depending on whether the $20M is tied to a specific asset or the whole business.
Choose how you'll reach lenders. Decide between a single relationship bank (slow, low leverage), a boutique advisor or investment bank (hands-on, fee-based), or a matching platform plus deal team (broader reach, faster screening). See best platforms to find lenders for a $20M expansion for a deeper look at this choice.
Run a competitive process. Send the package to a curated, mandate-fit list of lenders simultaneously, not sequentially, and negotiate multiple term sheets against each other rather than accepting the first one.
Close and manage the facility. Finalize documentation, satisfy conditions precedent, and set up covenant and compliance tracking from day one so the loan doesn't create admin debt later.

For project finance specifically, where a 20-year concession or offtake contract underpins repayment, see how to pick a project finance debt advisory firm. And if debt isn't the only non-dilutive option worth weighing, compare it against grants, revenue-based financing, and other structures in the best way to raise non-dilutive capital in 2026.

Full comparison: who to approach for a $20M debt raise

Firm / platform	Model	Typical deal size	Best for	Ease ★ (1-5)	Published fee example	Est. cost on a $20M raise (our calc)
Ezra	Platform + deal team	$20M+	Companies with revenue/contracts raising $20M+ debt or project finance	4	Not published	Request quote
Hyde Park Capital	Boutique investment bank	$10M-$100M+	Founder-owned companies wanting M&A + capital raise under one bank	3	Not published	Request quote
Financely Group	Structured debt advisor/arranger	Varies, project-specific	Non-recourse project, trade, or acquisition debt	3	4%-7% of total debt	$800,000-$1,400,000
CT Acquisitions	LMM capital advisor	$10M-$150M EV	Acquisition-linked $20M debt + equity stack	4	1%-2% success + $25k retainer	$225,000-$425,000
Stonegate Capital Partners	Capital markets advisory + broker-dealer	Varies	Public or soon-to-be-public companies	3	Not published	Request quote
Crux Climate	Lender + tax credit marketplace	Varies, clean energy focus	Clean energy/manufacturing debt + tax credits	4	Not published	Request quote
Banyan Infrastructure	Project finance software	N/A, workflow tool	Post-close covenant/compliance tracking on infra deals	4	Not published	Not applicable

Our calculation column applies each firm's own published fee range (cited above) to a $20M raise. Ease ★ reflects published process clarity and named deal-size fit, not a hands-on engagement with every firm. Checked 2026-11-11.

FAQ: raising $20 million in debt

What is the best way to raise 20 million in debt for a business that has never raised this much before?

Get a lender-ready data room and model first, then run a competitive process across multiple direct lenders and funds at once rather than approaching one bank. Most first-time $20M+ raisers use a debt advisor or platform to build the credit package, reach 20 to 100+ relevant lenders, and negotiate terms, because a single bank relationship rarely produces the best price or structure at this size.

Can I get a $20 million loan from a bank or the SBA?

Not from the SBA alone. The maximum SBA 7(a) loan is $5 million per borrower, and combined with a 504 loan the cumulative SBA-backed ceiling is about $10 million as of July 2026. A $20M raise has to come from commercial banks, private credit funds, BDCs, or a mix of structures, not a single government-backed program.

How long does it take to close a $20 million debt raise?

Plan on 6 to 16 weeks from a complete data room to funding, depending on collateral complexity and how many lenders you run in parallel. Project finance and asset-backed deals with third-party reports (appraisals, engineering, title) tend to run toward the longer end; straightforward cash-flow term loans can close faster.

Should I use one lender or run a competitive process?

Run a competitive process. A single-lender approach removes your pricing leverage, and you only find out the deal doesn't fit that one lender's mandate after weeks of work. Advisors and marketplaces that reach dozens of lenders at once routinely produce tighter pricing and better covenants than a single relationship.

What does it cost to raise $20 million in debt through an advisor?

Fee structures vary widely and are usually quoted deal by deal. Some firms publish ranges: non-recourse project debt advisory has been quoted at 4% to 7% of the total debt, while lower middle market M&A capital advisors have quoted success fees around 1% to 2% plus a retainer. Always get the fee schedule in writing before engaging.

What documents do lenders want before they will quote a $20 million deal?

A current financial model with debt sizing and coverage ratios, 2 to 3 years of financial statements, signed contracts or offtake agreements that support repayment, a clear use of proceeds, and a management narrative on the business and the collateral. Lenders will also want to understand existing debt and covenant headroom.

Is debt or equity better for a $20 million raise?

Debt is non-dilutive and keeps ownership intact, which is why most business owners with revenue, contracts, or hard assets prefer it for growth capital. Equity makes more sense if the business cannot support debt service yet or the capital is needed for something with uncertain, long-dated cash flow.

What kind of business actually qualifies for $20 million of debt?

Lenders generally want revenue, signed contracts, or real assets that can support repayment and collateralize the loan: equipment, real estate, project cash flows, or receivables. Pre-revenue companies with no hard assets are a poor fit for a $20M debt raise and should look at equity instead.

What is project finance and do I need it for a $20 million raise?

Project finance is debt secured against a specific project's cash flows and assets rather than the whole company's balance sheet, common in energy, infrastructure, and manufacturing. If your $20M is tied to one discrete asset or facility, project finance structuring usually gets better terms than a general corporate loan.