I have a small lump near my elbow is sore and very painful, I am type2 diabetic?

Many possibilities. Some causes of painful “lumps” may include: bony overgrowths, soft tissue masses, ganglions, fibromas, and cysts. Have it evaluated by a professional to get the right diagnosis.
Elbow lump. Not enough information. Swelling could be a swollen bursa or an inflamed lymph node among other causes.