SBA loans play a crucial role in providing financial assistance to entrepreneurs and small business owners. For those in West Virginia seeking SBA loans, understanding the key players in the lending landscape is essential. Here’s a breakdown of the top SBA lenders in West Virginia based on the number of loans, average loan amount, and average interest rates.
West Virginia Preferred SBA Lenders
| Rank | Bank | Bank HQ | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | Columbus, OH | 63 | $282,921 | 7.0% |
| 2 | Citizens Bank of West Virginia | Elkins, WV | 8 | $193,563 | 4.9% |
| 3 | Bank of Charles Town | Charles Town, WV | 5 | $468,000 | 6.8% |
| 4 | BayFirst National Bank | Saint Petersburg, FL | 5 | $162,000 | 8.4% |
| 5 | Live Oak | Wilmington, NC | 5 | $852,000 | 6.8% |
| 6 | The First Bank and Trust | Lebanon, VA | 4 | $410,375 | 4.7% |
| 7 | BancorpSouth Bank | Tupelo, MS | 3 | $350,000 | 8.8% |
| 8 | Clear Mountain Bank | Bruceton Mills, WV | 3 | $728,500 | 6.8% |
| 9 | FNB Bank | Romney, WV | 3 | $282,333 | 5.1% |
| 10 | Newtek Small Business Finance | Lake Success, NY | 3 | $157,333 | 7.3% |
| 11 | Peoples Bank | Marietta, OH | 3 | $172,300 | 7.5% |
Top Industries for SBA loans in West Virginia
| Rank | Industry | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Full-Service Restaurants | 11 | $426,209 | 7.1% |
| 2 | Hotels (except Casino Hotels) and Motels | 7 | $2,856,857 | 6.0% |
| 3 | Limited-Service Restaurants | 5 | $802,900 | 7.0% |
| 4 | Electrical Contractors | 4 | $122,500 | 7.3% |
| 5 | Beauty Salons | 4 | $45,250 | 6.5% |
| 6 | Landscaping Services | 4 | $29,450 | 6.1% |
| 7 | Offices of Chiropractors | 4 | $187,500 | 8.1% |
| 8 | Residential Remodelers | 4 | $413,425 | 8.0% |
| 9 | Pet Care (except Veterinary) Services | 3 | $106,333 | 7.5% |
| 10 | All Other Professional, Scientific, and Technical Services | 3 | $233,333 | 4.9% |
| 11 | General Freight Trucking, Long Distance, Truckload | 3 | $19,500 | 6.9% |
| 12 | Insurance Agencies and Brokerages | 3 | $53,133 | 8.0% |
Top SBA Loan Franchises in West Virginia
| Rank | FranchiseName | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Dairy Queen of VA., Inc – Dair | 2 | $471,250 | 6.4% |
| 2 | Maaco | 2 | $475,000 | 8.0% |
| 3 | USA Insulation | 2 | $400,000 | 9.0% |
| 4 | Fox’s Pizza Den | 2 | $294,500 | 6.2% |
| 5 | Speedy Furniture | 2 | $346,000 | 6.6% |
| 6 | Fairfield Inn by Marriott | 2 | $4,100,000 | 7.8% |
| 7 | Rainbow International | 2 | $162,500 | 6.3% |
| 8 | Days Inn | 2 | $2,850,000 | 5.0% |
Top West Virginia SBA Loan Borrowers by Jobs Supported
| Rank | Business | Location | Industry | Loan Size | Interest Rate | Jobs |
|---|---|---|---|---|---|---|
| 1 | MARLAND HOLDINGS LLP | Martinsburg, WV | Automotive Body, Paint, and Interior Repair and Maintenance | $250K – $500K | 8.0% | 60 |
| 2 | FORTUNE REALTY LLC | Martinsburg, WV | Cafeterias, Grill Buffets, and Buffets | $1M – $2.5M | 7.0% | 44 |
| 3 | JHS GROUP LLC | Inwood, WV | All Other Specialty Trade Contractors | $250K – $500K | 7.5% | 42 |
| 4 | HEERA LLC | Morgantown, WV | Limited-Service Restaurants | $1M – $2.5M | 6.8% | 40 |
| 5 | KLM PROPERTIES INC. | Morgantown, WV | Administrative Management and General Management Consulting Services | $1M – $2.5M | 5.6% | 38 |
| 6 | YOUNGS RESTAURANT GROUP LLC | Montgomery, WV | Limited-Service Restaurants | $500K – $1M | 6.8% | 37 |
| 7 | JAJA LLC | Parkersburg, WV | Full-Service Restaurants | $250K or less | 6.0% | 35 |
| 8 | M & G LOGISTICS INC. | Fairmont, WV | General Freight Trucking, Local | $250K – $500K | 4.3% | 35 |
| 9 | JVG RESTAURANT GROUP LLC | Bridgeport, WV | Full-Service Restaurants | $250K – $500K | 9.0% | 31 |
| 10 | PEPPERMINT CREEK OF POINT PLEA | Point Pleasant, WV | Limited-Service Restaurants | $250K – $500K | 8.0% | 30 |
| 11 | HANNAPREMIER LLC | Newell, WV | Full-Service Restaurants | $500K – $1M | 7.3% | 30 |
| 12 | PAXSON ENTERPRISE LLC | Inwood, WV | Drywall and Insulation Contractors | $250K – $500K | 9.0% | 24 |
| 13 | JP’S VENTURES LTD | Nitro, WV | Residential Remodelers | $1M – $2.5M | 7.1% | 24 |
| 14 | BLUE RIBBON REALTY LLC | Martinsburg, WV | Offices of Real Estate Agents and Brokers | $250K – $500K | 9.8% | 22 |
| 15 | BREAD OF LIFE BAKERY LLC | Clarksburg, WV | Retail Bakeries | $500K – $1M | 6.0% | 22 |
| 16 | FERGUSON’S GREAT OUTDOORS MARI | Lavalette, WV | Boat Dealers | $2.5M – $5M | 6.3% | 22 |
| 17 | AJ GWINN ENTERPRISES LLC | Clarksburg, WV | Limited-Service Restaurants | $250K – $500K | 7.5% | 20 |
| 18 | DC ELECTRIC LLC | Bunker Hill, WV | Electrical Contractors | $250K – $500K | 5.0% | 20 |
| 19 | NEELY’S GROCERY INC. | Wheeling, WV | Supermarkets and Other Grocery (except Convenience) Stores | $500K – $1M | 5.5% | 19 |
| 20 | WINGATE BY WYNDHAM VIENNA WV | Vienna, WV | Hotels (except Casino Hotels) and Motels | $2.5M – $5M | 4.8% | 18 |
| 21 | LAWN ENFORCEMENT LLC | Kearneysville, WV | Landscaping Services | $250K or less | 6.8% | 17 |
| 22 | WP MANAGEMENT LLC | Weirton, WV | Furniture Stores | $250K – $500K | 6.6% | 16 |
| 23 | KWUN’S OGAWA INC | Morgantown, WV | Full-Service Restaurants | $250K – $500K | 6.0% | 16 |
| 24 | BROWN TRUCKING INC | Clarksburg, WV | General Freight Trucking, Long Distance, Truckload | $250K or less | 6.3% | 12 |
| 25 | TURNKEY INTEGRATED SYSTEMS LLC | Chester, WV | Electrical Contractors | $250K or less | 8.1% | 12 |
| 26 | G-TECHNOLOGIES INC | Augusta, WV | All Other Professional, Scientific, and Technical Services | $250K or less | 4.3% | 12 |
| 27 | UNIVERSAL INNOVATIONS CONSULTI | Beckley, WV | Residential Remodelers | $250K or less | 7.5% | 12 |
| 28 | ACOUSTIC RESEARCH SYSTEMS LLC | Shepherdstown, WV | All Other Professional, Scientific, and Technical Services | $250K – $500K | 6.3% | 12 |
| 29 | NEW MANAGEMENT CONCEPTS LLC | Petersburg, WV | Full-Service Restaurants | $250K – $500K | 6.9% | 12 |
| 30 | 6311 CHS WV INC. | Charleston, WV | Hotels (except Casino Hotels) and Motels | $2.5M – $5M | 5.0% | 12 |
| 31 | CURTIS ENTERPRISES INC. | Weston, WV | Automotive Oil Change and Lubrication Shops | $250K or less | 6.0% | 11 |
| 32 | PEARLE 88 INC | Logan, WV | Women’s, Children’s, and Infants’ Clothing and Accessories Merchant Wh | $250K – $500K | 9.0% | 11 |
Note about SBA lenders near me in West Virginia
When it comes to top West Virginia SBA lenders, it’s a common inquiry whether any of the listed banks are 1) included in the West Virginia preferred lender list, 2) approved lenders in West Virginia, or 3) active participants in the West Virginia SBA Express lending program. These queries center around the ability of a given SBA bank to facilitate small business SBA loans in West Virginia swiftly. The answer is an unequivocal yes. These aren’t your run-of-the-mill banks making only a handful of SBA loans annually; these are institutions well-versed in the intricacies of the SBA 7(a) loan program. They stand out as the top performers in West Virginia, as evidenced by our thorough analysis of thousands of SBA loans each year, leading us to rank lenders based on recent activity.
It’s crucial to note that while some banks may limit their lending to specific regions, there exist a select few highly assertive nationwide SBA lenders that operate nationally. These lenders possess a profound understanding of the SBA program and execute transactions with remarkable speed. Therefore, we advise against restricting your search solely to your home state. Our lender match tool proves invaluable in this regard. By utilizing it, we can identify suitable SBA banks tailored to your specific needs, be it geography, industry, company size, all at no cost or obligation to you. This service aims to save you valuable time and ensure a seamless SBA loan process.