As the heartbeat of the American economy, small businesses often rely on financial support to thrive and expand. In 2023, the landscape of SBA lending is dominated by key players, each making significant contributions to the growth of small enterprises across the nation through their SBA loan programs. This table showcases the top 20 SBA lenders, offering a glimpse into their lending prowess and regional influence.
1. Live Oak
Total # of Loans: 1,122
Total Loan Amount: $1,710,813,700
Average Loan: $1,524,789
Interest Rate: 6.6%
Headquarters: Wilmington, NC
Geographical Focus: Live Oak has a nationwide presence, but it has a strong emphasis on supporting businesses in the Southeastern United States.
Industry/Sector Focus: Live Oak is known for catering to a diverse range of industries, including technology, healthcare, and manufacturing.
2. The Huntington National Bank
Total # of Loans: 4,976
Total Loan Amount: $1,020,221,100
Average Loan: $205,028
Interest Rate: 7.0%
Headquarters: Columbus, OH
Geographical Focus: Huntington operates predominantly in the Midwest, offering extensive SBA lending services to businesses in Ohio and surrounding states.
Industry/Sector Focus: With a versatile portfolio, The Huntington National Bank serves businesses in sectors such as retail, healthcare, and real estate.
3. Newtek Small Business Finance
Total # of Loans: 1,178
Total Loan Amount: $782,822,300
Average Loan: $664,535
Interest Rate: 7.9%
Headquarters: Lake Success, NY
Geographical Focus: Newtek has a nationwide reach, providing SBA loans to businesses throughout the country.
Industry/Sector Focus: Newtek is recognized for its support to technology startups, professional services, and retail businesses.
4. U.S. Bank
Total # of Loans: 3,004
Total Loan Amount: $700,055,200
Average Loan: $233,041
Interest Rate: 7.0%
Headquarters: Cincinnati, OH
Geographical Focus: U.S. Bank operates across the United States, with a strong presence in the Midwest and beyond.
Industry/Sector Focus: U.S. Bank provides SBA loans to businesses in sectors such as agriculture, construction, and hospitality.
5. Celtic Bank
Total # of Loans: 713
Total Loan Amount: $601,136,400
Average Loan: $843,109
Interest Rate: 7.4%
Headquarters: Salt Lake City, UT
Geographical Focus: Celtic Bank serves businesses nationwide, with a particular emphasis on the Western United States.
Industry/Sector Focus: Celtic Bank caters to a wide array of industries, including renewable energy, real estate, and healthcare.
6. Readycap Lending
Total # of Loans: 890
Total Loan Amount: $444,315,300
Average Loan: $499,231
Interest Rate: 7.8%
Headquarters: Berkeley Heights, NJ
Readycap Lending operates out of Berkeley Heights, NJ, and focuses on providing SBA loans to businesses in the Northeastern United States. The company has a diverse industry focus, including manufacturing, professional services, and technology.
7. Byline Bank
Total # of Loans: 341
Total Loan Amount: $418,945,900
Average Loan: $1,228,580
Interest Rate: 7.1%
Headquarters: Chicago, IL
Byline Bank, based in Chicago, IL, is known for its strong presence in the Midwest. The bank specializes in financing businesses in the manufacturing, healthcare, and construction sectors.
8. Wells Fargo
Total # of Loans: 1,681
Total Loan Amount: $375,949,300
Average Loan: $223,646
Interest Rate: 9.3%
Headquarters: Sioux Falls, SD
Wells Fargo, headquartered in Sioux Falls, SD, has a national footprint and focuses on providing SBA loans to a wide range of industries, including agriculture, retail, and hospitality.
9. BayFirst National Bank
Total # of Loans: 1,321
Total Loan Amount: $349,222,600
Average Loan: $264,362
Interest Rate: 8.5%
Headquarters: Saint Petersburg, FL
BayFirst National Bank, based in Saint Petersburg, FL, has a strong presence in the Southeast. The bank specializes in supporting businesses in the tourism, real estate, and healthcare industries.
10. United Midwest Savings Bank
Total # of Loans: 776
Total Loan Amount: $307,039,200
Average Loan: $395,669
Interest Rate: 7.1%
Headquarters: De Graff, OH
United Midwest Savings Bank, headquartered in De Graff, OH, primarily serves businesses in the Midwest. The bank focuses on industries such as agriculture, manufacturing, and retail.
Summarized Overview for the Top 10:
These top 10 SBA lenders for 2023 showcase a diverse range of geographical and industry focuses. From Live Oak’s national reach to Byline Bank’s strong Midwest presence, these lenders play a crucial role in supporting small businesses across various sectors, providing essential financial support for growth and development.
11. BancorpSouth Bank
Total # of Loans: 873
Total Loan Amount: $288,828,200
Average Loan: $330,846
Interest Rate: 7.3%
Headquarters: Tupelo, MS
BancorpSouth Bank, headquartered in Tupelo, MS, serves businesses in the Southern United States. The bank has a notable focus on industries such as agriculture, energy, and healthcare.
12. Harvest Small Business Finance
Total # of Loans: 258
Total Loan Amount: $287,040,900
Average Loan: $1,112,562
Interest Rate: 7.2%
Headquarters: Laguna Hills, CA
Harvest Small Business Finance operates out of Laguna Hills, CA, and specializes in providing substantial SBA loans to businesses in the technology, real estate, and hospitality sectors.
13. Enterprise Bank & Trust
Total # of Loans: 208
Total Loan Amount: $272,329,200
Average Loan: $1,309,275
Interest Rate: 6.1%
Headquarters: Clayton, MO
With headquarters in Clayton, MO, Enterprise Bank & Trust focuses on the Midwest, offering SBA loans to businesses in manufacturing, healthcare, and professional services.
14. Gbank
Total # of Loans: 113
Total Loan Amount: $270,219,900
Average Loan: $2,391,327
Interest Rate: 6.4%
Headquarters: Las Vegas, NV
Gbank, located in Las Vegas, NV, has a regional focus on the Western United States. The bank provides substantial SBA loans, particularly to businesses in the entertainment, tourism, and real estate sectors.
15. Bank of George
Total # of Loans: 113
Total Loan Amount: $270,219,900
Average Loan: $2,391,327
Interest Rate: 6.4%
Headquarters: Las Vegas, NV
Bank of George, also based in Las Vegas, NV, shares a regional focus with Gbank. The bank supports businesses in the Western United States, with a focus on real estate, hospitality, and professional services.
16. First Bank of the Lake
Total # of Loans: 190
Total Loan Amount: $253,672,600
Average Loan: $1,335,119
Interest Rate: 7.2%
Headquarters: Osage Beach, MO
First Bank of the Lake, headquartered in Osage Beach, MO, serves businesses in the Midwest. The bank has a diverse industry focus, including manufacturing, agriculture, and tourism.
17. Bank of America
Total # of Loans: 573
Total Loan Amount: $242,098,600
Average Loan: $422,511
Interest Rate: 3.9%
Headquarters: Charlotte, NC
Bank of America, one of the largest banks on this list, operates nationally with a focus on supporting businesses in various sectors, including finance, healthcare, and technology.
18. TD Bank
Total # of Loans: 1,944
Total Loan Amount: $234,648,700
Average Loan: $120,704
Interest Rate: 9.3%
Headquarters: Wilmington, DE
TD Bank, based in Wilmington, DE, has a strong East Coast presence, offering SBA loans to businesses in retail, hospitality, and healthcare.
19. KeyBank
Total # of Loans: 690
Total Loan Amount: $233,244,000
Average Loan: $338,035
Interest Rate: 7.5%
Headquarters: Cleveland, OH
KeyBank, headquartered in Cleveland, OH, focuses on businesses in the Midwest and Northeast. The bank provides SBA loans to industries such as manufacturing, real estate, and professional services.
20. Commonwealth Business Bank
Total # of Loans: 178
Total Loan Amount: $226,475,500
Average Loan: $1,272,334
Interest Rate: 6.1%
Headquarters: Los Angeles, CA
Commonwealth Business Bank, based in Los Angeles, CA, has a strong focus on supporting businesses in Southern California. The bank provides SBA loans to a variety of industries, including entertainment, technology, and healthcare.
Conclusion
The top 20 SBA lenders for 2023 collectively contribute to the economic growth and development of small businesses across the United States. From regional players like BancorpSouth Bank to national giants like Bank of America, these financial institutions play a vital role in providing essential funding and support to businesses in various industries and regions. Small businesses seeking SBA loans can benefit from exploring the diverse offerings and geographical focuses of these top lenders.