SBA loan statistics: Top SBA lenders by state

Small Business

9 min read Published December 07, 2023

Written by

Sarah George

Edited by

Emily Maracle

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The U.S. Small Business Administration (SBA) guarantees business loans offered through lenders trained and approved by the SBA. You can choose from a variety of SBA loans based on your business needs and the loan that offers the best terms and interest rates. Since the SBA sets limits on interest rates and offers long repayment terms, SBA loans are competitive compared to conventional business loans.

The most popular SBA loan programs are the 7(a) loans used for general funding needs and real estate or 504 loans, which are used for buying fixed assets like equipment that boost your business’s growth. In this article, we review the top SBA loan lenders that offer 7(a) loans in your state.

Map: Top SBA lenders by state

On this map, the top SBA lenders in each state offer the most funding by dollar amount, based on the SBA weekly lending report for fiscal year 2023. Many of these top lenders have SBA Preferred Lender status, allowing them to process SBA applications more efficiently.

Top SBA lenders by state

See which states offer the most SBA 7(a) funds overall and which lenders in each state back small businesses with the highest funding amounts. We broke down the top SBA lenders by state into the regions of Northeast, South, West and Midwest to make it easier to see the top lenders and total SBA amounts for the 2023 fiscal year.

Northeast

State	Total SBA amount funded in state	Top 5 SBA lenders
Connecticut	$290.42 million	Webster Bank National Association ($45.01 million) Live Oak Bank ($32.05 million) Celtic Bank Corporation ($19.26 million) Manufacturers and Traders Trust Company ($18.11 million) Berkshire Bank ($14.53 million)
Maine	$73.8 million	Bangor Savings Bank ($10.52 million) Maine Community Bank ($9.93 million) Live Oak Bank ($6.65 million) TD Bank ($6.54 million) Customers Bank ($4.86 million)
Massachusetts	$434.72 million	Eastern Bank ($41.6 million) Live Oak Bank ($29.06 million) TD Bank ($24.26 million) Webster Bank National Association ($22.83 million) Cambridge Savings Bank ($14.45 million)
New Hampshire	$98.24 million	TD Bank ($10.68 million) Enterprise Bank and Trust Company ($10.02 million) Readycap Lending, LLC ($7.46 million) The Fidelity Bank ($4.45 million) Bangor Savings Bank ($4.26 million)
New Jersey	$966 million	TD Bank ($96.89 million) Live Oak Bank ($62.86 million) Meridian Bank ($50.16 million) FinWise Bank ($38.03 million) Newtek Small Business Finance, Inc. ($37.24 million)
New York	$1.26 billion	TD Bank ($128.78 million) Manufacturers and Traders Trust Company ($90.91 million) FinWise Bank ($68.23 million) Live Oak Bank ($58.24 million) JPMorgan Chase Bank ($54.3 million)
Pennsylvania	$765.58 million	The Huntington National Bank ($62.39 million) Meridian Bank ($54.63 million) Wilmington Savings Fund Society ($42.38 million) Live Oak Bank ($38.55 million) Fulton Bank ($35.7 million)
Rhode Island	$71.44 million	Bristol County Savings Bank ($6.6 million) Citizens Bank ($6.06 million) HarborOne Bank ($6.03 million) Bank Rhode Island ($4.88 million) Berkshire Bank ($4.73 million)
Vermont	$38.51 million	MVB Bank, Inc. ($4.65 million) Byline Bank ($4.63 million) Ledyard National Bank ($4.12 million) TD Bank ($2.55 million) Celtic Bank Corporation ($2.55 million)

Amounts accurate for fiscal year 2023, ending September 30, 2023.

Bankrate insight

SBA loans are highly competitive because they offer long repayment terms, and the Small Business Administration caps the interest rates that lenders can charge. But SBA loans can take time to process and may not be the best option for strong credit borrowers.

South

State	Total SBA amount funded in state	Top 5 SBA lenders
Alabama	$287 million	Live Oak Bank ($35.02 million) Synovus Bank ($20.74 million) Newtek Small Business Finance, Inc. ($16.91 million) Berkshire Bank ($11.06 million) Readycap Lending ($10.61 million)
Arkansas	$199.45 million	First Financial Bank ($35.58 million) First Service Bank ($18.69 million) Live Oak Bank ($13.79 million) Arvest Bank ($12.22 million) Arkansas Capital Corporation ($11.87 million)
Delaware	$75.01 million	Wilmington Savings Fund Society ($12.79 million) Manufacturers and Traders Trust Company ($9.74 million) Hanover Community Bank ($5 million) Firstrust Savings Bank ($4.8 million) Fulton Bank ($4.39 million)
Florida	$2.23 billion	TD Bank ($112.75 million) Newtek Small Business Finance, Inc. ($108.33 million) Live Oak Bank ($104.35 million) BayFirst National Bank ($101.96 million) The Huntington National Bank ($88.13 million)
Georgia	$1.18 billion	Live Oak Bank ($60.86 million) Metro City Bank ($57.42 million) First IC Bank ($38.87 million) CapStar Bank ($34.33 million) Georgia’s Own Credit Union ($32.95 million)
Kentucky	$196.84 million	Live Oak Bank ($16.7 million) Stock Yards Bank & Trust Company ($16.63 million) Republic Bank & Trust Company ($13.74 million) The Huntington National Bank ($13.07 million) Community Trust Bank, Inc. ($9.43 million)
Louisiana	$245.31 million	Live Oak Bank ($28.55 million) American Bank ($22.95 million) First Financial Bank ($18.82 million) Newtek Small Business Finance, Inc. ($15.33 million) b1BANK ($14.9 million)
Maryland	$363.22 million	Manufacturers and Traders Trust Company ($38.98 million) Live Oak Bank ($24.69 million) Fulton Bank ($19.33 million) Berkshire Bank ($16.78 million) Newtek Small Business Finance, Inc. ($14.28 million)
Mississippi	$209.12 million	Peoples Bank ($25.15 million) Southern AgCredit ($13.86 million) BankPlus ($13.63 million) BankFirst Financial Services ($12.91 million) Community Bank of Mississippi ($12.46 million)
North Carolina	$874.53 million	Live Oak Bank ($126.24 million) GBank ($51.98 million) Pinnacle Bank ($32.52 million) Bank of Oak Ridge ($30.82 million) Dogwood State Bank ($29.19 million)
Oklahoma	$238.12 million	BancFirst ($38.21 million) Live Oak Bank ($19.13 million) Newtek Small Business Finance, Inc. ($15.07 million) Arvest Bank ($8.64 million) Security Bank ($8.35 million)
South Carolina	$371.67 million	Live Oak Bank ($44.21 million) Pinnacle Bank ($25.64 million) SouthState Bank ($20.27 million) United Community Bank ($19.16 million) GBank ($18.85 million)
Tennessee	$372.37 million	Live Oak Bank ($40.17 million) The Huntington National Bank ($28.46 million) Newtek Small Business Finance, Inc. ($14.91 million) Newtek Bank ($13.78 million) First Bank of the Lake ($13.3 million)
Texas	$2.82 billion	Live Oak Bank ($207.2 million) Wallis Bank ($138.77 million) The Huntington National Bank ($99.08 million) Newtek Small Business Finance, Inc. ($81.99 million) Readycap Lending, LLC ($76.72 million)
Virginia	$495.32 million	Live Oak Bank ($41.66 million) The Huntington National Bank ($21.88 million) Newtek Small Business Finance, Inc. ($19.4 million) The First Bank and Trust Company ($18.03 million) First National Bank of Pennsylvania ($16.8 million)
West Virginia	$53.78 million	The Huntington National Bank ($13.36 million) GBank ($6.1 million) Live Oak Bank ($3.8 million) Community Trust Bank, Inc. ($3.17 million) WesBanco Bank, Inc. ($3 million)

Amounts accurate for fiscal year 2023, ending September 30, 2023.

Bankrate insight

You can choose from a variety of SBA loans that serve different financing purposes. The types of SBA loans include:

SBA 7(a) loans: Used for general funding purposes, including paying operating expenses, expanding or acquiring businesses or buying equipment or real estate.
SBA 504 loans: Used for buying assets like equipment or real estate or funding a real estate construction or renovation project.
SBA Express loans: Used as working capital to fund day-to-day operating expenses or make business or equipment purchases and more. This SBA loan funds up to $500,000, and the SBA can approve its side of the loan in 36 hours or less.
SBA Community Advantage loans: Typically offered through SBA-approved nonprofit or community-based lenders, this loan allows you to get working capital up to $350,000. It caters to minority business owners or businesses in low-income communities.
SBA microloans: These loans offer funding up to $50,000 through SBA-approved microlenders, which are typically nonprofits. This type of loan tends to have relaxed loan criteria, including accepting borrowers with subprime credit or low revenue.

West

State	Total SBA amount funded in state	Top 5 SBA lenders
Alaska	$73.51 million	Alaska Growth Capital BIDCO, Inc. ($15.3 million) Northrim Bank ($11.32 million) Readycap Lending, LLC ($5.59 million) KeyBank National Association ($5.24 million) Newtek Small Business Finance, Inc. ($4.81 million)
Arizona	$683.79 million	Live Oak Bank ($74.71 million) Celtic Bank Corporation ($32.6 million) St. Louis Bank ($26.15 million) MidFirst Bank ($25.13 million) Bell Bank ($24.47 million)
California	$3.63 billion	Live Oak Bank ($221.48 million) U.S. Bank ($193.97 million) Newtek Small Business Finance, Inc. ($151.78 million) Harvest Small Business Finance, LLC ($146.31 million) Wells Fargo Bank ($143.73 million)
Colorado	$856 million	Live Oak Bank ($93.75 million) The Huntington National Bank ($54.3 million) Hanmi Bank ($33.11 million) CrossFirst Bank ($33.01 million) Midwest Regional Bank ($32.39 million)
Hawaii	$49.73 million	Live Oak Bank ($7.16 million) Central Pacific Bank ($7.07 million) Newtek Small Business Finance, Inc. ($6.01 million) Byline Bank ($4.28 million) Commonwealth Business Bank ($3.73 million)
Idaho	$204.96 million	Idaho Central CU ($26.76 million) Umpqua Bank ($14.61 million) Live Oak Bank ($12.22 million) Mountain America FCU ($11.06 million) Zions Bank ($9.64 million)
Montana	$66.2 million	The Yellowstone Bank ($6.13 million) Readycap Lending, LLC ($5.45 million) Lendistry SBLC, LLC ($5.38 million) Stone Bank ($4.84 million) Hanover Community Bank ($3.34 million)
Nevada	$325.99 million	Zions Bank ($23.19 million) Enterprise Bank & Trust ($22.05 million) City National Bank ($21.79 million) America First FCU ($20.54 million) Newtek Small Business Finance, Inc. ($19.5 million)
New Mexico	$135.83 million	Live Oak Bank ($25.2 million) Western Commerce Bank ($21.84 million) Open Bank ($9.27 million) Readycap Lending, LLC ($8.9 million) Peoples Bank ($5 million)
Oregon	$415.11 million	Live Oak Bank ($45.55 million) Summit Bank ($37.24 million) Umpqua Bank ($34.82 million) Pacific Western Bank ($20.95 million) U.S. Bank ($17.76 million)
Utah	$437.81 million	Mountain America FCU ($41.16 million) America First FCU ($32.14 million) Central Bank ($30.84 million) Zions Bank ($24.77 million) Live Oak Bank ($24.1 million)
Washington	$842.39 million	Readycap Lending, LLC ($63.51 million) KeyBank National Association ($50.17 million) Umpqua Bank ($43.9 million) Celtic Bank Corporation ($39.31 million) Live Oak Bank ($37.99 million)
Wyoming	$51.04 million	Live Oak Bank ($9.7 million) Newtek Small Business Finance, Inc. ($5.35 million) Exos Small Business Lending LLC ($5 million) Wells Fargo Bank ($4.77 million) Byline Bank ($4.46 million)

Amounts accurate for fiscal year 2023, ending September 30, 2023.

Bankrate insight

With SBA loans, the Small Business Administration guarantees part of the loan, which means that it will pay back the lender part of the money borrowed if you default on the loan. To offset the SBA’s risk, the SBA charges a guarantee fee that the borrower has to pay to get the loan. Guarantee fees apply to loan amounts over $1 million.

Midwest

State	Total SBA amount funded in state	Top 5 SBA lenders
Illinois	$977.63 million	Byline Bank ($138.56 million) The Huntington National Bank ($96.12 million) Millenium Bank ($37.99 million) Live Oak Bank ($35.5 million) Village Bank and Trust ($29.15 million)
Indiana	$492.77 million	The Huntington National Bank ($58.03 million) Live Oak Bank ($31.03 million) Old National Bank ($27.34 million) Centier Bank ($25.2 million) Merchants Bank of Indiana ($22.57 million)
Iowa	$99.14 million	Lincoln Savings Bank ($9.04 million) Newtek Small Business Finance, Inc. ($6.99 million) Celtic Bank Corporation ($4.73 million) First Interstate Bank ($4.03 million) TD Bank ($4 million)
Kansas	$205.33 million	Live Oak Bank ($21.25 million) Emprise Bank ($11.74 million) First Bank of the Lake ($7.93 million) Equity Bank ($7.89 million) LendingClub Bank ($7.83 million)
Michigan	$803.72 million	The Huntington National Bank ($201.84 million) First Internet Bank of Indiana ($47.9 million) Fifth Third Bank ($36.19 million) The State Bank ($36.12 million) Live Oak Bank ($34.81 million)
Minnesota	$614.47 million	Old National Bank ($41.36 million) Frandsen Bank & Trust ($32.13 million) First Bank & Trust ($32.1 million) BankVista ($30.86 million) The Huntington National Bank ($28.13 million)
Missouri	$499.85 million	OakStar Bank ($58.3 million) Live Oak Bank ($34.99 million) Midwest Regional Bank ($19 million) Regent Bank ($14.36 million) U.S. Bank ($11.95 million)
Nebraska	$105.29 million	First State Bank Nebraska ($15.05 million) Union Bank and Trust Company ($12.99 million) Wells Fargo Bank ($6.13 million) BMO Bank National Association ($4.42 million) First Internet Bank of Indiana ($4.32 million)
North Dakota	$34.31 million	Aspire Bank ($4.85 million) Alerus Financial ($4.09 million) Choice Financial Group ($3.26 million) First International Bank & Trust ($3.01 million) Bremer Bank ($1.9 million)
Ohio	$1.01 billion	The Huntington National Bank ($327.15 million) First Commonwealth Bank ($49.71 million) Live Oak Bank ($48.89 million) KeyBank National Association ($41.43 million) Fifth Third Bank ($26.99 million)
South Dakota	$57.16 million	First Bank & Trust ($15.96 million) Byline Bank ($7.71 million) First Interstate Bank ($5.42 million) Black Hills FCU ($4.61 million) Enterprise Bank & Trust ($3.07 million)
Wisconsin	$482.11 million	Old National Bank ($32 million) Byline Bank ($28.09 million) Nicolet National Bank ($19.09 million) Citizens Community Federal National Association ($18.95 million) Hiawatha National Bank ($18.85 million)

Amounts accurate for fiscal year 2023, ending September 30, 2023.

How to apply for an SBA loan

Applying for an SBA loan involves multiple steps since you’re working with both the lender and the Small Business Administration. The entire approval process, from beginning to end, can take anywhere from 30 to 90 days. The process typically looks like this:

Research top SBA lenders. Top SBA lenders are SBA Preferred Lenders or lenders that process a large amount of SBA loans. They will likely process your SBA loan application more efficiently. SBA Preferred Lenders don’t require additional approval from the SBA.
Make sure that you meet the lending criteria. Each lender sets its own lending criteria, including for SBA loans. Because of the competitive nature of SBA loans, many SBA lenders require a credit score in the mid-to-high 600s, $200,000 or more in annual revenue and two years in business. But you can find more relaxed criteria with SBA Community Advantage or microloans.
Submit documentation. You’ll work with the lender to submit documentation, including your personal and business tax returns, business bank statements and financial statements like your balance sheet and any proof of collateral.
Wait for approval. Once you’ve satisfied all the application requirements, the lender will need to approve your loan as well as get SBA loan approval. This process can take the most amount of time.
The lender may follow up with you. The lender may reach out to you, asking for more documentation. Be sure to submit further documentation in a timely manner so that you don’t delay the application process.

Bottom line

You can get an SBA-backed loan from a lender that offers SBA loans. These lenders have achieved approval by the SBA to issue these loans. Some lenders have gone on to achieve SBA Preferred Lender status, which allows them to offer SBA loans with a more efficient approval process.

You do still need patience when getting an SBA loan since SBA approvals can take anywhere from 30 to 90 days. But you have a better chance of getting faster approval through one of the top SBA lenders, either top lenders nationally or top lenders in your state.

Frequently asked questions

The largest SBA lender by total amount funded is Live Oak Bank, funding $1.85 billion in fiscal year 2023, according to the SBA weekly lending report. The Huntington National Bank is the largest SBA lender by number of loan approvals, approved 7,325 SBA 7(a) loans in the 2023 fiscal year.
The SBA microloan may be the easiest SBA loan to get approval for since SBA microlenders often lower the credit and other loan criteria. These loans are designed to cater to minority individuals. Yet an SBA Express loan may be ideal for getting quick approvals on SBA loans up to $350,000.
Live Oak Bank is the largest fintech SBA lender, which means that the bank doesn’t have physical branch locations in the US. Live Oak Bank approves many SBA loans, topping the list of best lenders in specific states as well as nationally.
The SBA Preferred Lender Program is a status that the SBA approves for some lenders that can then expedite the SBA loan process, even bypassing direct SBA approval. You can expect a more efficient loan application process when working with an SBA Preferred Lender.