We are an independent, advertising-supported comparison service. Our
goal is to help you make smarter financial decisions by providing you
with interactive tools and financial calculators, publishing original
and objective content, by enabling you to conduct research and compare
information for free - so that you can make financial decisions with
confidence.
Bankrate has partnerships with issuers including, but not limited to,
American Express, Bank of America, Capital One, Chase, Citi and
Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may
impact how and where products appear on this site, including, for example, the order in which
they may appear within the listing categories, except where prohibited by law for our mortgage,
home equity and other home lending products. But this compensation does not influence the
information we publish, or the reviews that you see on this site. We do not include the universe
of companies or financial offers that may be available to you.
Sarah George is a freelance writer who is passionate about helping small business owners understand the complexities of business loans. She has been featured in publications such as CBS, CNET, Finder and Reviews.com.
Emily Maracle is a former small business loans editor for Bankrate.com. She is passionate about creating high-quality content to help educate and make complex topics accessible to all readers.
Bankrate is always editorially independent.
While we adhere to strict
,
this post may contain references to products from our partners. Here's an explanation for
.
Our
is to ensure everything we publish is objective, accurate and trustworthy.
The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices.
We’ve maintained this reputation for over four decades by demystifying the financial decision-making
process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy,
so you can trust that we’re putting your interests first. All of our content is authored by
highly qualified professionals and edited by
subject matter experts,
who ensure everything we publish is objective, accurate and trustworthy.
Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different
types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.
Editorial integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first.
Our award-winning editors and reporters create honest and accurate content to help you make the right
financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have
editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial
content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and
our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you
make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced
by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked
to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and
dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master
your money for over four decades.
We continually strive to provide consumers with the expert advice and tools needed to
succeed throughout life’s financial journey.
Bankrate follows a strict
editorial policy,
so you can trust that our content is honest and accurate. Our award-winning editors and
reporters create honest and accurate content to help you make the right financial
decisions. The content created by our editorial
staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and
useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison
service. We are compensated in exchange for placement of sponsored products and
services, or by you clicking on certain links posted on our site. Therefore,
this compensation may impact how, where and in what order products appear within
listing categories, except where prohibited by law for our mortgage, home equity
and other home lending products. Other factors, such as our own proprietary
website rules and whether a product is offered in your area or at your
self-selected credit score range, can also impact how and where products appear
on this site. While we strive to provide a wide range of offers, Bankrate does not
include information about every financial or credit product or service.
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.
Quick citation guide
Select a citation to automatically copy to clipboard.
APA:
George, S. (2023, December 07). SBA loan statistics: Top SBA lenders by state. Bankrate. Retrieved November 05, 2024, from https://www.bankrate.com/loans/small-business/sba-lenders-by-state/
Copied to clipboard!
MLA:
George, Sarah. "SBA loan statistics: Top SBA lenders by state." Bankrate. 07 December 2023, https://www.bankrate.com/loans/small-business/sba-lenders-by-state/.
Copied to clipboard!
Chicago:
George, Sarah. "SBA loan statistics: Top SBA lenders by state." Bankrate. December 07, 2023. https://www.bankrate.com/loans/small-business/sba-lenders-by-state/.
Copied to clipboard!
We use primary sources to support our work. Bankrate’s authors, reporters and editors
are subject-matter experts who thoroughly fact-check editorial content to ensure the
information you’re reading is accurate, timely and relevant.