September 13, 2023
Adam Hoeksema
Navigating the expansive landscape of Small Business Administration (SBA) lenders can be a daunting task for entrepreneurs seeking the best financial partner. With hundreds of institutions offering SBA-backed loans, finding the right fit is critical to securing the necessary funding to launch, buy, or expand a business. In this article we analyze SBA loan data from 2018 through 2023 to find the top lenders for your specific situation. I plan to cover the following:
With that as a game plan, let’s dive in!
Top 100 SBA Lenders
The following SBA lenders are the top 100 SBA lenders over the past 5+ years (2018 - 2023) based on the number of SBA loans made. Huntington Bank has a commanding lead, closing over twice as many SBA loans over the time period as the next closest SBA Lender.
| Lender | # of Loans Approved | Average Loan Amount |
|---|---|---|
| The Huntington National Bank | 19,720 | $195,963 |
| TD Bank, National Association | 9,238 | $139,389 |
| U.S. Bank, National Association | 8,720 | $261,927 |
| Wells Fargo Bank, National Association | 7,567 | $361,126 |
| Manufacturers and Traders Trust Company | 6,022 | $149,714 |
| Live Oak Banking Company | 5,316 | $1,487,898 |
| BayFirst National Bank | 5,161 | $254,980 |
| JPMorgan Chase Bank, National Association | 5,119 | $239,247 |
| Newtek Small Business Finance, Inc. | 3,844 | $715,897 |
| United Midwest Savings Bank, National Association | 3,463 | $290,406 |
| Celtic Bank Corporation | 3,178 | $801,052 |
| KeyBank National Association | 2,997 | $465,274 |
| Cadence Bank | 2,822 | $368,446 |
| PNC Bank, National Association | 2,733 | $464,042 |
| Umpqua Bank | 2,104 | $463,170 |
| Readycap Lending, LLC | 1,929 | $787,162 |
| Stearns Bank National Association | 1,870 | $339,835 |
| Byline Bank | 1,853 | $1,203,223 |
| Bank of America, National Association | 1,779 | $493,945 |
| Zions Bank, A Division of | 1,659 | $385,103 |
| BMO Harris Bank National Association | 1,659 | $714,723 |
| Five Star Bank | 1,647 | $252,981 |
| Northeast Bank | 1,605 | $168,769 |
| Eastern Bank | 1,585 | $118,202 |
| Enterprise Bank & Trust | 1,476 | $1,162,935 |
| Bank of Hope | 1,460 | $630,075 |
| Truist Bank | 1,340 | $704,274 |
| Harvest Small Business Finance, LLC | 1,154 | $1,182,149 |
| Berkshire Bank | 1,145 | $912,036 |
| Comerica Bank | 1,102 | $399,948 |
| United Community Bank | 1,067 | $742,370 |
| Citizens Bank | 1,051 | $711,820 |
| Banner Bank | 1,026 | $236,946 |
| CDC Small Business Finance Corporation | 973 | $149,392 |
| SouthState Bank, National Association | 965 | $872,018 |
| Webster Bank National Association | 927 | $379,682 |
| Hanmi Bank | 917 | $783,645 |
| Commonwealth Business Bank | 873 | $1,188,422 |
| Banco Popular de Puerto Rico | 851 | $180,800 |
| First Bank | 843 | $825,980 |
| Fifth Third Bank | 827 | $498,851 |
| First Financial Bank | 812 | $776,823 |
| Peoples Bank | 785 | $819,674 |
| Pinnacle Bank | 765 | $1,190,326 |
| Seacoast National Bank | 681 | $412,607 |
| Simmons Bank | 659 | $426,533 |
| Santander Bank, National Association | 649 | $147,630 |
| Midwest Regional Bank | 648 | $719,004 |
| Northwest Bank | 641 | $381,893 |
| Open Bank | 637 | $1,548,925 |
| Oriental Bank | 636 | $147,341 |
| The Bancorp Bank National Association | 631 | $840,910 |
| Citizens Bank, National Association | 626 | $438,831 |
| First Internet Bank of Indiana | 604 | $1,073,727 |
| BancFirst | 603 | $390,035 |
| First Commonwealth Bank | 588 | $782,706 |
| PCB Bank | 587 | $1,206,096 |
| Arvest Bank | 564 | $297,006 |
| First Savings Bank | 563 | $757,060 |
| Regions Bank | 555 | $1,151,294 |
| Dogwood State Bank | 538 | $826,035 |
| 1st Source Bank | 534 | $163,952 |
| Mountain America FCU | 532 | $390,632 |
| Old National Bank | 522 | $927,129 |
| Independence Bank | 518 | $121,641 |
| First-Citizens Bank & Trust Company | 509 | $857,403 |
| East West Bank | 506 | $861,903 |
| FinWise Bank | 505 | $1,198,309 |
| Glacier Bank | 505 | $350,601 |
| First Bank of the Lake | 497 | $1,445,389 |
| Wilmington Savings Fund Society, FSB | 482 | $846,926 |
| Customers Bank | 480 | $936,101 |
| First National Bank of Pennsylvania | 469 | $829,422 |
| Wallis Bank | 456 | $1,528,915 |
| IncredibleBank | 451 | $1,186,989 |
| Pacific Western Bank | 442 | $1,278,579 |
| Metro City Bank | 441 | $1,810,911 |
| Ameris Bank | 436 | $977,708 |
| GBank | 435 | $2,330,226 |
| BankVista | 429 | $544,146 |
| HomeTrust Bank | 425 | $1,213,506 |
| Independent Bank | 425 | $835,230 |
| Meridian Bank | 410 | $994,370 |
| Frost Bank | 406 | $587,899 |
| Central Bank | 395 | $411,249 |
| Nicolet National Bank | 376 | $554,552 |
| Community Banks of Colorado, A Division of | 366 | $895,995 |
| VelocitySBA, LLC | 358 | $1,215,067 |
| Gulf Coast Bank and Trust Company | 353 | $798,330 |
| LendingClub Bank, National Association | 349 | $1,290,743 |
| Fulton Bank, National Association | 348 | $730,934 |
| Bank Five Nine | 344 | $905,999 |
| Fund-Ex Solutions Group, LLC | 342 | $1,182,710 |
| United Business Bank | 334 | $1,048,630 |
| OakStar Bank | 334 | $634,145 |
| Community Trust Bank, Inc. | 322 | $206,302 |
| Synovus Bank | 322 | $1,306,085 |
| Sunflower Bank, National Association | 321 | $890,372 |
| First IC Bank | 321 | $1,604,090 |
| West Town Bank & Trust | 313 | $535,777 |
Top SBA Lenders in 2023
The following are the top 10 SBA lenders for the first six months of 2023. Again Huntington Bank is the top SBA lender for the first half of 2023.
| Lender | # of Loans Approved | Average Loan Amount |
|---|---|---|
| The Huntington National Bank | 1895 | $207,730 |
| TD Bank, National Association | 1079 | $133,749 |
| BayFirst National Bank | 951 | $164,696 |
| U.S. Bank, National Association | 598 | $157,165 |
| Wells Fargo Bank, National Association | 452 | $225,783 |
| Newtek Small Business Finance, Inc. | 391 | $514,550 |
| JPMorgan Chase Bank, National Association | 358 | $192,183 |
| Manufacturers and Traders Trust Company | 340 | $128,162 |
| Live Oak Banking Company | 333 | $1,545,068 |
| Cadence Bank | 300 | $328,014 |
Best Lenders for Buying a Business
Live Oak Bank is the top SBA Lender for buying a business. Live Oak has closed over 3 times the number of SBA loans for acquisitions over the last 6 years (2018 - 2023) when compared to the next most active SBA lender.
| Lender | # of Loans Approved | Average Loan Amount |
|---|---|---|
| Live Oak Banking Company | 2524 | $1,506,710 |
| The Huntington National Bank | 745 | $722,485 |
| Celtic Bank Corporation | 533 | $1,485,950 |
| Hanmi Bank | 490 | $808,823 |
| Byline Bank | 458 | $1,421,590 |
| Stearns Bank National Association | 442 | $450,969 |
| Wells Fargo Bank, National Association | 425 | $736,715 |
| Bank of Hope | 382 | $666,630 |
| Umpqua Bank | 355 | $870,077 |
| United Midwest Savings Bank, National Association | 354 | $1,283,279 |
You will notice that SBA lenders tend to specialize, so it is important to find the most active SBA lender in your specific area, industry, and stage of business if you want the best chance at approval.
Resource: How to Get an SBA Loan to Buy a Business
Best SBA Lender for Startups
Huntington Bank is the top SBA Lender for startups over the past 6 years (2018 - 2023) closing 3,695 SBA loans to startups during that time period.
| Lender | # of Loans Approved | Average Loan Amount |
|---|---|---|
| The Huntington National Bank | 3695 | $276,249 |
| United Midwest Savings Bank, National Association | 2882 | $141,202 |
| Manufacturers and Traders Trust Company | 1061 | $184,542 |
| Stearns Bank National Association | 1042 | $287,464 |
| KeyBank National Association | 857 | $470,312 |
| Wells Fargo Bank, National Association | 691 | $725,101 |
| Live Oak Banking Company | 629 | $1,627,923 |
| United Community Bank | 560 | $632,286 |
| Cadence Bank | 540 | $545,045 |
| Citizens Bank | 508 | $536,777 |
SBA Loan Approved for Startups
The following graph shows the number of SBA loans approved for startup companies by all SBA lenders over the last 5 years. You can see that an average of approximately 7,000 SBA loans are made to startups each year.
Industries with the Most SBA Loans
The following list is the top 70 industries ranked by the number of SBA loans closed over the last 6 years (2018 - 2023). The broad category of Professional Services was the top industry with 17,836 SBA loans closed followed by manufacturers and retailers.
| Industry | # of SBA Loans Approved |
|---|---|
| Professional Services | 17836 |
| Manufacturing | 12476 |
| Retail Stores | 11803 |
| Subcontractors | 10573 |
| Full-Service Restaurants | 10478 |
| Wholesalers, Distributors | 9457 |
| Limited-Service Restaurants | 7663 |
| Trucking, Long-Distance | 5783 |
| General Automotive Repair | 5607 |
| Hotels (except Casino Hotels) and Motels | 4320 |
| Fitness and Recreational Sports Centers | 4242 |
| General Freight Trucking, Local | 4017 |
| Offices of Physicians (except Mental Health Specialists) | 3987 |
| Residential Remodelers | 3806 |
| Landscaping Services | 3640 |
| Plumbing, Heating, and Air-Conditioning Contractors | 3430 |
| Specialty Trade Contractors | 3374 |
| Child Day Care Services | 3010 |
| Beauty Salons | 2915 |
| Insurance Agencies and Brokerages | 2866 |
| Construction | 2783 |
| Offices of Dentists | 2753 |
| Coffee Shops | 2704 |
| Electrical Contractors | 2294 |
| Gasoline Stations with Convenience Stores | 2201 |
| Beer, Wine, and Liquor Stores | 2188 |
| Home Health Care Services | 2165 |
| Offices of Chiropractors | 2006 |
| Offices of Lawyers | 1958 |
| Janitorial Services | 1842 |
| Other Personal Care Services | 1729 |
| Farming | 1725 |
| Bars | 1647 |
| Ecommerce | 1613 |
| Breweries | 1553 |
| Private Schools | 1488 |
| Pet Care (except Veterinary) Services | 1472 |
| Nursing Homes / Assisted Living | 1452 |
| Supermarkets and Other Grocery (except Convenience) Stores | 1451 |
| Equipment Rental | 1418 |
| Car Dealers | 1380 |
| Offices of Certified Public Accountants | 1326 |
| Real Estate Investors | 1271 |
| Bakeries | 1254 |
| Car Washes | 1246 |
| Veterinary Services | 1166 |
| Offices of Real Estate Agents and Brokers | 1144 |
| Salons | 1125 |
| New Single-Family Housing Construction (except Operative Builders) | 1104 |
| Pharmacies and Drug Stores | 1066 |
| Offices of Physical, Occupational and Speech Therapists, and Audiologists | 1040 |
| Convenience Stores | 1025 |
| Specialized Freight (except Used Goods) Trucking, Local | 873 |
| Roofing Contractors | 868 |
| Personal Trainers | 841 |
| Offices of Mental Health Practitioners (except Physicians) | 789 |
| Self Storage | 779 |
| Funeral Homes and Funeral Services | 699 |
| Laundromats | 697 |
| Food Trucks | 675 |
| Caterers | 671 |
| Drycleaning | 649 |
| Couriers | 620 |
| Tow Truck | 454 |
| Vending Machine Operators | 367 |
| Moving Truck | 355 |
| Offices of Physicians, Mental Health Specialists | 302 |
| Photography | 301 |
| Trucking, Local | 275 |
| Software Publishers | 256 |
| Airbnbs, Short Term Rentals | 206 |
It is really important to search for the right SBA lender for your industry. For example, you can see that the top SBA lenders for restaurants are quite different than the top SBA lenders for a self storage business for example.
Small Business Loans Data
| Industry | # of Approved Loans | Total Loan Amount | Lenders with Most Loans | Limited-Service Restaurants | 3,089 | $1,429,043,900 | The Huntington National Bank |
|---|---|---|---|
| Full-Service Restaurants | 3,066 | $1,817,897,400 | The Huntington National Bank |
| Fitness and Recreational Sports Centers | 2,421 | $959,720,700 | The Huntington National Bank |
| Retail Stores | 2,073 | $642,735,600 | The Huntington National Bank |
| Subcontractors | 1,671 | $369,193,200 | United Midwest Savings Bank |
| Professional Services | 1,596 | $433,927,200 | United Midwest Savings Bank |
| Coffee Shops | 1,342 | $449,174,300 | The Huntington National Bank |
| Manufacturing | 1,213 | $744,138,000 | The Huntington National Bank |
| Offices of Physicians (except Mental Health Specialists) | 1,000 | $424,497,800 | The Huntington National Bank |
| Child Day Care Services | 905 | $1,091,090,600 | Live Oak Banking Company |
| General Automotive Repair | 832 | $354,517,400 | United Midwest Savings Bank |
| Beauty Salons | 780 | $164,790,900 | The Huntington National Bank |
| Other Personal Care Services | 700 | $264,812,000 | The Huntington National Bank |
| Bars | 652 | $317,122,100 | United Community Bank |
| Wholesalers, Distributors | 611 | $297,617,300 | The Huntington National Bank |
| Offices of Chiropractors | 596 | $99,348,200 | United Midwest Savings Bank |
| Pet Care (except Veterinary) Services | 557 | $325,787,400 | The Huntington National Bank |
| Breweries | 552 | $275,488,500 | The Huntington National Bank |
| Offices of Dentists | 447 | $350,864,800 | Live Oak Banking Company |
| Bakeries | 440 | $176,062,900 | The Huntington National Bank |
| Home Health Care Services | 439 | $132,893,400 | United Midwest Savings Bank |
| Landscaping Services | 432 | $109,709,400 | United Midwest Savings Bank |
| Hotels (except Casino Hotels) and Motels | 416 | $1,084,811,800 | Wallis Bank |
| Private Schools | 389 | $217,079,700 | The Huntington National Bank |
| Residential Remodelers | 375 | $74,360,100 | United Midwest Savings Bank |
| Janitorial Services | 368 | $63,680,100 | United Midwest Savings Bank |
Small Business Loans Data
How to Find the Perfect SBA Lender
In order to find the perfect SBA lender for your unique location, business type, stage of business and loan amount request, you may need to do a deeper dive. We have developed an SBA Lender Analysis Tool as pictured below that can help you sort SBA loan data by State, Industry, Business Stage, Franchise Name, and Lender Name which can allow you to truly customize a report and find the perfect lender for your business.
We hope this information has been helpful, and if you need any help finding the perfect SBA lender in your area please don’t hesitate to contact us.
About the Author
Adam is the Co-founder of ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and internal business planning. Since 2012, over 50,000 entrepreneurs from around the world have used ProjectionHub to help create financial projections.
