September 14, 2023
California tops the list of states with the most Small Business Administration (SBA) loans approved over the past 6 years. With well over 100 SBA lenders making loans in California how can you find the exact right lender for your business? In this article I am going to highlight the top SBA lenders in California. Specifically I plan to cover the following:
With that as our plan, let’s get into it!
SBA Loan State Rankings
The following list ranks the top states based on the number of SBA loans approved over the last 6 years (2018 - 2023). California tops the list in terms of number of SBA loans approved with 25,090 loans approved during this time period. The average SBA loan amount was $726,892 in California during this timeframe.
Resource: Top SBA Lenders Nationwide
Top SBA Lenders in California
The top SBA lender in California over the last 6 years (2018 - 2023) was US Bank with 3,189 SBA loans approved. This was over twice the number of loans made by Wells Fargo Bank which ranked second in California SBA lending during this time period.
Best SBA Lenders in California for Startups
CDC Small Business Finance Corporation has been the top SBA lender for startups in California over the past 6 years (2018 - 2023). This is a great example to demonstrate that the top SBA lender might not always be the best fit for you, because US Bank, which was top of the overall list, doesn’t even rank in the top 10 list for startup SBA lenders. Clearly US Bank is not as aggressive with startup lending as they are with other SBA loans.
California SBA Lenders for Buying a Business
Live Oak Bank is the top SBA lender in California for business acquisition loans. Live Oak Bank approved 287 SBA loans for business acquisitions between 2018 and 2023.
How to Find the Right Business 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.