Top SBA Lenders in Florida - Find your Lender

September 16, 2023

Adam Hoeksema

With hundreds of Small Business Administration (SBA) lenders how can you find the exact right lender for your business?  In this article I am going to highlight the top SBA lenders in Florida.  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, but Florida ranks 3rd with just over 14,000 SBA loans approved with an average SBA loan amount of $620,885.  

Resource: Top SBA Lenders Nationwide

Rank State # of Loans Approved Average Loan Amount
1 California 25,090 $726,892
2 Texas 16,146 $796,513
3 Florida 14,001 $620,885
4 Ohio 13,785 $311,699
5 New York 12,547 $382,580
6 Michigan 9,271 $372,034
7 Illinois 7,479 $557,354
8 Pennsylvania 7,080 $473,172
9 Minnesota 7,054 $420,733
10 New Jersey 6,742 $531,682

Top SBA Lenders in Florida

The top SBA lender in Florida over the last 6 years (2018 - 2023) was TD Bank with 2,209 SBA loans approved.  This was nearly 3 times the number of loans made by Wells Fargo Bank which ranked second in Florida SBA lending during this time period. 

Rank Lender # of Loans Approved Average Loan Amount
1 TD Bank, National Association 2,209 $147,815
2 Wells Fargo Bank, National Association 760 $227,593
3 BayFirst National Bank 751 $380,008
4 Newtek Small Business Finance, Inc. 475 $717,060
5 JPMorgan Chase Bank, National Association 468 $155,310
6 The Huntington National Bank 436 $450,078
7 Live Oak Banking Company 398 $1,586,095
8 Truist Bank 396 $778,687
9 United Midwest Savings Bank, National Association 353 $203,203
10 SouthState Bank, National Association 346 $865,309

Best SBA Lenders in Florida for Startups

United Midwest Savings Bank has been the top SBA lender for startups in Florida 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 TD Bank, which was top of the overall list, is 7th on the list for startup lenders.  Clearly TD Bank is not as aggressive with startup lending as they are with other SBA loans. 

Rank Lender # of Loans Approved Average Loan Amount
1 United Midwest Savings Bank, National Association 306 $140,124
2 The Huntington National Bank 224 $283,399
3 Stearns Bank National Association 101 $312,024
4 SouthState Bank, National Association 76 $901,307
5 United Community Bank 74 $532,146
6 Seacoast National Bank 63 $571,146
7 TD Bank, National Association 61 $234,385
8 Citizens Bank 59 $450,464
9 Wells Fargo Bank, National Association 58 $997,688
10 Truist Bank 51 $699,663

Florida SBA Lenders for Buying a Business

Live Oak Bank is the top SBA lender in Florida for business acquisition loans.  Live Oak Bank approved 212 SBA loans for business acquisitions between 2018 and 2023 which is nearly twice the number of the 2nd ranked lender Huntington Bank.

Rank Lender # of Loans Approved Average Loan Amount
1 Live Oak Banking Company 212 $1,531,818
2 The Huntington National Bank 108 $804,194
3 SouthState Bank, National Association 74 $1,035,945
4 BayFirst National Bank 62 $883,390
5 Stearns Bank National Association 59 $399,693
6 Seacoast National Bank 57 $803,879
7 CRF Small Business Loan Company, LLC 54 $662,644
8 Lake Michigan CU 43 $1,270,537
9 Byline Bank 37 $1,535,473
10 Celtic Bank Corporation 36 $1,543,825

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

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.

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