September 16, 2023
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
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.
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.
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.
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.