September 13, 2023
The Small Business Administration (SBA) is the go to funding source for launching, buying, or growing a small business, but there are hundreds of SBA lenders, how can you find the SBA lender that is the right fit for your business? In this article I am going to highlight the top SBA lenders in Texas. 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). Although California tops the list in terms of number of SBA loans approved with 25,090 loans approved during this time period, Texans will be happy to know that everything is bigger in Texas including the average SBA loan amount. Texas had the highest average SBA loan amount at $796,513.
Resource: Top SBA Lenders Nationwide
Top SBA Lenders in Texas
The top SBA lender in Texas over the last 6 years (2018 - 2023) was Wells Fargo Bank with 1,056 SBA loans approved.
Keep in mind that you might not want to go to the highest volume SBA lender by default, it might make sense to dig a bit deeper and determine which SBA lenders are the most active for your specific situation. Next we will look at the top SBA lenders for both startups and business acquisitions.
Best SBA Lenders in Texas for Startups
United Midwest Savings Bank has been the top SBA lender for startups in Texas 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 Wells Fargo, which was top of the overall list, is 4th on the list for startup lenders. Clearly Wells Fargo is not as aggressive with startup lending as they are with other SBA loans.
Texas SBA Lenders for Buying a Business
Live Oak Bank is the top SBA lender in Texas for business acquisition loans. Live Oak Bank approved 265 SBA loans for business acquisitions between 2018 and 2023 which is nearly three times the number of the 2nd ranked lender.
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.