September 13, 2023
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.
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.
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.
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.
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.
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.
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.