Choosing the best Small Business Administration (SBA) lender can be a challenge as there are over 3,000 approved lenders for SBA loans in the United States. These lenders range from community banks to online lenders to large banks. We’ve reviewed the largest SBA 7(a) lenders based on the amount borrowed by their customers while considering the types of businesses they may specialize in lending to.
SmartBiz is one of our recommended SBA loan providers. SmartBiz offers a streamlined application process and can match you with the SBA lender that will best meet your needs. It offers up to $350,000 for working capital and up to $5 million for commercial real estate, with funding in half the time of traditional banks. You can prequalify online in just a few minutes.
Top 10 SBA Lenders by Funding Volume
These SBA lenders are the largest by dollar volume in the last federal fiscal year (FY 2021), which ended September 30, 2021. We also provided the average amount of each SBA loan approved, the average interest rate, and repayment term over the past fiscal year. Eight lenders issued more than $500 million in SBA 7(a) loans during FY 2021 and an additional 80 lenders issued at least $100 million.
Lender | Total # of SBA 7(a) Loans Approved | Average SBA 7(a) Loan $ Amount | Average Interest Rate | Average Repayment Term (Months) |
|---|---|---|---|---|
Live Oak Bank | 1,552 | $1,291,613.25 | 5.8% | 198 |
Huntington Bank | 4,366 | $179,404.41 | 5.8% | 97 |
Newtek Small Business Finance | 1,241 | $781,657.11 | 6.9% | 169 |
Celtic Bank | 490 | $1,464,765.79 | 6.5% | 150 |
Byline Bank | 549 | $1,087,924.19 | 6.4% | 180 |
Readycap Lending | 489 | $1,045,585.05 | 6.3% | 218 |
Wells Fargo Bank | 1,843 | $314,159.91 | 7.6% | 135 |
Harvest Small Business Finance | 432 | $1,249,068.73 | 6.4% | 294 |
Enterprise Bank & Trust | 430 | $909,608.91 | 5.9% | 279 |
U.S. Bank | 1,692 | $214,965.64 | 7.3% | 108 |
While the list above reflects the 10 largest SBA lenders by dollar volume, picking the best SBA lender to work with to address your financing needs will depend on many factors. It’s important to find a lender that’s making loans in your geographic area, understands your industry, and can finance the amount you need.
Using an SBA Preferred Lender might result In faster approvals: If the lender is considered SBA preferred―meaning that the lender has worked with enough SBA loans to understand the process to get a streamlined approval from the SBA―that’s even better as it’ll cut down your approval and funding times. These SBA loan providers are reviewed based on their areas of lending focus and their customer service.
1. Live Oak Bank
 | |
Total Loan Amount Approved | $2,347,184,900 |
Number of Approved Loans | 1,552 |
Average Loan Amount | $1,291,613.25 |
Average Interest Rate | 5.8% |
Some Areas of Expertise |
|
Geographic Areas Served | National |
Live Oak Bank is an SBA preferred lender known for its efficiency in lending to small business owners nationwide and for having specific industry expertise, such as franchise restaurants and self-storage facilities. This expertise can come in handy for niche industries that aren’t as well-known due to the knowledge the lender can have in that particular industry. Live Oak has a mixed customer service record but does have an A+ ranking from the Better Business Bureau.
How to Apply for Live Oak Banking Company SBA Loans
Live Oak Bank’s application is online, with a team of SBA lending experts available to provide guidance and support should you need it. A loan proposal may be available as soon as 24 hours after submitting all necessary documentation. While specific funding speeds aren’t available, up to 90 days is a reasonable expectation.
Visit Live Oak Banking Company
2. Huntington National Bank
 | |
Total Loan Amount Approved | $927,764,700 |
Number of Approved Loans | 4,366 |
Average Loan Amount | $179,404.41 |
Average Interest Rate | 5.8% |
Some Areas of Expertise |
|
Geographic Areas Served | Colorado, Florida, Midwest |
Huntington National Bank issued the most SBA loans nationally and came in second in dollars lent during the last fiscal year. This is impressive, considering it only offers SBA lending in 11 states, mostly in the Midwest but also in Florida and Colorado. Huntington has a large SBA team that’s dedicated to servicing many different businesses but highlights manufacturing, franchises, and restaurants. Most customer service reviews regarding their SBA lending are positive.
How to Apply for Huntington National Bank SBA Loans
Huntington National Bank provides SBA loans from $5,000 to $5 million. If you’re in an area serviced by Huntington National Bank, you can begin the application process by reaching out to an SBA specialist in your area. Huntington’s underwriting and approval timelines are similar to many SBA lenders, generally funding in 90 days.
Visit Huntington National Bank
3. Newtek Small Business Finance
 | |
Total Loan Amount Approved | $859,111,500 |
Number of Approved Loans | 1,241 |
Average Loan Amount | $781,657.11 |
Average Interest Rate | 6.9% |
Some Areas of Expertise |
|
Geographic Areas Served | National |
Newtek Small Business Finance is an SBA preferred lender that works in all 50 states, with a primary focus on standard SBA 7(a) loans. While Newtek provides financing to a wide range of industries, some of its specialties include manufacturing and dental practices. Customer service reviews of Newtek over the past year have generally not been positive, particularly when it comes to their handling of Paycheck Protection Program (PPP) loans.
How to Apply for Newtek Small Business Finance SBA Loans
Interested applicants will start the Newtek SBA loan application process by submitting a form with basic information about you and your business. You’ll be assigned a lending specialist who’ll work with you through the whole process. Newtek will complete the application documents for you, and prequalification can happen in as soon as 48 hours. Funding times are around 90 days.
Visit Newtek Small Business Finance
4. Celtic Bank
 | |
Total Loan Amount Approved | $725,912,300 |
Number of Approved Loans | 490 |
Average Loan Amount | $1,464,765.79 |
Average Interest Rate | 6.5% |
Some Areas of Expertise |
|
Geographic Areas Served | National |
Celtic Bank offers SBA loans nationally. Celtic Bank features an online application process for SBA loans, which is something not all of the lenders on our list provide. Celtic Bank’s average loan amount is the highest of the 10 largest SBA lenders. Customer reviews of Celtic’s SBA lending are mixed.
How to Apply for Celtic Bank SBA Loans
With Celtic Bank, you’ll start by completing an online application. You’ll specify the amount you want to borrow and the purpose of the loan, along with basic information about your business, such as how long you’ve been operating and your estimated credit score. Celtic Bank says its process is quick, but there aren’t details on just how quick. An estimate of 45 to 60 days to fund is likely.
5. Byline Bank
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Total Loan Amount Approved | $687,909,400 |
Number of Approved Loans | 549 |
Average Loan Amount | $1,087,924.19 |
Average Interest Rate | 6.4% |
Some Areas of Expertise |
|
Geographic Areas Served | National |
Byline Bank is an SBA preferred lender based in Chicago that provides loans to businesses throughout the country. A couple of its areas of expertise include agriculture and distribution. When applying for an SBA loan through Byline Bank, you’ll be paired with an SBA expert who’ll work to find a creative solution to meet your financing needs. Byline’s loan customer reviews are generally mixed.
How to Apply for Byline Bank SBA Loans
Byline Bank’s SBA process begins with completing an online form with some basic information about your business. Within a few days of the form being submitted, someone from Byline Bank’s team will reach out to you to discuss your financing needs. Its application and funding timeline isn’t readily available, but funding times will likely average around 90 days.
6. Ready Capital
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Total Loan Amount Approved | $616,165,600 |
Number of Approved Loans | 489 |
Average Loan Amount | $1,045,585.05 |
Average Interest Rate | 6.3% |
Some Areas of Expertise |
|
Geographic Areas Served | National |
Ready Capital’s SBA focus is mostly on businesses that need higher amounts of financing than those offered in SBA Express loans. Its website advertises that it focuses on loans between $350,000 and $5 million, with underwriting driven by story and not solely the performance of the business. Ready Capital’s reviews are mixed—it received an F rating from the Better Business Bureau (BBB), due in large part to dissatisfaction with the Paycheck Protection Program (PPP) loan program, but got much more positive reviews on Lendio.
How to Apply for Ready Capital SBA Loans
Ready Capital has an online form that initiates the SBA application process. Within a few days, you’ll receive a larger application to complete. Approval and funding can take up to 90 days.
7. Wells Fargo
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Total Loan Amount Approved | $600,616,000 |
Number of Approved Loans | 1,843 |
Average Loan Amount | $314,159.91 |
Average Interest Rate | 7.6% |
Some Areas of Expertise |
|
Geographic Areas Served | National |
Wells Fargo’s SBA division has more than 400 employees and manages an SBA loan portfolio of more than $10 billion. It approved the second-highest number of SBA loans in the last fiscal year. With a presence in much of the country and a large team of SBA experts, Wells Fargo has expertise in many different industries. It’s worth noting that Wells Fargo will likely not fund new businesses without their owners having significant prior experience.
How to Apply for Wells Fargo SBA Loans
To apply for an SBA loan with Wells Fargo, you’ll need to go into a branch location and talk to a business banker. It doesn’t have an online application nor a robust online presence to initiate an application. The process averages around 90 days from application to funding.
8. Harvest Small Business Finance
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Total Loan Amount Approved | $502,070,600 |
Number of Approved Loans | 432 |
Average Loan Amount | $1,249,068.73 |
Average Interest Rate | 6.4% |
Some Areas of Expertise |
|
Geographic Areas Served | National |
Harvest Small Business Finance is a relatively new nonbank lender, having started in 2016. Its SBA loan program promises quick approvals and flexible service, with a willingness to finance up to 93% of the equity value of your collateral for financing needs. Due in part to the PPP loan program, it received an F rating from the BBB. However, customer service reviews elsewhere online are generally mixed.
How to Apply for Harvest Small Business Finance SBA Loans
Harvest provides an application form on its website but doesn’t have an email address or submission portal available to submit the application. You’ll need to call the bank directly to get instructions on submitting the application. Funding times take between 60 and 120 days, depending on the complexity of the deal.
Visit Harvest Small Business Finance
9. Enterprise Bank and Trust
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Total Loan Amount Approved | $477,045,000 |
Number of Approved Loans | 430 |
Average Loan Amount | $909,608.91 |
Average Interest Rate | $909,608.91 |
Some Areas of Expertise |
|
Geographic Areas Served | California, Massachusetts, Southwest, Midwest |
Enterprise Bank and Trust services SBA loans in 13 states, including California and Texas. Enterprise promises approvals in as soon as 48 hours and funding in as soon as 30 days on some SBA loans, most likely the Express loan program. Enterprise highlights its expertise in working with businesses in many different industries. Enterprise receives generally positive customer service reviews online.
How to Apply for Enterprise Bank and Trust SBA Loans
Enterprise Bank and Trust offers SBA loans in 13 states, mostly in the Southwestern United States but also in Massachusetts and parts of the Midwest. If you’re in their geographic area, you can begin the application process by contacting them by phone or email via their SBA loan website.
Visit Enterprise Bank and Trust
10. U.S. Bank
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Total Loan Amount Approved | $470,332,400 |
Number of Approved Loans | 1,692 |
Average Loan Amount | $214,965.64 |
Average Interest Rate | 7.3% |
Some Areas of Expertise |
|
Geographic Areas Served | West, Midwest |
U.S. Bank’s SBA loans are offered to businesses located within its footprint in the Western and Midwestern United States. Based on the average U.S. Bank SBA loan amount, SBA Express Loans are probably what’s driving the majority of the bank’s loan volume. If you need a smaller loan amount, U.S. Bank is worth considering. We considered U.S. Bank reviews about the company in general from across the web and found that online customer service reviews were mixed. It has an A+ rating with the BBB.
How to Apply for U.S. Bank SBA Loans
To start the SBA loan process with U.S. Bank, you can contact an SBA specialist online, speak with someone in a branch, or speak with someone on the phone. An application isn’t readily available on its website. While approval and funding times aren’t readily available, approval in approximately 90 days is likely.
How to Qualify for an SBA Loan
Qualifying for an SBA loan generally parallels the approval requirements for a conventional bank loan. You typically need the following to qualify for an SBA 7(a) loan:
- Minimum credit score: 680
- Ability to repay: Your business needs to have positive cash flow or, for startups, positive cash flow projections, typically translating to a Debt Service Coverage Ratio (DSCR) of at least 1.25x.
- Collateral: The loan may not need to be 100% collateralized, but you should have some collateral, either business or personal.
- Equity: You’ll need up to a 25% down payment or equity investment if you’re starting a new business or if you’re acquiring a business or real estate.
- Personal guarantee: Every owner with at least a 20% stake in the company will need to personally guarantee the loan.
These requirements are on top of the SBA’s specific eligibility requirements. You’ll be required to submit a personal financial statement through SBA Form 413 or your lender’s form to show what assets you have. Check out our SBA loan calculator to help estimate your payment.
How to Apply for an SBA Loan
The process of applying for an SBA loan is pretty similar for every lender. An application will be required along with a large amount of financial paperwork involving the business and its owners. To make the application process easier, you can refer to the SBA’s loan application checklist to find out what information you’ll need to provide.
Many feel intimidated by the SBA loan process. SmartBiz, however, simplifies the SBA loan application process and can connect you with a lender that will meet your needs. SmartBiz offers up to $350,000 for working capital and up to $5 million for commercial real estate. If you’ve been in business for two years, are profitable, and have a credit score above 680, you can prequalify online in just a few minutes.
Bottom Line
The largest SBA lenders in the country are a mix of larger banks and nonbank lenders who specialize in SBA loans. Depending on where you live, not every bank on this list can service you; however, the majority of the 10 largest SBA lenders are available to fund loans in all 50 states.
