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Top 20 SBA 7(a) Lenders in the US

Top 20 SBA 7(a) Lenders in the US

20 Best SBA 7(a) Lenders in the entire US based on the total approval amount, the total approval counts and the average loan size. How this list of  Top 20 SBA 7(a) Lenders will help you?

Why the list of “20 best SBA 7(a) Lenders”?

SBA 7(a) loans are an effective form of capital for small businesses across the US. The 7(a) loans are backed by the Small Business Administration (SBA) with a partial guarantee ranging from 50% to 90%.  The SBA 7(a) loans are issued by SBA-approved lenders under the guidelines set by the SBA. This means that if the borrower defaults on a 7(a) loan, the SBA pays the lender the guaranteed amount.

Here, the selection of a lender is an important step in the whole loan process. The SBA specifies certain limits on the interest rates, tenure, fees etc. However, the final figures are decided by the lender on each of the SBA 7(a) loans, within the permissible limits.

In this article, we have analysed the top 20 lenders in the entire US market in 2022 based on a) the total approval amount, b) the total approval counts and c) the average loan size. Please note the term SBA 7(a) Loans include all types of 7(a) loans such as 7(a) general, CAPLine, Express Loans, Export Express, International Trade etc. We hope this ready list of the most active lenders will help the borrowers to find a matching lender for their loan purpose.

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Top 20 SBA 7(a) Lenders based on the Total Approved Amount in fiscal 2022 (updated on 28 Aug 2022)

# Lender Name Approval Amount
1 Live Oak Banking Company $ 1,434,491,200
2 Newtek Small Business Finance, Inc. $ 909,194,200
3 The Huntington National Bank $ 848,220,900
4 Celtic Bank Corporation $ 590,732,000
5 Byline Bank $ 363,912,000
6 Wells Fargo Bank, National Association $ 350,325,900
7 Readycap Lending, LLC $ 337,476,400
8 BayFirst National Bank $ 279,691,800
9 Cadence Bank $ 268,214,100
10 KeyBank National Association $ 264,399,200
11 Enterprise Bank & Trust $ 255,610,400
12 Harvest Small Business Finance, LLC $ 244,866,300
13 TD Bank, National Association $ 207,027,000
14 Commonwealth Business Bank $ 194,180,500
15 First Bank of the Lake $ 194,031,100
16 U.S. Bank, National Association $ 192,436,000
17 GBank  $ 183,646,300
18 United Midwest Savings Bank, National Association $ 181,386,800
19 Berkshire Bank $ 177,722,100
20 Manufacturers and Traders Trust Company $ 173,855,500

Top 20 SBA 7(a) Lenders based on the Total Approval Count in fiscal 2022 (updated on 28 Aug 2022)

# Lender Name Approval Count
1 The Huntington National Bank 5,007
2 TD Bank, National Association 1,856
3 Wells Fargo Bank, National Association 1,750
4 U.S. Bank, National Association 1,691
5 Newtek Small Business Finance, Inc. 1,525
6 Manufacturers and Traders Trust Company 1,271
7 Live Oak Banking Company 1,009
8 Cadence Bank 815
9 BayFirst National Bank 756
10 Readycap Lending, LLC 679
11 KeyBank National Association 679
12 Celtic Bank Corporation 626
13 JPMorgan Chase Bank, National Association 615
14 United Midwest Savings Bank, National Association 532
15 Bank of America, National Association 411
16 Columbia State Bank 369
17 PNC Bank, National Association 367
18 Byline Bank 312
19 Comerica Bank 307
20 Webster Bank National Association 277

See how much will be your monthly SBA 7(a) loan payments

Use our SBA 7(a) loan calculator to find out how much money your business may qualify to get.

SBA 7(a) Loan Calculator

Disclaimer

The analysis of top lenders in the US has been made based on the information provided on the SBA portal- 7(a) lender report. This list of lenders is neither a ranking based on their performance, service standards or the pricing of the lender, nor a recommendation from our side. Our intention is to provide the list of top lenders based on their total approval value, approval counts or the average loan size during 2022, updated till 28th Aug 2022. The users of this information are advised to make their own study and analysis of the various aspects of the lender and their loan offer before making a decision.

What is SBA 7(a) loan

SBA 7(a) loans are a flexible funding for small businesses backed by the U.S. Small Business Administration (SBA). The loan program provides small businesses with low-interest loans of up to $5 million that can be used for a range of purposes, including working capital or the purchase of equipment and real estate. Interest rates are low and repayment periods can be as long as 10- 25 years.

SBA 7(a) loans have tight lending standards, but their flexible terms and low-interest rates can make them one of the best ways to fund a business. SBA 7(a) loans can be used for a variety of purposes, it is the best option when real estate is part of a business purchase. It can also be used for:

  • Short- and long-term working capital
  • Refinance current business debt
  • Purchase furniture, fixtures, and supplies

Types of SBA 7(a) Loans

SBA 7(a) loan program is the combination of different types of loans to cater to the diversified needs of small businesses in the US. Each type of loan has its specific features including the loan purpose, speed in processing, rate of interest etc. There is no minimum loan amount for any type of 7(a) loan, but commonly no less than $30,000.

Program Max Loan size Maximum Loan Guarantee Eligibility Decision
Standard 7(a) $5 million 85% for loans up to $150,000 and 75% for loans greater than $150,000 By the SBA. Qualified lenders may be granted authorization to make eligibility decisions.
7(a) Small Loan $350,000 85% for loans up to $150,000 and 75% for loans greater than $150,000 By the SBA. Qualified lenders may be granted authorization to make eligibility decisions.
SBA Express $500,000 50% Made by the lender
Export Express $500,000 90% for loans of $350,000 or less, 75% for loans more than $350,000 Made by the lender
Export Working Capital $5 million 90% By the SBA. Qualified lenders may be granted authorization to make eligibility decisions.
International Trade $5 million 90% Made by the SBA

 

Read more: SBA Express Loans

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