The Small Business Administration (SBA) in the United States provides guarantees for business loans offered by SBA-trained and approved lenders. You can choose from a variety of loans provided by the SBA based on your business needs and the loan that offers the best terms and interest rates. Since the SBA sets limits on interest rates and offers long repayment periods, the loans provided by the SBA are competitive compared to traditional commercial loans.
Top SBA Loan Statistics by State
In this article, we will review the top lenders for SBA 7(a) loans in your state.
Top Lenders by State
Learn about the states that provide the largest amounts of SBA 7(a) loans overall and the lenders supporting small businesses with the highest funding amounts in each state. We have categorized the top SBA lenders by state into the Northeast, South, West, and Midwest regions for easier visibility of the top lenders and the total amounts awarded by the SBA for fiscal year 2023.
Northeast
Learn about the state and the total amount funded by the SBA in the state as well as the top 5 SBA lenders in each state in the Northeast. We have divided the state into Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.
South
Learn about the state and the total amount funded by the SBA in the state as well as the top 5 SBA lenders in each state in the South. We have divided the state into Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
West
Learn about the state and the total amount funded by the SBA in the state as well as the top 5 SBA lenders in each state in the West. We have divided the state into Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming.
Midwest
Learn about the state and the total amount funded by the SBA in the state as well as the top 5 SBA lenders in each state in the Midwest. We have divided the state into Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin.
How to Apply for an SBA Loan
Applying for an SBA loan involves multiple steps as you work with the lender and the Small Business Administration. The entire process can take anywhere from 30 to 90 days. The process typically goes as follows:
1. Research the best SBA lenders. The top SBA lenders are SBA preferred lenders or lenders who process a large number of SBA loans. They are likely to process your SBA loan application more efficiently. SBA preferred lenders do not require additional SBA approval.
2. Ensure you meet the lending criteria. Each lender sets its own lending criteria, including for SBA loans. Due to the competitive nature of SBA loans, many SBA lenders require a credit score in the mid to high 600s, $200,000 or more in annual revenue, and two years in business. However, you can find more relaxed criteria with SBA Community Advantage loans or Microloans.
3. Submit documentation. You will work with the lender to submit documentation, including your personal and business tax returns, business account statements, financial statements like the balance sheet, and any proof of collateral.
4. Wait for approval. Once you meet all application requirements, the lender will need to approve your loan in addition to obtaining SBA loan approval. This process can take the longest time.
5.
The lender may reach out to you. The lender may call you, requesting more documentation. Be sure to provide additional documentation in a timely manner so that your application process is not delayed.
Ultimately, you can obtain an SBA-backed loan from a lender that offers SBA loans. These lenders have received approval from the SBA to issue these loans. Some lenders have managed to attain SBA Preferred Lender status, allowing them to offer SBA loans with a more efficient approval process.
Frequently Asked Questions
Who is the largest SBA lender in the United States?
The largest SBA lender by total amount funded is Live Oak Bank, which funded $1.85 billion in fiscal year 2023, according to the SBA’s weekly lending report. The largest SBA lender by the number of loan approvals is The Huntington National Bank, which approved 7,325 SBA 7(a) loans in fiscal year 2023.
What is the easiest SBA loan to get approved for?
The SBA Microloan may be the easiest SBA loan to get approved for, as SBA Microloan lenders typically lower credit and other loan standards. These loans are designed to serve underrepresented individuals. However, the SBA Express loan may be ideal for quick approvals on SBA loans up to $350,000.
Who is the largest non-bank SBA lender?
Live Oak Bank is considered the largest SBA lender in the fintech space, meaning the bank has no branches in the United States. Live Oak Bank approves many SBA loans and tops the list of best lenders in specific states and nationally.
What is the SBA Preferred Lender Program?
The SBA Preferred Lender Program is a designation approved by the SBA for certain lenders that can expedite the SBA loan process, allowing you to expect a more efficient loan application process when working with an SBA Preferred Lender.
Source: https://www.aol.com/sba-loan-statistics-top-sba-214922266.html
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