When you're ready to take your business to the next level, securing the right financing is crucial. The U.S. Small Business Administration (SBA) provides a variety of loan programs designed to support small businesses. SBA loans are known for their favorable terms and low interest rates, making them a popular choice for entrepreneurs. However, finding the right SBA lender can be overwhelming. In this guide, we will walk you through the top 10 SBA lenders for 2024, offering detailed insights into each lender to help you make an informed decision.

1. Live Oak Bank

Overview and History

Founded: 2008
Headquarters: Wilmington, North Carolina

Live Oak Bank consistently ranks as one of the top SBA lenders due to its commitment to small businesses and a streamlined loan process. They focus on niche industries, providing expert knowledge and tailored financial solutions for various industries, including healthcare, agriculture, and real estate.

Why Choose Live Oak Bank:

Main Features and Services

• Specialization in Various Industries: Including healthcare, agriculture, and real estate.
• Expertise in Multiple Industries: Dedicated teams for specific sectors ensure knowledgeable support and tailored loan solutions.
• Expertise in Multiple Industries: Live Oak Bank has dedicated teams for specific sectors, ensuring knowledgeable support and tailored loan solutions.
• Efficient Process: Their online application system is user-friendly, reducing the time and paperwork typically associated with SBA loans.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 1,100
• 2022 Total Approved Amount: $1.2 billion
• 2023 Loans Approved: 1,200
• 2023 Total Approved Amount: $1.4 billion
• 2024 Estimated Loans Approved: 1,300
• 2024 Estimated Total Approved Amount: $1.6 billion

Industry-Specific Loan Data

• Healthcare: $500 million
• Agriculture: $300 million
• Real Estate: $200 million
• Others: $400 million

Performance Data:

• 2023 Loans Approved: 1,200
• Total Approved Amount: $1.4 billion
• Average Loan Amount: $1.17 million

Key Industries:

• Healthcare
• Agriculture
• Real Estate

2. Wells Fargo

Overview and History

Founded: 1852
Headquarters: San Francisco, California

Wells Fargo is a well-established financial institution known for its extensive range of services and strong national presence making them a versatile option for small businesses. They have a robust SBA lending program catering to various industries, with a robust online platform that makes managing your finances easy.

Why Choose Wells Fargo:

Main Features and Services

• Comprehensive Financial Services: Beyond SBA loans, Wells Fargo offers banking, credit, and investment services, making it a one-stop-shop for your financial needs.
• Nationwide Accessibility: Branches and ATMs across the country.
• Strong National Presence: With branches nationwide, Wells Fargo provides accessibility and personalized service.
• Strong Support System: Experienced SBA loan specialists.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 750
• 2022 Total Approved Amount: $1.0 billion
• 2023 Loans Approved: 800
• 2023 Total Approved Amount: $1.2 billion
• 2024 Estimated Loans Approved: 850
• 2024 Estimated Total Approved Amount: $1.3 billion

Industry-Specific Loan Data

• Retail: $400 million
• Manufacturing: $300 million
• Technology: $200 million
• Others: $300 million

Performance Data:

• 2023 Loans Approved: 800
• Total Approved Amount: $1.2 billion
• Average Loan Amount: $1.5 million

Key Industries:

• Retail
• Manufacturing
• Technology

3. Huntington National Bank

Overview and History

Founded: 1866
Headquarters: Columbus, Ohio

Huntington National Bank is renowned for its customer-centric approach and dedication to supporting small businesses with competitive rates and flexible terms for SBA loans.

Why Choose Huntington National Bank:

Main Features and Services

• Customer Service Excellence: Huntington is praised for its attentive customer service and willingness to work closely with clients.
• Flexible Lending Options: They provide various SBA loan products, including 7(a) loans, 504 loans, and microloans, catering to different business needs.
• Local Market Expertise: Strong understanding of local business environments.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 950
• 2022 Total Approved Amount: $850 million
• 2023 Loans Approved: 1,000
• 2023 Total Approved Amount: $900 million
• 2024 Estimated Loans Approved: 1,050
• 2024 Estimated Total Approved Amount: $950 million

Industry-Specific Loan Data

• Hospitality: $250 million
• Construction: $200 million
• Retail: $150 million
• Others: $400 million

Performance Data:

• 2023 Loans Approved: 1,000
• Total Approved Amount: $900 million
• Average Loan Amount: $900,000

Key Industries:

• Hospitality
• Construction
• Retail

4. Celtic Bank

Overview and History

Founded: 2001
Headquarters: Salt Lake City, Utah

Celtic Bank is a leading SBA lender with a strong focus on small business loans and has a strong reputation for personalized service and efficient loan processing. They offer personalized service and a range of SBA loan options, making them a popular choice among entrepreneurs.

Why Choose Celtic Bank:

Main Features and Services

• Specialization in SBA Loans: Celtic Bank's deep knowledge and primary focus is SBA lending, ensuring expert guidance and support throughout the process.
• Fast Approval Times: Known for their efficient loan processing, Celtic Bank can help you secure financing quickly.
• Personalized Loan Packages: Tailored to meet specific business needs.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 850
• 2022 Total Approved Amount: $750 million
• 2023 Loans Approved: 900
• 2023 Total Approved Amount: $800 million
• 2024 Estimated Loans Approved: 950
• 2024 Estimated Total Approved Amount: $850 million

Industry-Specific Loan Data

• Healthcare: $300 million
• Energy: $200 million
• Transportation: $150 million
• Others: $200 million

Performance Data:

• 2023 Loans Approved: 900
• Total Approved Amount: $800 million
• Average Loan Amount: $888,888

Key Industries:

• Healthcare
• Energy
• Transportation

5. Newtek Small Business Finance

Overview and History

Founded: 1998
Headquarters: New York, New York

Newtek Small Business Finance is a non-bank lender that specializes in SBA loans. They offer a variety of financial solutions tailored to small businesses, including SBA 7(a) and 504 loans.

Why Choose Newtek:

Main Features and Services

• Customized Solutions: They work closely with clients to create loan packages that meet specific needs.
• Innovative Technology: Newtek’s advanced online platform simplifies the application process and improve transparency.
• Custom Loan Solutions: Tailored to fit the unique needs of each business.
• Advanced Online Platform: Streamlines the application process.
• Extensive Support: Provides guidance from application to funding.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 650
• 2022 Total Approved Amount: $550 million
• 2023 Loans Approved: 700
• 2023 Total Approved Amount: $600 million
• 2024 Estimated Loans Approved: 750
• 2024 Estimated Total Approved Amount: $650 million

Industry-Specific Loan Data

• Information Technology: $200 million
• Professional Services: $150 million
• Wholesale Trade: $100 million
• Others: $200 million

Performance Data:

• 2023 Loans Approved: 700
• Total Approved Amount: $600 million
• Average Loan Amount: $857,143

Key Industries:

• Information Technology
• Professional Services
• Wholesale Trade

6. Byline Bank

Overview and History

Founded: 1978
Headquarters: Chicago, Illinois

Byline Bank has a strong reputation for supporting small businesses through competitive SBA loan products and personalized service. They offer a range of SBA loan products with competitive rates and terms.

Why Choose Byline Bank:

Main Features and Services

• Experienced SBA Lenders: Byline Bank's team has extensive experience in SBA lending, providing valuable insights and support.
• Local Expertise: With a focus on community banking, Byline Bank offers personalized service and a deep understanding of local markets.
• Experienced SBA Lenders: Provide valuable insights and support.
• Local Expertise: Deep and extensive understanding of local markets.
• Flexible Loan Options: Various SBA loan products to meet different needs.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 550
• 2022 Total Approved Amount: $450 million
• 2023 Loans Approved: 600
• 2023 Total Approved Amount: $500 million
• 2024 Estimated Loans Approved: 650
• 2024 Estimated Total Approved Amount: $550 million

Industry-Specific Loan Data

• Manufacturing: $200 million
• Healthcare: $150 million
• Retail: $100 million
• Others: $100 million

Performance Data:

• 2023 Loans Approved: 600
• Total Approved Amount: $500 million
• Average Loan Amount: $833,333

Key Industries:

• Manufacturing
• Healthcare
• Retail

7. TD Bank

Overview and History

Founded: 1855
Headquarters: Cherry Hill, New Jersey

TD Bank is a well-established financial institution known for its customer-friendly approach and robust SBA lending program. They offer a variety of loan products, including SBA 7(a) and 504 loans.

Why Choose TD Bank:

Main Features and Services

• Convenient Banking Services: TD Bank offers extended hours and accessible online banking, making it easy to manage your loan and other financial services.
• Comprehensive Support: Their dedicated SBA loan specialists guide you through the entire loan process, from application to funding.
• Comprehensive Support: Dedicated SBA loan specialists.
• Wide Range of Financial Services: Banking, credit, and investment options.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 450
• 2022 Total Approved Amount: $400 million
• 2023 Loans Approved: 500
• 2023 Total Approved Amount: $450 million
• 2024 Estimated Loans Approved: 550
• 2024 Estimated Total Approved Amount: $500 million

Industry-Specific Loan Data

• Real Estate: $200 million
• Retail: $150 million
• Food Services: $100 million
• Others: $50 million

Performance Data:

• 2023 Loans Approved: 500
• Total Approved Amount: $450 million
• Average Loan Amount: $900,000

Key Industries:

• Real Estate
• Retail
• Food Services

8. U.S. Bank

Overview and History

Founded: 1863
Headquarters: Minneapolis, Minnesota

U.S. Bank is one of the top SBA lenders with a wide range of financial products and services. They offer competitive rates and flexible terms for SBA loans, supporting small businesses across numerous industries.

Why Choose U.S. Bank:

Main Features and Services

• Strong Financial Backing: As one of the largest banks in the U.S., U.S. Bank offers stability and a wide range of financial services.
• Personalized Service: They provide tailored support to help small businesses find the right financing solutions.
• Strong Financial Backing: Stability and wide range of financial services.
• Experienced Lenders: Expert guidance through the loan process.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 400
• 2022 Total Approved Amount: $350 million
• 2023 Loans Approved: 450
• 2023 Total Approved Amount: $400 million
• 2024 Estimated Loans Approved: 500
• 2024 Estimated Total Approved Amount: $450 million

Industry-Specific Loan Data

• Healthcare: $150 million
• Construction: $100 million
• Manufacturing: $100 million
• Others: $100 million

Performance Data:

• 2023 Loans Approved: 450
• Total Approved Amount: $400 million
• Average Loan Amount: $888,888

Key Industries:

• Healthcare
• Construction
• Manufacturing

9. KeyBank

Overview and History

Founded: 1849
Headquarters: Cleveland, Ohio

KeyBank is known for its commitment to helping small businesses grow through flexible SBA loan options. They offer a variety of SBA loan products and personalized financial advice.

Why Choose KeyBank:

Main Features and Services

• Industry Expertise: KeyBank has specialized teams for different industries provide knowledgeable support and customized loan solutions.
• Streamlined Application Process: Their efficient process helps small businesses secure funding quickly and easily.
• Flexible Loan Options: Various SBA loan products available.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 350
• 2022 Total Approved Amount: $300 million
• 2023 Loans Approved: 400
• 2023 Total Approved Amount: $350 million
• 2024 Estimated Loans Approved: 450
• 2024 Estimated Total Approved Amount: $400 million

Industry-Specific Loan Data

• Real Estate: $150 million
• Energy: $100 million
• Transportation: $100 million
• Others: $50 million

Performance Data:

• 2023 Loans Approved: 400
• Total Approved Amount: $350 million
• Average Loan Amount: $875,000

Key Industries:

• Real Estate
• Energy
• Transportation

10. Bank of America

Overview and History

Founded: 1904
Headquarters: Charlotte, North Carolina

Bank of America is a leading SBA lender with a comprehensive range of financial services. They offer competitive SBA loan products and have a strong focus on supporting small businesses.

Why Choose Bank of America:

Main Features and Services

• Wide Range of Services: Beyond SBA loans, Bank of America offers a full suite of banking and financial services, making it convenient for businesses to manage all their finances in one place.
• Experienced Lenders: Their team of experienced SBA lenders provides expert guidance and support throughout the loan process.
• Nationwide Presence: Extensive branch network for accessibility.

SBA Loan Comparison Year After Year

• 2022 Loans Approved: 300
• 2022 Total Approved Amount: $250 million
• 2023 Loans Approved: 350
• 2023 Total Approved Amount: $300 million
• 2024 Estimated Loans Approved: 400
• 2024 Estimated Total Approved Amount: $350 million

Industry-Specific Loan Data

• Retail: $150 million
• Healthcare: $100 million
• Manufacturing: $50 million
• Others: $50 million

Performance Data:

• 2023 Loans Approved: 350
• Total Approved Amount: $300 million
• Average Loan Amount: $857,143

Key Industries:

• Retail
• Healthcare
• Manufacturing