Lending data
Which lenders actually fund startups
Ranked by startup SBA 7(a) loans genuinely approved, from the SBA's own loan-level release.
Short answer
33.6% of recent SBA 7(a) loans went to startups, and 426 different lenders made at least fifteen of them. The table below ranks lenders by startup loans actually approved, which is a very different list from the biggest SBA lenders overall.
Why this list is not the same as the big-lender list
Most lending content tells startups to "approach an SBA lender." That is unhelpful, because appetite for new businesses varies enormously between institutions that all offer the identical program. Some write a majority of their loans to startups. Many community banks write almost none.
This is the list that matters if you have no trading history: lenders that demonstrably write these loans.
| # | Lender | Startup loans | Median startup loan | Median term | Median rate |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 10,958 | $100,000 | 10 years | 10.25% |
| 2 | Wells Fargo Bank | 5,241 | $15,000 | 10 years | 13.00% |
| 3 | U.S. Bank | 3,340 | $35,000 | 7 years | 9.49% |
| 4 | TD Bank | 3,160 | $25,000 | 10 years | 11.50% |
| 5 | Manufacturers and Traders Trust Company | 3,106 | $50,000 | 10 years | 10.75% |
| 6 | United Midwest Savings Bank | 2,245 | $150,000 | 10 years | 10.25% |
| 7 | KeyBank | 1,711 | $50,000 | 10 years | 10.99% |
| 8 | Live Oak Banking Company | 1,633 | $680,000 | 123 months | 9.25% |
| 9 | Newtek Bank | 1,475 | $150,000 | 10 years | 11.50% |
| 10 | First Bank of the Lake | 1,251 | $370,500 | 10 years | 10.25% |
| 11 | Readycap Lending, LLC | 1,050 | $445,500 | 10 years | 10.50% |
| 12 | Zions Bank | 944 | $116,000 | 10 years | 10.10% |
| 13 | Northeast Bank | 721 | $50,000 | 10 years | 10.75% |
| 14 | Citizens Bank | 665 | $500,000 | 124 months | 10.25% |
| 15 | PNC Bank | 635 | $25,000 | 10 years | 11.65% |
| 16 | Celtic Bank Corporation | 633 | $685,000 | 10 years | 10.25% |
| 17 | CDC Small Business Finance Corp | 616 | $150,000 | 10 years | 11.00% |
| 18 | Byline Bank | 559 | $684,000 | 10 years | 10.50% |
| 19 | First Internet Bank of Indiana | 544 | $767,500 | 10 years | 10.50% |
| 20 | Bank of America | 486 | $550,050 | 25 years | 6.29% |
| 21 | JPMorgan Chase Bank | 448 | $250,000 | 10 years | 9.78% |
| 22 | Banco Popular de Puerto Rico | 412 | $46,400 | 10 years | 11.75% |
| 23 | Bank of Hope | 389 | $700,000 | 10 years | 9.00% |
| 24 | Fifth Third Bank | 382 | $500,000 | 10 years | 9.00% |
| 25 | Northwest Bank | 360 | $117,550 | 10 years | 11.00% |
| 26 | Old National Bank | 326 | $435,150 | 10 years | 8.63% |
| 27 | Bank Five Nine | 324 | $385,500 | 10 years | 9.50% |
| 28 | First Commonwealth Bank | 318 | $350,150 | 10 years | 10.25% |
| 29 | United Community Bank | 316 | $502,500 | 126 months | 9.50% |
| 30 | Harvest Small Business Finance, LLC | 315 | $735,000 | 25 years | 10.25% |
| 31 | Pinnacle Bank | 309 | $679,000 | 126 months | 9.50% |
| 32 | Wilmington Savings Fund Society FSB | 266 | $500,000 | 10 years | 10.00% |
| 33 | TowneBank | 265 | $565,000 | 10 years | 10.25% |
| 34 | Peoples Bank | 248 | $346,650 | 10 years | 9.50% |
| 35 | Mountain America FCU | 247 | $50,000 | 7 years | 8.50% |
| 36 | SouthState Bank | 234 | $500,000 | 10 years | 10.00% |
| 37 | First National Bank of Pennsylvania | 232 | $735,000 | 10 years | 9.50% |
| 38 | Beacon Bank and Trust | 229 | $550,000 | 10 years | 10.00% |
| 39 | First Financial Bank | 228 | $565,000 | 10 years | 8.55% |
| 40 | Magnifi Financial CU | 226 | $253,000 | 10 years | 10.25% |
What the SBA counts as a startup
- A new business, or one under two years old
- A business where the loan proceeds open it
- Not a change of ownership — buying an existing business is classed separately, and is considerably easier to finance
What you will still need
- 20% to 30% of the project as your own documented money.
- Personal credit, ideally 680 or better — at zero revenue it is the credit file.
- Documented industry experience that makes you a credible operator.
- Projections built from something — a franchisor's Item 19, comparable data, signed letters of intent. Never a market-share assumption.
- A lender from the list above. Most lenders do not do startups; do not spend six weeks discovering that.