Financing / Data study
The 69 busiest SBA 7(a) lenders, and what each one charges
The program has one rulebook and 1,201 lenders. Their typical rates run from under 7% to over 12%.
Every 7(a) lender works from the same SBA rulebook and the same legal ceiling on rates. What they charge under that ceiling is their own decision, and the public loan records show it differs a great deal from one lender to the next.
This page lists every lender that made at least 100 7(a) loans between July 1, 2025 and June 30, 2026, with what a typical borrower was charged. It is not a ranking of "best" lenders. It is a record of what each one did.
A crowded field with a few giants
1,201 lenders made at least one 7(a) loan in those twelve months. Most barely take part: 793 made fewer than ten loans, and 267 made exactly one.
At the other end, the ten busiest lenders made 43% of all loans. The 69 lenders on this page, each with 100 loans or more, made 74% of them. They are 60 banks, 6 non-bank lenders and 3 credit unions.
Counting loans and counting dollars give different leaders. Huntington National Bank approved the most loans, 3,688. Live Oak Banking Company lent the most money, $2.3 billion across 2,051 loans, because its loans are several times larger.
This matters when you choose where to apply. A lender that makes a handful of SBA loans a year can be a fine lender, but it has had less practice with the program's paperwork than one that makes thousands.
What the 20 busiest lenders charge
Among the 20 busiest lenders, median rates run from 6.79% to 11.75%
Initial interest rate on 7(a) loans approved July 2025 to June 2026, 20 lenders with the most loans, busiest first
medianmiddle half of that lender's loans
Source: The Mercantile Record analysis of SBA 7(a) loan records as of June 30, 2026. Lenders make very different mixes of loans; see the table for like-for-like columns. Method.
Each bar covers the middle half of that lender's loans, and the dot is the median. A short bar means the lender prices most borrowers alike. A long bar, like the ones that reach 13%, means it makes both cheap and expensive loans, usually because it makes both large loans and very small ones.
The full table
Click a column heading to sort. The two like-for-like columns are the ones to compare. They show each lender's median rate on loans up to $150,000 and on loans over $350,000, and are blank where a lender made fewer than 25 loans of that size. The last two columns are the share of the lender's loans made at a fixed rate and through SBA Express.
| Huntington National Bank | Bank | 3,688 | $1.4B | $135K | 9.5% | 9.5% | 9% | 8% | 43% |
|---|---|---|---|---|---|---|---|---|---|
| Newtek Bank | Bank | 3,427 | $934M | $150K | 10% | 10.5% | 9.75% | 0% | 29% |
| U.S. Bank | Bank | 2,769 | $793M | $50K | 9.24% | 9.99% | 7.25% | 54% | 78% |
| M&T Bank | Bank | 2,601 | $280M | $50K | 10.5% | 11% | 8.75% | 10% | 93% |
| Live Oak Banking Company | Bank | 2,051 | $2.3B | $475K | 9% | 9.75% | 8.25% | 1% | 12% |
| TD Bank | Bank | 1,853 | $302M | $50K | 10% | 10% | 7.59% | 11% | 94% |
| Northeast Bank | Bank | 1,519 | $275M | $150K | 9.75% | 9.75% | – | 0% | 0% |
| Celtic Bank Corporation | Bank | 1,201 | $546M | $150K | 9.75% | 9.75% | 9.25% | 0% | 0% |
| Readycap Lending, LLC | Non-bank | 1,201 | $418M | $104K | 10.25% | 13.25% | 9.5% | 1% | 0% |
| SmartBiz Bank (CenTrust) | Bank | 985 | $194M | $150K | 11.25% | 11.5% | – | 0% | 0% |
| JPMorgan Chase Bank | Bank | 963 | $276M | $200K | 10.5% | 13.25% | 8.5% | 22% | 92% |
| Zions Bank | Bank | 912 | $248M | $102K | 9.25% | 10% | 6.75% | 2% | 44% |
| United Midwest Savings Bank | Bank | 821 | $326M | $200K | 9.75% | 10% | 9.5% | 1% | 0% |
| Lendistry SBLC, LLC | Non-bank | 722 | $159M | $183K | 11.5% | 11.75% | 9.75% | 0% | 0% |
| Wells Fargo Bank | Bank | 699 | $430M | $348K | 8.16% | 12.5% | 7.01% | 56% | 39% |
| Columbia Bank | Bank | 658 | $73M | $50K | 11.75% | 11.75% | 9% | 0% | 94% |
| KeyBank | Bank | 522 | $210M | $150K | 9.74% | 10.57% | 9% | 0% | 61% |
| First Bank of the Lake | Bank | 457 | $378M | $350K | 9.5% | 12.88% | 9.25% | 2% | 4% |
| Harvest Small Business Finance, LLC | Non-bank | 425 | $449M | $795K | 9.5% | – | 9.5% | 0% | 0% |
| Bank of America | Bank | 406 | $268M | $426K | 6.79% | 7.92% | 6.55% | 76% | 50% |
| Bank of Hope | Bank | 397 | $437M | $471K | 8.75% | 9.25% | 8.25% | 0% | 38% |
| Byline Bank | Bank | 394 | $455M | $823K | 9.5% | 9.75% | 9.5% | 0% | 11% |
| Fifth Third Bank | Bank | 386 | $338M | $264K | 8.75% | 11.7% | 7.5% | 15% | 60% |
| Banco Popular de Puerto Rico | Bank | 380 | $46M | $50K | 11% | 11.25% | – | 10% | 95% |
| Eastern Bank | Bank | 338 | $44M | $80K | 8.99% | 9.24% | – | 71% | 90% |
| First Internet Bank of Indiana | Bank | 327 | $401M | $750K | 9.5% | 9.5% | 9.75% | 0% | 35% |
| US Metro Bank | Bank | 224 | $444M | $1.6M | 8.25% | – | 8.25% | 0% | 0% |
| PNC Bank | Bank | 224 | $82M | $168K | 9.21% | 11.15% | 7.23% | 46% | 59% |
| CDC Small Business Finance Corp. | Non-bank | 220 | $37M | $150K | 10% | 10% | – | 0% | 0% |
| Hanmi Bank | Bank | 219 | $177M | $500K | 8.5% | 8.5% | 8.5% | 0% | 2% |
| BayFirst National Bank | Bank | 214 | $42M | $150K | 12.25% | 12.25% | – | 0% | 0% |
| Citizens Bank | Bank | 209 | $189M | $570K | 9.5% | – | 9.5% | 0% | 0% |
| Port 51 Lending LLC | Non-bank | 205 | $366M | $1.3M | 9.25% | – | 9.25% | 0% | 0% |
| Stone Bank | Bank | 204 | $96M | $150K | 9.75% | 10% | 8.62% | 2% | 0% |
| WaFd Bank | Bank | 200 | $14M | $30K | 11.5% | 11.5% | – | 8% | 96% |
| VelocitySBA, LLC | Non-bank | 192 | $189M | $738K | 9.5% | – | 9.5% | 0% | 0% |
| Pathward | Bank | 179 | $364M | $1.6M | 9.5% | – | 9.5% | 0% | 20% |
| Grasshopper Bank | Bank | 177 | $115M | $350K | 10.25% | – | 9.5% | 0% | 0% |
| GBank | Bank | 175 | $545M | $3.1M | 8.5% | – | 8.38% | 0% | 0% |
| Old National Bank | Bank | 173 | $173M | $400K | 7.75% | 8.25% | 7.74% | 45% | 39% |
| Pinnacle Bank | Bank | 170 | $212M | $750K | 9% | – | 9% | 3% | 13% |
| East West Bank | Bank | 167 | $126M | $382K | 8.75% | 9.75% | 8.25% | 7% | 20% |
| Banner Bank | Bank | 161 | $53M | $100K | 8.5% | 8.25% | 8.75% | 24% | 83% |
| Wilmington Savings Fund Society FSB | Bank | 158 | $120M | $526K | 9.25% | – | 9% | 0% | 20% |
| Colony Bank | Bank | 154 | $82M | $150K | 10% | 10.5% | 9.5% | 0% | 1% |
| Beacon Bank and Trust | Bank | 154 | $230M | $1M | 9.25% | – | 9% | 3% | 27% |
| TowneBank | Bank | 153 | $152M | $755K | 9.5% | – | 9.5% | 1% | 16% |
| Mountain America FCU | Credit union | 152 | $59M | $129K | 8.38% | 13% | 7.5% | 0% | 49% |
| Northwest Bank | Bank | 150 | $168M | $474K | 9% | 9% | 9% | 3% | 39% |
| Climate First Bank | Bank | 149 | $179M | $735K | 9.5% | – | 9.5% | 0% | 11% |
| First Financial Bank | Bank | 147 | $153M | $765K | 8.35% | – | 8.25% | 41% | 14% |
| First-Citizens Bank & Trust Company | Bank | 147 | $145M | $480K | 9.75% | – | 9.75% | 1% | 41% |
| First Commonwealth Bank | Bank | 144 | $96M | $349K | 9.5% | 9.5% | 9.25% | 1% | 9% |
| Enterprise Bank & Trust | Bank | 140 | $253M | $1.3M | 7.75% | – | 7.75% | 27% | 1% |
| Gulf Coast Bank and Trust Company | Bank | 134 | $141M | $768K | 9.5% | – | 9.5% | 1% | 13% |
| Regions Bank | Bank | 133 | $96M | $324K | 8.25% | 9.62% | 7.75% | 29% | 30% |
| Open Bank | Bank | 123 | $209M | $1.1M | 8.5% | – | 8.25% | 0% | 0% |
| Hancock Whitney Bank | Bank | 118 | $74M | $458K | 9.25% | – | 9.25% | 3% | 13% |
| Webster Bank | Bank | 117 | $42M | $250K | 9% | 9.38% | 8.25% | 15% | 81% |
| Peoples Bank | Bank | 115 | $139M | $501K | 8.75% | 9.12% | 8.5% | 4% | 18% |
| First Merchants Bank | Bank | 114 | $132M | $706K | 9.62% | 10.75% | 9.5% | 0% | 24% |
| Commonwealth Business Bank | Bank | 114 | $189M | $1.1M | 8.25% | – | 8.25% | 0% | 0% |
| Magnifi Financial CU | Credit union | 112 | $33M | $256K | 9.75% | 9.75% | 9.62% | 0% | 0% |
| Truliant FCU | Credit union | 110 | $141M | $997K | 9.75% | – | 9.75% | 2% | 1% |
| Bank Five Nine | Bank | 108 | $53M | $320K | 9% | 9% | 9% | 0% | 0% |
| The Bancorp Bank | Bank | 108 | $144M | $921K | 8% | – | 8% | 3% | 8% |
| United Community Bank | Bank | 105 | $105M | $550K | 8.75% | – | 8.75% | 1% | 19% |
| First Community Bank | Bank | 104 | $73M | $370K | 7.5% | 7.5% | 8.25% | 53% | 28% |
| SouthState Bank | Bank | 102 | $60M | $350K | 9.5% | – | 8.75% | 5% | 5% |
How to read the differences
The median for all loans runs from 6.79% (Bank of America) to 12.25% (BayFirst National Bank). Most of that spread comes from three things you can see in the table.
Loan size. A lender whose typical loan is $50,000 will show a higher median than one whose typical loan is $1 million, even if both price fairly. Loan size is the first thing that sets a rate. That is why the like-for-like columns exist.
Fixed or variable. Several of the lenders with the lowest medians make a large share of their loans at a fixed rate. 76% of Bank of America's loans were fixed, and its median was 6.79%, below the prime rate at the time. Only 5 lenders on the list made most of their loans at a fixed rate.
SBA Express. Some large banks make almost all their 7(a) loans through SBA Express, which is limited to $500,000 and carries a 50% guaranty. 93% of M&T Bank's loans and 94% of TD Bank's were Express loans, with a median size of $50,000 at both.
Even after allowing for size, lenders differ. On loans up to $150,000, the lowest median among the 45 lenders with enough loans to compare was 7.5% (First Community Bank) and the highest was 13.25%. For comparison, with prime at 6.75% the legal maximum for a variable-rate loan of $50,000 or less is 13.25% today. It was up to three quarters of a point higher earlier in the period, when prime was higher.
On loans over $350,000 the range was narrower, from 6.55% (Bank of America) to 9.75% (Newtek Bank). The ceiling for a variable-rate loan that size is 9.75% today, and was likewise higher earlier in the period.
What the table cannot tell you
A low median does not mean a lender will offer you a low rate.
- Lenders choose their borrowers. A bank that lends only to long-established customers will show low rates. The records hold no credit scores or financial statements, so we cannot separate cheap lenders from selective ones.
- These are starting rates. Most loans here are variable.
- Fees are not included. The SBA guaranty fee is the same everywhere, but lenders' own packaging and closing charges differ. The 7(a) calculator covers what they may and may not charge.
- Names are as SBA records them. A loan sold or transferred shows under the lender that holds it now. We shortened long legal names and left everything else alone.
- Approval odds are missing. SBA publishes approved loans, not applications. A lender that says no to most applicants looks the same here as one that says yes.
How to shop with this
- Find two or three lenders that make loans your size. Sort by median loan. A lender whose typical loan is $1.5 million is unlikely to want a $40,000 request, and the reverse.
- Include one that does things differently. If your first quote is from a national small-loan lender, get one from a regional or community bank or a credit union, and ask whether they offer a fixed rate.
- Compare spreads, not rates. Ask each for the base rate and the spread in writing. What other borrowers your size paid is the benchmark.
- Ask how many 7(a) loans they closed last year. You now know the answer for 69 of them.
Method in brief
We used SBA's public file of 7(a) loans dated June 30, 2026 and kept loans approved in the 12 months to that date that were not cancelled: 49,520 loans. Lenders are grouped by the name in SBA's records. "Type" comes from the same file: a lender with an FDIC certificate number is a bank, one with an NCUA charter number is a credit union, and the rest are non-bank lenders. Rates are the initial rate at approval. The table can be downloaded from the data page.
Sources
- 7(a) & 504 FOIA dataset, U.S. Small Business Administration. Loan-level records as of June 30, 2026. Lender names are shown as SBA records them, lightly shortened. Checked October 5, 2026.
- 7(a) loan program: terms, conditions and eligibility, U.S. Small Business Administration. SBA Express limits and guaranty percentages. Checked October 5, 2026.
Corrections and updates
- First published.