Wonder
Sign up
Log in
Research Outline
Prepared for Michael C. | Delivered March 27, 2021
SBA 7(a) Lenders For Startups
Review your project details
Goals
To identify lenders that give SBA 7(a) loans, in order to pursue financing from them. These lenders should specialize in SBA 7(a) loans for startup companies.
View less
Early Findings
Most Active SBA 7(a) Lenders
According to
SBA.gov
, the following are the
10 most active
SBA 7(a) lenders, ranked by their FY2021 lending volume :
Live Oak Banking Company
The Huntington National Bank
Newtek
Small Business Finance
Celtic Bank Corporation
Byline Bank
Wells Fargo Bank, National Association
Harvest Small Business Finance
, LLC
Readycap Lending, LLC
U.S. Bank, National Association
Enterprise Bank & Trust
Bank of the West
The Huntington National Bank
Huntington National Bank is a "
full-service banking provider
primarily operating across a seven-state banking franchise of Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia."
The bank is among the
top SBA 7(a) lenders
in the US by volume, and it provides loans for both
startups and established businesses.
In 2020, Huntington National Bank had approved
787
SBA 7(a) loans, with an approval amount of
$150.6 million.
Summary
Banks
do not typically offer
business startup loans because these are
the riskiest type
s of loans that can be offered. However, there ate various lending bodies,
such as Fundera
, that offer SBA loans to startups. We can, therefore, shift our focus from banks to lending bodies in general.
View less