Top SBA Lenders of 2024: Who’s Leading Small Business Financing?
**Top SBA Lenders Making Waves in Small Business Financing**
In 2024, the SBA lending landscape saw significant shifts and notable movers, shaping the future of small business financing. Here’s a summary of the main movers and shakers:
1. **Live Oak Bank**:
– **Steady Dominance**: Live Oak Bank maintained its top spot by consistently providing high loan volumes, with $1.58 billion in SBA 7(a) loans in 2024.
– **Market Share**: The bank’s strong market share is attributed to its ability to serve diverse industries and its high loan volume, making it a reliable lender for small businesses[4].
2. **Huntington Bank**:
– **Significant Growth**: Huntington Bank significantly increased its market share over the past four years, focusing on small businesses with an average loan size of $246,000 in 2024[4].
– **Competitive Edge**: The bank’s aggressive lending strategy and competitive offerings have positioned it as a top contender in the SBA lending market.
3. **Readycap Lending, LLC**:
– **Rapid Ascent**: Readycap Lending, LLC climbed into the top 3 in 2024, demonstrating adaptability in serving diverse industries and ascending the ranks of SBA lenders[4].
– **Innovative Approach**: This non-traditional lender’s success indicates a growing role for fintech and alternative lenders in SBA financing.
4. **Newtek Bank**:
– **Consistent Performance**: Despite fluctuations in ranking, Newtek Bank remained a top player by maintaining a strong focus on small business lending[4].
– **Reliability**: The bank’s steady performance reflects its commitment to providing reliable financial services to small business owners.
5. **U.S. Bank**:
– **Shift in Strategy**: U.S. Bank shifted its focus towards smaller loans, maintaining a robust loan count though total volume saw minor fluctuations[4].
– **Market Evolution**: This strategic shift reflects the trend of lenders prioritizing higher loan volume with smaller loan amounts to cater to a broader range of small businesses.
6. **Lendistry’s Rise**:
– **Breakout Success**: Lendistry surged from #87 in 2023 to #20 in 2024, marking a significant rise in the market[4].
– **Fintech Influence**: Lendistry’s rapid ascent signifies the increasing impact of fintech and alternative lenders in the SBA financing sector, offering more accessible and competitive loan options to small businesses.