Which Banks Are The Top Small Business Lenders?
Finding the right loan to kickstart a new business or fuel a new phase of growth is a crucial decision business owners make every year. So which banks are small businesses most often turning to when borrowing money?
According to recently updated figures by the U.S. Small Business Association (SBA), two of those top three lenders in the nation hold significant operations in Minnesota.
Wells Fargo, the world’s largest bank by market capitalization, is also the top small business lender in America. The San Francisco-based bank, which operates in more than 200 locations throughout Minnesota, has approved 8,737 loans to small business owners in the last year—more than double any other bank. Altogether, Wells Fargo has lent more than $1.9 billion in loans to small businesses in the last year.
Following Wells Fargo is Wilmington, North Carolina-based Live Oak Banking Company with 1,076 small business loans totaling upwards of $1.3 billion.
Yet, despite being only the fifth-largest bank by market capitalization, U.S. Bank is the third largest small business lender in the nation. The Minneapolis-based bank provided 3,285 small business loans amounting to roughly $838 million.
Year-over-year, U.S. Bank’s loan volume for small businesses rose 7.9 percent, the bank said in a release.
Rounding out the top five list of small business lenders were JPMorgan Chase Bank with 3,330 loans totaling $790 million and The Huntington National Bank with 3,905 loans totaling $634 million. For SBA’s full list of the 100 Most Active Lenders, click here.