Lowest cost SBA banks for small business loans

Last quarterly update: Jun 20, 2020

We have crunched the numbers and are pleased report the lowest cost Small Business Administration (SBA) lenders so far this year. Many of the names on the list aren’t the high volume SBA banks that are household names, so many of these are banks off the beaten path but they may you save thousands. The maximum rate a bank can charge for an SBA loan is mandated by the SBA, and the those rates are determined by the principal and the term of the loan. We won’t bore you with all the details here but if curious about learning more about SBA loan rates check out our post at https://www.sbalenders.com/sba-loan-rates/.


Lowest Cost SBA Banks – Large Loans and Long Maturities

(Loans over $50,000 with terms of 7 years or longer)

SBA lenders could charge a maximum interest rate of 9.4% for their large loans in 2017. So far this year 66% of all SBA loans are over $50,000 and over 90% of the loans over $50,000 are term loans of seven years or longer. These top 25 banks are well under that rate.


2020 Rank*BankCitySTAvg IntAvg Loan
1Bank of AmericaCharlotteNC4.74%$658,189
2Camden National BankCamdenME4.93%$168,333
3Southern Bank and TrustMount OliveNC5.48%$221,707
4UMB BankKansas CityMO5.50%$581,344
5Republic Bank & TrustLouisvilleKY5.51%$347,920
7City National BankLos AngelesCA5.62%$879,858
8Sunflower BankDenverCO5.65%$783,188
9MVB BankFairmontWV5.66%$162,023
10Mountain America FCUSandyUT5.66%$478,398
11MUFG Union BankSan FranciscoCA5.71%$1,185,153
12The State BankFentonMI5.72%$649,571
13Bangor Savings BankBangorME5.73%$198,253
14Lake City BankWarsawIN5.77%$297,227
15MidFirst BankOklahoma CityOK5.77%$1,702,846
16Union Bank and Trust CompanyLincolnNE5.78%$298,194
17Emprise BankWichitaKS5.81%$742,407
18Stock Yards Bank & TrustLouisvilleKY5.82%$530,621
19Community Trust BankPikevilleKY5.86%$297,371
20Washington Trust BankSpokaneWA5.94%$564,996
21Independent BankMckinneyTX6.04%$926,709
22Five Star BankWarsawNY6.06%$345,083
23First Financial BankCincinnatiOH6.07%$581,171
24Capital OneMcleanVA6.07%$1,077,020
25TCF National BankSioux FallsSD6.09%$741,427


Lowest Cost SBA Banks – Large Loan and Shorter Maturities

(Loans over $50,000 with terms of less than 7 years)

SBA lenders can charge a maximum interest rate of 8.9% for their large loans. These top 15 banks are well under that rate, so consider these lenders to save money if you need a small SBA loan.


2020 Rank*BankCitySTAvg IntAvg Loan
1Commerce BankKansas CityMO5.73%$1,119,720
2Cambridge Savings BankCambridgeMA5.91%$305,861
3Arvest BankFayettevilleAR5.92%$102,769
4Republic Bank & TrustLouisvilleKY6.03%$276,347
5BB&TWinston SalemNC6.22%$541,596
6First National Bank of OmahaOmahaNE6.23%$303,683
7Huntington National BankColumbusOH6.24%$89,460
8CitibankSioux FallsSD6.25%$1,354,444
9NCF National BankSioux FallsSD6.25%$359,557
10BancFirstOklahoma CityOK6.41%$260,491
11Regions BankBirminghamAL6.46%$1,965,385
12First Financial BankCincinnatiOH6.46%$365,047
13First American Bank<Elk Grove VillageIL6.48%$784,286
14U.S. BankCincinnatiOH6.49%$114,030
15Wells FargoSioux FallsSD6.50%$215,727
16Independent BankMckinneyTX6.60%$182,092
17Berkshire BankPittsfieldMA6.95%$314,082
18Capital BankRockvilleMD7.02%$474,167
19Central BankProvoUT7.03%$368,718