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Top SBA Lenders in Brooklyn
Small business loans are available from many SBA lenders. Here are the most active Brooklyn SBA lenders:
| Rank | SBA Lender | SBA Lender HQs | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | TD Bank | Wilmington, DE | 373 | $127,906 | 11.4% |
| 2 | Readycap Lending, LLC | Berkeley Heights, NJ | 147 | $392,949 | 11.6% |
| 3 | BayFirst National Bank | Saint Petersburg, FL | 132 | $132,191 | 12.9% |
| 4 | Newtek Bank | Miami, FL | 108 | $345,981 | 11.2% |
| 5 | JPMorgan Chase Bank | Columbus, OH | 97 | $239,306 | 12.4% |
| 6 | Lendistry SBLC | Los Angeles, CA | 67 | $196,733 | 12.0% |
| 7 | M&T | Buffalo, NY | 50 | $115,450 | 11.7% |
| 8 | FinWise Bank | Sandy, UT | 39 | $1,037,436 | 10.6% |
| 9 | Northeast Bank | Lewiston, ME | 36 | $170,408 | 10.8% |
| 10 | Celtic Bank | Salt Lake City, UT | 35 | $279,363 | 10.4% |
| 11 | Huntington Bank | Columbus, OH | 33 | $535,855 | 10.5% |
| 12 | Webster Bank | Waterbury, CT | 30 | $282,033 | 9.8% |
| 13 | Live Oak | Wilmington, NC | 24 | $1,329,796 | 9.3% |
| 14 | Colony Bank | Fitzgerald, GA | 18 | $134,294 | 11.6% |
| 15 | CenTrust Bank | Northbrook, IL | 17 | $208,235 | 11.1% |
| 16 | United Midwest Savings Bank | De Graff, OH | 12 | $437,833 | 10.6% |
| 17 | Accompany Capital | New York, NY | 11 | $229,273 | 8.5% |
| 18 | Wells Fargo | Sioux Falls, SD | 9 | $893,000 | 9.8% |
| 19 | KeyBank | Cleveland, OH | 9 | $855,222 | 11.0% |
| 20 | New York, NY | 9 | $763,333 | 9.9% |
Top Industries for SBA Loans in Brooklyn
| Rank | Industry | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 6 | Administrative Management and General Management Consulting Services | 19 | $187,458 | 10.9% |
| 3 | Advertising Agencies | 6 | $731,917 | 10.4% |
| 3 | All Other Amusement and Recreation Industries | 6 | $1,091,667 | 10.2% |
| 3 | All Other Consumer Goods Rental | 6 | $600,000 | 10.8% |
| 1 | All Other General Merchandise Retailers | 16 | $134,406 | 10.8% |
| 2 | All Other Home Furnishings Retailers | 7 | $267,157 | 10.9% |
| 1 | All Other Legal Services | 4 | $100,000 | 9.8% |
| 1 | All Other Miscellaneous Manufacturing | 2 | $414,500 | 9.8% |
| 4 | All Other Miscellaneous Retailers | 17 | $389,447 | 10.6% |
| 5 | All Other Personal Services | 12 | $528,425 | 10.5% |
| 1 | All Other Plastics Product Manufacturing | 4 | $200,000 | 14.5% |
| 3 | All Other Professional, Scientific, and Technical Services | 20 | $487,450 | 10.9% |
| 4 | All Other Specialty Food Retailers | 9 | $268,833 | 10.6% |
| 6 | All Other Specialty Trade Contractors | 5 | $380,000 | 10.5% |
| 1 | All Other Travel Arrangement and Reservation Services | 4 | $325,000 | 10.0% |
| 2 | Apparel Accessories and Other Apparel Manufacturing | 4 | $12,000 | 14.0% |
| 3 | Appliance Repair and Maintenance | 2 | $200,000 | 9.8% |
| 5 | Architectural Services | 5 | $114,400 | 11.6% |
| 4 | Automotive Body, Paint, and Interior Repair and Maintenance | 3 | $1,395,900 | 10.9% |
| 1 | Baked Goods Retailers | 5 | $794,900 | 9.9% |
| 9 | Beauty Salons | 10 | $426,500 | 10.7% |
| 5 | Beer, Wine, and Liquor Retailers | 6 | $1,798,783 | 10.1% |
| 1 | Cafeterias, Grill Buffets, and Buffets | 2 | $275,000 | 12.5% |
| 3 | Car Washes | 4 | $50,000 | 15.0% |
| 1 | Caterers | 7 | $577,143 | 10.0% |
| 1 | Child and Youth Services | 3 | $633,333 | 11.5% |
| 5 | Child Care Services | 28 | $925,682 | 9.9% |
| 1 | Clothing and Clothing Accessories Merchant Wholesalers | 9 | $270,844 | 11.4% |
| 8 | Clothing and Clothing Accessories Retailers | 26 | $255,365 | 11.5% |
| 1 | Coin-Operated Laundries and Drycleaners | 4 | $231,250 | 11.9% |
| 4 | Commercial and Institutional Building Construction | 7 | $909,900 | 8.9% |
| 1 | Commercial Bakeries | 2 | $135,000 | 12.4% |
| 1 | Commercial Photography | 2 | $105,000 | 13.4% |
| 3 | Commercial Printing (except Screen and Books) | 2 | $225,000 | 11.7% |
| 3 | Computer Systems Design Services | 3 | $188,333 | 10.0% |
| 1 | Confectionery and Nut Retailers | 4 | $75,000 | 10.5% |
| 2 | Convenience Retailers | 3 | $50,000 | 10.3% |
| 1 | Cookie and Cracker Manufacturing | 2 | $975,000 | 11.3% |
| 2 | Cosmetics, Beauty Supplies, and Perfume Retailers | 4 | $868,750 | 10.4% |
| 2 | Couriers and Express Delivery Services | 3 | $38,100 | 12.8% |
| 2 | Custom Computer Programming Services | 7 | $714,286 | 10.5% |
| 1 | Cut and Sew Apparel Manufacturing (except Contractors) | 2 | $1,225,000 | 9.3% |
| 1 | Dental Laboratories | 4 | $300,000 | 11.5% |
| 1 | Department Stores | 2 | $325,000 | 10.0% |
| 1 | Doll, Toy, and Game Manufacturing | 5 | $334,000 | 10.8% |
| 1 | Drafting Services | 2 | $217,750 | 10.5% |
| 3 | Drinking Places (Alcoholic Beverages) | 6 | $976,833 | 10.9% |
| 1 | Drugs and Druggists’ Sundries Merchant Wholesalers | 2 | $62,500 | 11.8% |
| 3 | Drycleaning and Laundry Services (except Coin-Operated) | 4 | $127,250 | 10.1% |
| 3 | Educational Support Services | 10 | $139,410 | 11.7% |
| 7 | Electrical Contractors and Other Wiring Installation Contractors | 8 | $279,625 | 11.4% |
| 1 | Electronic and Precision Equipment Repair and Maintenance | 3 | $159,167 | 12.8% |
| 1 | Electronic Shopping | 2 | $109,500 | 12.9% |
| 1 | Electronics and Appliance Retailers | 14 | $584,286 | 10.8% |
| 2 | Elementary and Secondary Schools | 2 | $1,058,000 | 12.3% |
| 3 | Employment Placement Agencies | 3 | $216,667 | 11.6% |
| 4 | Engineering Services | 2 | $866,150 | 9.1% |
| 1 | Exterminating and Pest Control Services | 2 | $150,000 | 11.3% |
| 3 | Fine Arts Schools | 4 | $47,075 | 10.8% |
| 3 | Finish Carpentry Contractors | 2 | $225,000 | 11.0% |
| 1 | Fish and Seafood Merchant Wholesalers | 5 | $150,000 | 10.9% |
| 1 | Fish and Seafood Retailers | 3 | $781,000 | 9.5% |
| 9 | Fitness and Recreational Sports Centers | 27 | $478,319 | 10.2% |
| 3 | Flooring Contractors | 3 | $108,333 | 12.2% |
| 1 | Food (Health) Supplement Retailers | 3 | $333,333 | 10.9% |
| 2 | Food Service Contractors | 3 | $89,367 | 10.8% |
| 1 | Freight Transportation Arrangement | 3 | $648,333 | 10.2% |
| 1 | Fresh Fruit and Vegetable Merchant Wholesalers | 3 | $60,000 | 11.9% |
| 10 | Full-Service Restaurants | 38 | $273,174 | 11.1% |
| 2 | Funeral Homes and Funeral Services | 4 | $216,250 | 11.2% |
| 5 | General Automotive Repair | 3 | $933,100 | 8.6% |
| 5 | General Freight Trucking, Local | 3 | $61,333 | 11.4% |
| 1 | General Freight Trucking, Long-Distance, Less Than Truckload | 3 | $101,667 | 11.8% |
| 3 | General Freight Trucking, Long-Distance, Truckload | 5 | $146,980 | 11.9% |
| 1 | General Line Grocery Merchant Wholesalers | 2 | $212,500 | 11.3% |
| 1 | Gift, Novelty, and Souvenir Retailers | 6 | $261,667 | 10.9% |
| 3 | Graphic Design Services | 2 | $140,900 | 10.8% |
| 1 | Hardware Merchant Wholesalers | 2 | $350,000 | 11.1% |
| 1 | Home Furnishing Merchant Wholesalers | 4 | $152,500 | 11.9% |
| 6 | Home Health Care Services | 5 | $279,000 | 10.5% |
| 1 | Human Resources Consulting Services | 2 | $265,000 | 12.3% |
| 3 | Independent Artists, Writers, and Performers | 5 | $73,500 | 11.9% |
| 1 | Industrial and Personal Service Paper Merchant Wholesalers | 2 | $161,500 | 10.5% |
| 1 | Institutional Furniture Manufacturing | 2 | $2,500,000 | 9.5% |
| 7 | Insurance Agencies and Brokerages | 16 | $319,500 | 10.9% |
| 3 | Interior Design Services | 9 | $144,656 | 11.4% |
| 5 | Janitorial Services | 3 | $124,000 | 10.6% |
| 9 | Limited-Service Restaurants | 17 | $299,353 | 10.1% |
| 3 | Limousine Service | 3 | $146,667 | 11.0% |
| 2 | Local Messengers and Local Delivery | 2 | $32,500 | 10.8% |
| 1 | Lumber, Plywood, Millwork, and Wood Panel Merchant Wholesalers | 2 | $207,500 | 11.5% |
| 5 | Marketing Consulting Services | 12 | $637,075 | 10.4% |
| 1 | Marketing Research and Public Opinion Polling | 2 | $150,000 | 10.9% |
| 1 | Masonry Contractors | 2 | $150,000 | 12.3% |
| 2 | Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers | 3 | $450,667 | 9.8% |
| 1 | Metal Coating, Engraving (except Jewelry and Silverware), and Allied Services to Manufacturers | 4 | $150,000 | 9.8% |
| 1 | Metal Window and Door Manufacturing | 2 | $94,850 | 7.5% |
| 4 | Mobile Food Services | 2 | $30,000 | 10.5% |
| 2 | Mortgage and Nonmortgage Loan Brokers | 3 | $635,233 | 8.6% |
| 4 | Motion Picture and Video Production | 6 | $192,500 | 10.9% |
| 5 | New Single-Family Housing Construction (except For-Sale Builders) | 5 | $898,400 | 10.4% |
| 1 | Nursery, Garden Center, and Farm Supply Retailers | 4 | $150,000 | 10.5% |
| 7 | Offices of All Other Miscellaneous Health Practitioners | 5 | $558,000 | 11.8% |
| 5 | Offices of Certified Public Accountants | 7 | $176,714 | 10.1% |
| 5 | Offices of Dentists | 5 | $391,760 | 8.7% |
| 4 | Offices of Lawyers | 2 | $300,000 | 10.6% |
| 5 | Offices of Mental Health Practitioners (except Physicians) | 3 | $255,333 | 10.9% |
| 3 | Offices of Physical, Occupational and Speech Therapists, and Audiologists | 6 | $106,667 | 12.7% |
| 8 | Offices of Physicians (except Mental Health Specialists) | 6 | $366,683 | 10.1% |
| 4 | Offices of Real Estate Agents and Brokers | 8 | $100,425 | 10.5% |
| 4 | Other Accounting Services | 14 | $410,929 | 11.0% |
| 2 | Other Building Finishing Contractors | 4 | $167,500 | 10.6% |
| 2 | Other Building Material Dealers | 5 | $280,000 | 10.6% |
| 1 | Other Business Service Centers (including Copy Shops) | 2 | $217,450 | 11.5% |
| 5 | Other Computer Related Services | 4 | $100,700 | 11.6% |
| 1 | Other Electronic Parts and Equipment Merchant Wholesalers | 2 | $375,000 | 9.5% |
| 2 | Other Grocery and Related Products Merchant Wholesalers | 7 | $252,143 | 11.2% |
| 2 | Other Individual and Family Services | 2 | $143,500 | 12.3% |
| 2 | Other Management Consulting Services | 6 | $514,283 | 10.3% |
| 1 | Other Miscellaneous Durable Goods Merchant Wholesalers | 12 | $733,333 | 10.5% |
| 1 | Other Miscellaneous Nondurable Goods Merchant Wholesalers | 14 | $204,643 | 10.8% |
| 1 | Other Performing Arts Companies | 2 | $225,000 | 11.3% |
| 4 | Other Personal and Household Goods Repair and Maintenance | 2 | $251,750 | 11.4% |
| 6 | Other Personal Care Services | 11 | $90,709 | 10.4% |
| 3 | Other Scientific and Technical Consulting Services | 3 | $150,000 | 12.3% |
| 1 | Other Services Related to Advertising | 2 | $150,000 | 11.6% |
| 2 | Other Specialized Design Services | 2 | $150,000 | 11.8% |
| 1 | Packaging and Labeling Services | 2 | $216,350 | 11.4% |
| 5 | Painting and Wall Covering Contractors | 2 | $122,500 | 11.0% |
| 1 | Passenger Car Rental | 2 | $10,000 | 12.2% |
| 1 | Payroll Services | 3 | $150,000 | 10.9% |
| 5 | Pet Care (except Veterinary) Services | 6 | $763,700 | 10.0% |
| 1 | Pharmacies and Drug Retailers | 5 | $342,800 | 11.5% |
| 1 | Photofinishing Laboratories (except One-Hour) | 2 | $76,500 | 13.5% |
| 1 | Photographic Equipment and Supplies Merchant Wholesalers | 2 | $442,500 | 11.1% |
| 3 | Photography Studios, Portrait | 2 | $115,000 | 12.3% |
| 1 | Plastics Bag and Pouch Manufacturing | 2 | $216,750 | 10.9% |
| 7 | Plumbing, Heating, and Air-Conditioning Contractors | 13 | $353,962 | 10.6% |
| 3 | Poured Concrete Foundation and Structure Contractors | 2 | $160,000 | 13.0% |
| 2 | Professional and Management Development Training | 2 | $31,000 | 11.4% |
| 1 | Promoters of Performing Arts, Sports, and Similar Events without Facilities | 3 | $383,333 | 11.1% |
| 1 | Remediation Services | 2 | $688,550 | 9.0% |
| 4 | Residential Property Managers | 14 | $94,643 | 11.6% |
| 7 | Residential Remodelers | 19 | $322,895 | 10.7% |
| 1 | Retail Bakeries | 5 | $170,000 | 10.2% |
| 1 | Security Guards and Patrol Services | 8 | $1,160,088 | 11.3% |
| 3 | Security Systems Services (except Locksmiths) | 3 | $146,667 | 10.8% |
| 1 | Sewing, Needlework, and Piece Goods Retailers | 2 | $301,350 | 10.0% |
| 8 | Snack and Nonalcoholic Beverage Bars | 12 | $376,917 | 9.9% |
| 1 | Special Needs Transportation | 3 | $55,667 | 10.2% |
| 2 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 14 | $304,179 | 10.7% |
| 4 | Tax Preparation Services | 5 | $596,600 | 11.5% |
| 1 | Taxi and Ridesharing Services | 3 | $23,000 | 11.0% |
| 1 | Telecommunications Resellers | 2 | $275,000 | 10.9% |
| 1 | Toy and Hobby Goods and Supplies Merchant Wholesalers | 3 | $1,100,000 | 11.2% |
| 1 | Travel Agencies | 2 | $62,500 | 9.4% |
| 1 | Upholstered Household Furniture Manufacturing | 5 | $158,000 | 10.0% |
| 1 | Warehouse Clubs and Supercenters | 3 | $500,000 | 10.8% |
| 1 | Wholesale Trade Agents and Brokers | 8 | $172,500 | 11.2% |
| 1 | Wine and Distilled Alcoholic Beverage Merchant Wholesalers | 2 | $750,000 | 10.6% |
Many entrepreneurs search SBALenders.com for “business loans near me” or “SBA lenders near me,” but the reality is often times the best banks for Brooklyn SBA loans are not local but national SBA preferred lenders. Connect with us and we can connect you today with local or national SBA banks that are small business loan experts.
Connect me to a Brooklyn lender!
Top SBA Lenders in Brooklyn | Brooklyn SBA Loans
Introduction
Brooklyn is a thriving hub for small businesses, fueling job creation and economic development across diverse industries. However, securing financing can be a challenge for many entrepreneurs. The U.S. Small Business Administration (SBA) loan program offers an excellent solution, providing Brooklyn-based businesses with accessible funding, competitive interest rates, and flexible repayment terms. Whether you’re looking to expand, invest in equipment, or refinance debt, SBA loans can be a game-changer.
SBA Lending in Brooklyn: Last Year Overview
SBA loans played a critical role in supporting Brooklyn businesses last year. Based on SBA loan data, here’s an overview of key lending statistics:
- Total SBA Loans Issued: $247,157,800
- Number of SBA Loans: 831
- Average Loan Amount: $297,422.14
- Average Interest Rate: 11.82%
- Jobs Supported: 6,622
- SBAlenders.com City Ranking: #4 in the U.S.
These figures demonstrate the importance of SBA loans in strengthening Brooklyn’s small business ecosystem and driving economic growth.
Why Lenders Choose Us
Lenders trust us because we simplify the SBA loan process, ensuring business owners secure the best financing options. Here’s why lenders partner with us:
- Extensive Network of SBA-Approved Lenders: We connect businesses with top SBA lenders in Brooklyn, increasing their chances of approval.
- Streamlined Loan Application Process: Our efficient system ensures fast and hassle-free loan approvals.
- Expert Guidance: Our team helps businesses navigate SBA loan requirements, ensuring they qualify and secure the best terms.
- Customized Loan Matching: We analyze each business’s needs to pair them with the most suitable lender for their situation.
- Proven Track Record: We’ve helped thousands of entrepreneurs obtain SBA funding, grow their businesses, and create jobs.
By working with us, lenders can confidently support small businesses while mitigating risk and ensuring successful lending outcomes.
Overview of SBA Loan Program in Brooklyn
The SBA 7(a) loan program is the most popular and flexible SBA loan, catering to various business needs. Here are key aspects of the SBA loan program:
- Loan Size: Up to $5,000,000
- Loan Term: 10 years for non-real estate loans; 25 years for real estate loans
- Interest Rates: Slightly higher than conventional loans, negotiated with the SBA lender within the SBA’s maximum interest rate
- Use of Loan Proceeds: Business acquisitions, real estate purchases, equipment, debt refinancing, partner buyouts, franchise openings, and working capital
- Down Payment: Typically 10% to 20%
- Credit Score Requirement: 680+ is ideal, with a minimum of 640 for consideration
- Collateral: Not required but all available collateral must be pledged
SBA loans offer financing solutions for businesses that may not meet traditional commercial loan requirements, providing lower down payments, longer repayment terms, and fewer financial covenants.
Surrounding Areas
Business owners looking for SBA loans in neighboring areas may explore lending opportunities in these cities:
Bayonne, East Orange, Elizabeth, Hoboken, Jersey City, Newark, North Bergen, Passaic, Paterson, Queens, Staten Island, The Bronx, Union City, Weehawken, and Yonkers.
Resources for Small Businesses in Brooklyn
Small businesses in Brooklyn can access various resources for financial and operational support:
- Brooklyn SBA District Office – Provides guidance on SBA loan programs and application processes.
- SCORE Brooklyn – Offers free business mentoring and workshops.
- Small Business Development Centers (SBDC) – Provides consulting services to help businesses grow.
- Brooklyn Chamber of Commerce – Connects small businesses with networking and funding opportunities.
Summary
SBA loans are an essential financial resource for small businesses in Brooklyn, offering accessible funding to support growth and job creation. With competitive interest rates, flexible repayment terms, and strong local business support, securing an SBA loan can be a game-changer for entrepreneurs. If you’re a business owner seeking funding, exploring SBA loan options could be your next step toward success in Brooklyn.