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Top SBA Lenders in Cleveland
| Rank | SBA Lender | SBA Lender HQs | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Huntington Bank | Columbus, OH | 173 | $212,662 | 10.1% |
| 2 | U.S. Bank | Cincinnati, OH | 60 | $445,150 | 9.9% |
| 3 | KeyBank | Cleveland, OH | 21 | $932,243 | 10.4% |
| 4 | First Commonwealth Bank | Indiana, PA | 9 | $557,111 | 9.6% |
| 5 | Celtic Bank | Salt Lake City, UT | 8 | $463,438 | 9.9% |
| 6 | Newtek Bank | Miami, FL | 8 | $187,500 | 11.1% |
| 7 | Readycap Lending, LLC | Berkeley Heights, NJ | 7 | $52,857 | 14.2% |
| 8 | Lendistry SBLC | Los Angeles, CA | 6 | $234,750 | 12.2% |
| 9 | Northwest Bank | Warren, PA | 5 | $478,800 | 11.1% |
| 10 | JPMorgan Chase Bank | Columbus, OH | 5 | $274,000 | 10.3% |
| 11 | PNC Bank | Wilmington, DE | 5 | $96,600 | 11.0% |
| 12 | WesBanco Bank, Inc. | Wheeling, WV | 4 | $1,767,050 | 9.1% |
| 13 | Live Oak | Wilmington, NC | 4 | $1,402,500 | 10.0% |
| 14 | Fifth Third Bank | Cincinnati, OH | 4 | $1,353,625 | 9.4% |
| 15 | United Midwest Savings Bank | De Graff, OH | 4 | $277,500 | 10.5% |
| 16 | Northeast Bank | Lewiston, ME | 3 | $150,000 | 11.0% |
| 17 | BayFirst National Bank | Saint Petersburg, FL | 3 | $121,500 | 13.3% |
| 18 | First National Bank of Pennsylvania | Greenville, PA | 2 | $1,145,000 | 8.8% |
| 19 | First Internet Bank of Indiana | Fishers, IN | 2 | $445,000 | 11.3% |
| 20 | City National Bank of Florida | Miami, FL | 2 | $320,000 | 10.8% |
Lender Match
If you’re having trouble securing a traditional small business loan in Cleveland, SBA loans are a powerful alternative. Backed by the Small Business Administration, these loans are issued by experienced banks and lenders willing to fund startups and growing businesses—often for purposes like acquiring real estate, purchasing equipment, or launching a new venture. The SBA guarantee reduces risk for lenders, helping Cleveland business owners access capital faster.
But not all lenders move at the speed you need. That’s why we’ve curated a list of the top SBA lenders in Cleveland; trusted providers who understand urgency and specialize in fast approvals. Skip the generic “business loans near me” searches. At SbaLenders.com, we connect you directly to both local and national SBA lenders who are ready to help you secure funding fast.
Connect me to a Cleveland lender!
Top SBA Lenders in Cleveland OH | Cleveland OH SBA Loans
Introduction
As a city with a rich industrial history and a growing innovation economy, Cleveland is home to a vibrant small business community. SBA loans in Cleveland, OH are instrumental in fueling this growth, offering local entrepreneurs the funding they need to start, expand, or stabilize their businesses. With favorable terms and government-backed support, SBA loans make capital more accessible for Cleveland’s business owners across all industries.
SBA Lending in Cleveland OH: Last Year Overview
Cleveland saw strong SBA lending activity in the past year, underlining the city’s support for small business expansion and job creation. According to SBA loan data:
- Total SBA Loans Issued: $156,278,200
- Number of SBA Loans: 196
- Average Loan Amount: $797,337
- Average Interest Rate: 7.73%
- Jobs Supported: 1,824
Cleveland ranked #51 nationally on SBAlenders.com’s list of top cities for SBA loans—making it one of the strongest SBA loan markets in the Midwest.
Success Stories of Small Businesses in Cleveland OH
The following five companies led Cleveland in job creation through SBA funding in 2023. Their growth shows the power of SBA loans in strengthening the local economy:
- Iron Clad Construction Services – 168 jobs supported
- Fresh Horizons Home Health, Inc. – 147 jobs supported
- Midwest Sustainable Solutions, LLC – 136 jobs supported
- UrbanWorks Logistics Group – 127 jobs supported
- Great Lakes Tech Distributors, Inc. – 109 jobs supported
These businesses used SBA loans to grow their teams and scale their operations in Cleveland.
Overview of SBA Loan Program in Cleveland OH
The SBA 7(a) loan program is a key resource for Cleveland business owners looking for flexible financing. Here are the core features:
- Loan Amounts: Up to $5 million
- Terms: 10 years for working capital/equipment; 25 years for real estate
- Down Payment: Generally 10%–20%
- Eligible Uses: Buy a business, purchase equipment, commercial property, working capital
- Ideal Credit Score: 680+
- Collateral: Not required, but lenders secure available assets
- Interest Rates: Slightly higher than traditional loans—see SBA interest rates
- Cash Flow Requirement: EBITDA must cover 115% of loan payment – estimate with this SBA loan payment calculator
SBA loans offer major advantages over conventional financing, including lower down payments, longer repayment periods, and reduced lending requirements. Compare details with SBA loans vs conventional loans.
Surrounding Areas
Cleveland’s business influence extends throughout Northeast Ohio. Here are 15 nearby cities and towns by population, listed alphabetically:
- Akron
- Avon
- Avon Lake
- Beachwood
- Brunswick
- Elyria
- Lakewood
- Lorain
- Maple Heights
- Mentor
- North Olmsted
- North Ridgeville
- Parma
- Strongsville
- Westlake
Resources for Small Businesses in Cleveland OH
Cleveland offers a wide range of support resources to help small businesses succeed:
- SBA Northern Ohio District Office – Helps businesses navigate SBA loan programs and resources
- Cleveland SCORE Chapter – Free mentorship, workshops, and business tools
- Ohio SBDC at Cleveland State University – One-on-one consulting and training
- JumpStart Inc. – Startup and small business support including capital access
- Greater Cleveland Partnership & COSE – Advocacy, networking, and small business services
SBA Lenders in Cleveland OH
SBA loans in Cleveland enable entrepreneurs to finance expansion, equipment, working capital, or real estate—regardless of their business stage. While traditional loans can be tough to qualify for, SBA lenders in Cleveland work closely with startups and established businesses to make capital more accessible.
SBA lenders in Cleveland participate in the 7(a) and 504 programs, offering loans up to $5 million.
Looking for SBA loans near me in Cleveland OH? Use the list below to connect with Cleveland’s most active SBA lenders offering competitive rates and flexible terms:
| Rank | Industry | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Advertising Material Distribution Services | 2 | $2,200,000 | 9.6% |
| 6 | All Other Amusement and Recreation Industries | 4 | $2,221,100 | 8.9% |
| 8 | All Other Personal Services | 2 | $109,500 | 9.8% |
| 6 | All Other Specialty Food Retailers | 2 | $104,500 | 9.9% |
| 3 | Apparel Accessories and Other Apparel Manufacturing | 2 | $90,000 | 10.8% |
| 8 | Architectural Services | 4 | $1,227,500 | 7.9% |
| 7 | Automotive Body, Paint, and Interior Repair and Maintenance | 3 | $146,667 | 9.4% |
| 3 | Automotive Parts and Accessories Retailers | 2 | $45,000 | 9.0% |
| 3 | Baked Goods Retailers | 3 | $128,700 | 9.7% |
| 4 | Barber Shops | 8 | $87,500 | 11.5% |
| 13 | Beauty Salons | 5 | $40,260 | 9.9% |
| 5 | Car Washes | 4 | $497,175 | 10.0% |
| 9 | Child Care Services | 2 | $150,000 | 9.6% |
| 3 | Coin-Operated Laundries and Drycleaners | 2 | $527,850 | 9.8% |
| 5 | Commercial Printing (except Screen and Books) | 3 | $116,667 | 9.5% |
| 5 | Custom Computer Programming Services | 2 | $25,000 | 10.5% |
| 7 | Drinking Places (Alcoholic Beverages) | 3 | $109,433 | 11.8% |
| 1 | Electroplating, Plating, Polishing, Anodizing, and Coloring | 2 | $43,400 | 10.4% |
| 1 | Fabricated Structural Metal Manufacturing | 2 | $500,000 | 9.0% |
| 13 | Fitness and Recreational Sports Centers | 2 | $115,000 | 9.8% |
| 14 | Full-Service Restaurants | 11 | $466,764 | 9.6% |
| 8 | General Freight Trucking, Local | 5 | $149,320 | 9.6% |
| 7 | General Freight Trucking, Long-Distance, Truckload | 12 | $185,417 | 10.0% |
| 1 | Industrial Launderers | 2 | $250,000 | 10.3% |
| 2 | Industrial Supplies Merchant Wholesalers | 2 | $225,000 | 9.9% |
| 11 | Insurance Agencies and Brokerages | 3 | $235,000 | 11.5% |
| 9 | Janitorial Services | 3 | $25,500 | 10.7% |
| 13 | Limited-Service Restaurants | 2 | $120,900 | 10.0% |
| 3 | Local Messengers and Local Delivery | 2 | $20,000 | 12.7% |
| 2 | Machine Shops | 4 | $250,000 | 10.0% |
| 7 | Marketing Consulting Services | 3 | $73,333 | 12.4% |
| 7 | Offices of Dentists | 2 | $2,475,000 | 8.5% |
| 7 | Offices of Real Estate Agents and Brokers | 2 | $65,900 | 12.1% |
| 5 | Other Building Finishing Contractors | 2 | $125,000 | 10.0% |
| 9 | Painting and Wall Covering Contractors | 3 | $373,333 | 9.3% |
| 11 | Plumbing, Heating, and Air-Conditioning Contractors | 3 | $43,333 | 11.7% |
| 1 | Polish and Other Sanitation Good Manufacturing | 2 | $2,200,000 | 8.5% |
| 5 | Poured Concrete Foundation and Structure Contractors | 3 | $70,000 | 11.1% |
| 1 | Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology) | 2 | $45,400 | 11.1% |
| 11 | Residential Remodelers | 2 | $35,000 | 10.5% |
| 4 | Retail Bakeries | 2 | $146,300 | 10.1% |
| 2 | Scenic and Sightseeing Transportation, Water | 4 | $225,000 | 9.8% |
| 3 | Siding Contractors | 2 | $20,000 | 11.2% |
| 12 | Snack and Nonalcoholic Beverage Bars | 6 | $373,133 | 9.7% |
| 2 | Specialized Freight (except Used Goods) Trucking, Local | 3 | $191,567 | 9.7% |
Summary
Cleveland’s small business ecosystem is thriving, thanks in part to SBA lending programs that support growth, innovation, and employment. From funding working capital to acquiring property or expanding operations, SBA loans continue to be a trusted financial tool for local entrepreneurs. Explore your options today with top SBA lenders in Cleveland OH.