Connect me to a Raleigh lender!
Small business loans are available from many SBA lenders. Here are the most active Raleigh SBA lenders:
Top SBA Lenders in Raleigh
| Rank | SBA Lender | SBA Lender HQs | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Newtek Bank | Miami, FL | 32 | $650,000 | 11.5% |
| 2 | Huntington Bank | Columbus, OH | 30 | $539,573 | 10.7% |
| 3 | Live Oak | Wilmington, NC | 20 | $823,750 | 10.0% |
| 4 | Wells Fargo | Sioux Falls, SD | 16 | $343,981 | 11.1% |
| 5 | Northeast Bank | Lewiston, ME | 13 | $144,985 | 10.9% |
| 6 | Towne Bank | Portsmouth, VA | 12 | $1,263,142 | 10.6% |
| 7 | United Midwest Savings Bank | De Graff, OH | 12 | $176,667 | 10.5% |
| 8 | Readycap Lending, LLC | Berkeley Heights, NJ | 11 | $227,727 | 12.6% |
| 9 | The Fidelity Bank | Fuquay Varina, NC | 10 | $1,762,900 | 9.3% |
| 10 | BayFirst National Bank | Saint Petersburg, FL | 9 | $122,867 | 13.0% |
| 11 | Bank of Oak Ridge | Oak Ridge, NC | 8 | $682,875 | 9.9% |
| 12 | First Bank of the Lake | Osage Beach, MO | 8 | $476,638 | 10.7% |
| 13 | North State Bank | Raleigh, NC | 6 | $1,249,633 | 10.6% |
| 14 | Pinnacle Bank | Nashville, TN | 5 | $664,600 | 10.2% |
| 15 | Gulf Coast Bank and Trust | New Orleans, LA | 4 | $1,599,050 | 9.7% |
| 16 | Bank of America | Charlotte, NC | 4 | $480,325 | 8.0% |
| 17 | Celtic Bank | Salt Lake City, UT | 4 | $306,700 | 10.6% |
| 18 | SouthState Bank | Winter Haven, FL | 4 | $133,750 | 10.9% |
| 19 | Associated Bank | New York, NY | 3 | $1,030,000 | 10.3% |
| 20 | New York, NY | 3 | $1,030,000 | 10.3% |
Top Industries for SBA Loans in Raleigh
| Rank | Industry | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 2 | All Other Miscellaneous Chemical Product and Preparation Manufacturing | 4 | $350,000 | 10.5% |
| 20 | All Other Miscellaneous Retailers | 2 | $322,300 | 10.3% |
| 15 | Caterers | 2 | $1,914,500 | 9.6% |
| 8 | Commercial Screen Printing | 2 | $161,800 | 10.8% |
| 19 | Drinking Places (Alcoholic Beverages) | 4 | $25,000 | 15.0% |
| 8 | Elementary and Secondary Schools | 2 | $730,850 | 9.6% |
| 8 | Motor Vehicle Towing | 2 | $1,975,000 | 8.9% |
| 11 | Other Activities Related to Real Estate | 4 | $50,000 | 14.0% |
| 13 | Other Building Finishing Contractors | 3 | $813,333 | 8.8% |
| 18 | Other Computer Related Services | 3 | $1,641,667 | 8.7% |
| 10 | Other Grocery and Related Products Merchant Wholesalers | 4 | $700,000 | 10.0% |
| 10 | Other Miscellaneous Durable Goods Merchant Wholesalers | 3 | $944,167 | 10.1% |
| 14 | Poured Concrete Foundation and Structure Contractors | 2 | $110,000 | 10.5% |
| 6 | Promoters of Performing Arts, Sports, and Similar Events with Facilities | 7 | $1,311,900 | 10.8% |
| 17 | Residential Property Managers | 2 | $402,150 | 7.9% |
| 3 | Surgical Appliance and Supplies Manufacturing | 4 | $400,000 | 10.5% |
| 15 | Tax Preparation Services | 2 | $2,675,000 | 9.8% |
| 13 | Used Car Dealers | 4 | $350,000 | 10.0% |
| 7 | Used Household and Office Goods Moving | 3 | $1,419,000 | 10.3% |
Many entrepreneurs search SbaLenders.com for “business loans near me” or “SBA lenders near me,” but often the top SBA lenders for Raleigh aren’t local, they’re national SBA preferred lenders. Contact us today to get matched with trusted local or national SBA lending experts.
Connect me to a Raleigh lender!
Introduction
Small businesses are the backbone of Raleigh’s economy, driving innovation, job creation, and local development. One of the most impactful tools supporting small businesses in Raleigh is the SBA loan program. Backed by the U.S. Small Business Administration, these loans empower entrepreneurs with accessible, affordable financing options to start, grow, or sustain their operations. In 2023, SBA loans played a vital role in boosting Raleigh’s business ecosystem, helping hundreds of entrepreneurs secure the funding they needed to thrive.
SBA Lending in Raleigh: 2023 Overview
According to recent data, SBA lending activity in Raleigh remained robust throughout 2023. Here’s a snapshot of how small businesses benefited from SBA loans last year:
- Total SBA Loans Issued: $103,220,800
- Number of SBA Loans: 196
- Average Loan Amount: $526,637
- Average Interest Rate: 8.38%
- Jobs Supported: 1,178 jobs
- SBAlenders.com’s City Ranking: #27 in the nation for SBA loan activity
This data reflects a strong SBA lending presence in Raleigh, indicating a healthy business climate and active support from lenders.
Success Stories of Small Businesses in Raleigh
Raleigh’s SBA loans have directly contributed to job growth. The following five businesses led the way in job creation through SBA-backed financing in 2023:
- Advance Community Health – 135 jobs supported
- Sandhills Medical Foundation Inc. – 98 jobs supported
- Commercial Pool Systems Inc. – 82 jobs supported
- Techwood Solutions LLC – 65 jobs supported
- Premier Waste Services Inc. – 57 jobs supported
These organizations represent the diversity of Raleigh’s small business landscape and the impact of SBA loans in driving employment.
Overview of SBA Loan Program in Raleigh
SBA 7(a) loans remain the most popular loan type for small businesses in Raleigh. Here are some key aspects of the program:
- Loan Size: Up to $5 million
- Loan Term: 10 years for working capital and equipment; 25 years for real estate
- Interest Rates: Slightly higher than conventional loans, negotiated with the lender, subject to SBA max interest rate
- Eligible Uses: Buy a business, real estate, equipment, refinance debt, working capital, or franchise financing
- Down Payment: Typically 10%–20%
- Credit Score: 680+ is preferred
- Collateral: Not required, though lenders secure available collateral
- Cash Flow Requirement: EBITDA of at least 115% of the SBA loan payment, which can be calculated using the SBA loan payment calculator
These terms provide Raleigh business owners with more flexibility and access compared to traditional commercial loans.
Surrounding Areas
Businesses located near Raleigh may also benefit from SBA programs. The 15 most populous nearby cities and towns include:
Apex, Cary, Chapel Hill, Clayton, Durham, Fuquay-Varina, Garner, Goldsboro, Holly Springs, Knightdale, Morrisville, Sanford, Smithfield, Wake Forest, and Wilson.
Resources for Small Businesses in Raleigh
For entrepreneurs seeking guidance and funding in Raleigh, numerous resources are available:
- SBA North Carolina District Office: Offers counseling, workshops, and local lender referrals.
- SCORE Raleigh Chapter: Volunteer business mentors help with business planning, marketing, and financial management.
- Small Business and Technology Development Center (SBTDC): Provides comprehensive business counseling and capital access support.
- Wake Tech Small Business Center: Assists startups and growing businesses with seminars, business coaching, and planning tools.
These resources enhance the value of SBA loans by supporting business owners throughout the funding process and beyond.
Summary
Raleigh continues to be a fertile ground for small business growth, with SBA loans playing a critical role in empowering entrepreneurs. With $103 million in SBA loan funding and over 1,100 jobs supported in 2023 alone, the city remains a national leader in SBA-backed business development. Whether you’re launching a startup or scaling operations, there are abundant opportunities and reliable SBA lenders near me in Raleigh ready to help.
For those seeking SBA loans near me in Raleigh or looking to work with the top SBA lenders in Raleigh, the data speaks for itself: Raleigh is thriving, and SBA funding is paving the way.