Last update:
In the beginning of legal technology, few legal pads, telephones, and typewriters are the basic pieces of stuff you’ll see in a newly opened practice. Now, as the technology progresses, modern lawyers strive to keep up with the costs of being a competent practitioner, maintain the office, and expand a successful practice. In some instances, a Small Business Administration (SBA) loan can be the best option for a small law firm. So if you’re ready to be ahead of the competition, here are the top banks for law firm SBA loan:
| Rank | Bank | City | State | # of Loans | Avg Loan $ | Avg Interest |
|---|---|---|---|---|---|---|
| 1 | U.S. Bank | Cincinnati | OH | 82 | $358,434 | 5.7% |
| 2 | The Huntington National Bank | Columbus | OH | 67 | $273,464 | 5.5% |
| 3 | Wells Fargo | Sioux Falls | SD | 47 | $440,162 | 6.6% |
| 4 | TD Bank | Wilmington | DE | 29 | $158,603 | 7.7% |
| 5 | M&T | Buffalo | NY | 28 | $37,693 | 8.6% |
| 6 | First Home Bank | Saint Petersburg | FL | 23 | $248,222 | 6.3% |
| 7 | Eastern Bank | Boston | MA | 21 | $55,476 | 6.1% |
| 8 | Five Star Bank | Rancho Cordova | CA | 20 | $195,350 | 6.1% |
| 9 | FinWise Bank | Sandy | UT | 19 | $1,059,474 | 6.2% |
| 10 | JPMorgan Chase Bank | Columbus | OH | 19 | $356,484 | 6.2% |
| 11 | KeyBank | Cleveland | OH | 19 | $558,579 | 5.7% |