Top 35 Banks for Restaurant SBA Loans


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Last quarterly update: Jun 12, 2020

Covid impact on restaurant loans

Many SBA lenders had the restaurant industry as a top five lending category for their banks prior to covid-19. Since the coronavirus pandemic, many SBA banks who traditionally loved lending to restaurants have pulled back and are waiting to see businesses for potential borrowers return close to pre-Covid levels before lending to this industry. Other industries dramatically impacted by covid, such as hotels, have seen similar pull backs by SBA bankers.

We are in constant contact with lending SBA banks and will keep prospective borrowers abreast as soon as we hear of banks loosening their incredible tight underwriting standards. On June 10th we were informed by a major SBA lender that they have loosened their very tight underwriting standards regarding restaurants, which we found as an encouraging glimmer of hope. However, we think at this point that bank may be an anomaly, but any good news at this juncture we will take.


1) The Huntington National Bank — Columbus, OH
2017: 355 loans, $242,823 average loan, average interest rate of 6.4%

Huntington National Bank has been the #1 SBA lender for the past eight years in their region. Their SBA team of professionals provides creative SBA lending solutions for all types of businesses. Huntington is confident that they can offer superior turnaround time that most often exceeds the market competition.

2) TD Bank — Wilmington, DE
2017: 196 loans, $102,957 average loan, average interest rate of 9.1%

Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.

3) JP Morgan Chase Bank, National Association — Columbus, OH
2017: 180 loans, $309,002 average loan, average interest rate of 6.8%

JP Morgan Chase Bank is confident that they can help you guide along the process as easy as possible while fully understanding each step you need to take. Just like Wells Fargo, JP Morgan is massive in size scale and is one of the largest banks in the world. So with their years of experience working with undeniable thousands of customers, JP Morgan can also be a great choice for you.

4) Wells Fargo Bank — Sioux Falls, SD
2017: 104 loans, $176,870 average loan, average interest rate of 9.0%

As the nation’s largest SBA 7(a) lender in dollar volume since 2009, Wells Fargo Bank closed thousands of SBA loans. So, they promise that business owners will understand how to take advantage of the program they offer. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable. No wonder they’re #1 for Plumbing and HVAC loans.

5) M&T Bank — Buffalo, NY
2017: 87 loans, $219,986 average loan, average interest rate of 7.1%

Now more than ever, small businesses need the support of strong, stable banks to succeed. When you work with M&T, not only will you benefit from local decision-making, you’ll have one of the nation’s leading SBA lenders on your side.


If you’re still undecided, here’s our complete list of banks to help you open up your restaurant with a small business restaurant loan:

RankBankCityState# of LoansAvg Loan $Avg Int
1U.S. BankCincinnatiOH304$88,4447.4%
2The Huntington National BankColumbusOH205$202,1257.4%
3Bank of HopeLos AngelesCA90$305,2497.4%
5JPMorgan Chase BankColumbusOH80$205,7917.9%
6TD BankWilmingtonDE74$62,30110.5%
7Santander BankWilmingtonDE73$97,3669.5%
8Newtek Small Business FinanceLake SuccessNY61$794,7158.0%
10First Home BankSaint PetersburgFL45$416,5568.0%
11Wells FargoSioux FallsSD44$150,00210.3%
12Celtic BankSalt Lake CityUT39$603,7977.8%
13Hanmi BankLos AngelesCA34$375,3537.5%
14Commonwealth Business BankLos AngelesCA30$463,1007.2%
15Eastern BankBostonMA29$144,1698.0%
16PNC BankWilmingtonDE27$237,9787.5%
17Byline BankChicagoIL26$1,203,9238.1%
18Webster BankWaterburyCT25$217,0208.1%
19Banner BankWalla WallaWA24$439,4387.1%
20Cadence BankAtlantaGA24$436,7297.9%

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