Top SBA lenders for Roofers

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Last quarterly update: Mar 24, 2024

Top Roofing Lenders

RankSBA LenderCityState# of Loans Avg LoanAvg Interest
1Huntington BankColumbusOH90 $229,0417.9%
2Farmers State BankWaterlooIA22 $75,0007.4%
3TD BankWilmingtonDE15 $125,53310.6%
4JPMorgan Chase BankColumbusOH12 $168,5837.1%
5Peoples BankMendenhallMS12 $25,0007.0%
6U.S. BankCincinnatiOH11 $39,4097.7%
7Newtek Small Business FinanceLake SuccessNY9 $905,5569.2%
8BancorpSouth BankTupeloMS8 $236,7258.3%
9M&TBuffaloNY8 $161,3257.5%

Recent Roofing Loan Activity

IndustryYearQtr# of Loans Avg LoanAvg Rate*
Roofing Contractors2023469 $260,81311.1%
Roofing Contractors2023382 $402,14910.9%
Roofing Contractors2023270 $434,62710.4%
Roofing Contractors2023186 $292,32410.2%
Roofing Contractors2022456 $505,0388.7%
Roofing Contractors2022378 $413,0377.7%
Roofing Contractors2022260 $452,8026.1%
Roofing Contractors2022150 $237,1186.0%
Roofing Contractors2021435 $668,9205.9%
Roofing Contractors2021361 $503,2595.8%
Roofing Contractors2021246 $365,4985.7%
Roofing Contractors2021120 $142,7806.5%

* Note that most SBA loans are variable-rate loans. The rates listed above is the initial interest rate at loan closing. Variable-rate SBA loans fluctuate by the fed funds rate set by the Federal Reserve.

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In the competitive world of roofing, securing the right financial support can make all the difference. Small Business Administration (SBA) loans offer a lifeline, providing the funds necessary to scale, sustain operations, or kickstart new projects. For roofing companies, choosing the right SBA lender is as crucial as selecting the perfect shingle for a watertight roof. This guide delves into the top SBA lenders, offering insight into who offers the most value for your roofing business.

The Role of SBA Lenders in Supporting Roofers

SBA lenders play a pivotal role in the growth and sustainability of roofing companies. By offering loans with favorable terms, these financial institutions help roofers manage cash flow, purchase essential equipment, and hire skilled labor. The terms of the loan, including the amount, interest rate, and the lender’s industry knowledge, are vital factors in this support system.

Top SBA Lenders for Roofers: A Closer Look

Our analysis reveals a diverse group of SBA lenders catering to the roofing industry, each with unique offerings designed to meet different business needs.

1. Huntington Bank, Columbus, OH

Leading the pack is Huntington Bank, with an impressive 90 loans averaging $229,041 at a 7.9% interest rate. Huntington’s commitment to Ohio’s roofing sector stands out, making it a top choice for businesses seeking significant financial backing with reasonable costs.

2. Farmers State Bank, Waterloo, IA

Farmers State Bank follows with 22 loans at an average of $75,000 and a 7.4% interest rate. This lender is ideal for Iowa’s smaller roofing projects or startups, offering manageable loan amounts that don’t overwhelm nascent businesses.

3. TD Bank, Wilmington, DE

TD Bank offers 15 loans at an average of $125,533, albeit at a higher interest rate of 10.6%. The bank’s slightly higher rates are counterbalanced by its substantial loan amounts, suiting Delaware roofers ready to take on bigger projects.

4. JPMorgan Chase Bank, Columbus, OH

JPMorgan Chase Bank issues 12 loans averaging $168,583 with a 7.1% interest rate, positioning itself as a go-to for larger loan seekers. Its presence in Ohio further benefits local roofers looking for substantial financial injections.

5. Peoples Bank, Mendenhall, MS

Peoples Bank focuses on smaller loans, with 12 loans averaging $25,000 at a competitive 7.0% interest rate. It’s an excellent option for Mississippi roofers needing quick, short-term financing without the burden of a hefty loan.

Analysis of Loan Sizes and Interest Rates

Comparing these lenders highlights a significant variance in loan sizes and interest rates, reflecting the diverse needs within the roofing industry. Whether seeking a small loan for a quick turnaround project or a substantial sum for expansion, there’s a lender tailored to every scenario.

Importance of Geographic Location

The lender’s location plays a critical role in the decision-making process. Local lenders often have a better understanding of the regional market and can offer more personalized services. For instance, Ohio roofers might find Huntington Bank and JPMorgan Chase particularly appealing, given their strong local presence and substantial loan offerings.

How to Choose the Right SBA Lender for Your Roofing Business

Choosing the right SBA lender requires a careful evaluation of several factors. Consider the loan amount, interest rate, the lender’s familiarity with the roofing industry, and geographic proximity. These considerations ensure you select a lender that not only provides financial support but also understands the nuances of the roofing business.