Last annual update:
Mississippi-based banks were among the largest lenders to “The Magnolia State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top 10 SBA Lenders in Mississippi:
Top SBA lenders in Mississippi
| MS Rank | Mississippi Bank | Bank HQs | # of Loans | Avg Interest | Avg MS Loan |
|---|---|---|---|---|---|
| 1 | Peoples Bank | Mendenhall, MS | 45 | 6.7% | $338,949 |
| 2 | BankFirst Financial Services | Columbus, MS | 38 | 6.1% | $260,092 |
| 3 | Trustmark National Bank | Jackson, MS | 22 | 5.8% | $501,564 |
| 4 | Covington County Bank | Collins, MS | 20 | 5.6% | $77,255 |
| 5 | Community Bank of Mississippi | Forest, MS | 17 | 5.1% | $647,088 |
| 6 | United Midwest Savings Bank | De Graff, OH | 8 | 6.1% | $1,218,250 |
| 7 | BayFirst National Bank | Saint Petersburg, FL | 7 | 8.8% | $156,143 |
| 8 | The Huntington National Bank | Columbus, OH | 7 | 7.1% | $560,971 |
SBA loans – Mississippi
A note about these Mississippi SBA lenders – People frequently ask us if one of the banks above is 1) on the Mississippi preferred lender list 2) an approved lender in Mississippi, or 3) participating in the Mississippi SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Mississippi and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Mississippi. We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.