Last annual update:
Most active SBA lenders in New York
| NY Rank | New York Bank | Bank HQs | # of Loans | Avg Interest | Avg NY Loan |
|---|---|---|---|---|---|
| 1 | M&T | Buffalo, NY | 401 | 8.0% | $144,109 |
| 2 | TD Bank | Wilmington, DE | 398 | 8.9% | $110,124 |
| 3 | JPMorgan Chase Bank | Columbus, OH | 104 | 6.6% | $247,262 |
| 4 | KeyBank | Cleveland, OH | 99 | 7.1% | $173,332 |
| 5 | BayFirst National Bank | Saint Petersburg, FL | 97 | 8.7% | $219,634 |
| 6 | Newtek Small Business Finance | Lake Success, NY | 71 | 7.9% | $637,331 |
| 7 | FinWise Bank | Sandy, UT | 50 | 6.8% | $1,161,250 |
| 8 | BancorpSouth Bank | Tupelo, MS | 45 | 7.2% | $286,222 |
| 9 | Readycap Lending, LLC | Berkeley Heights, NJ | 41 | 7.7% | $323,317 |
| 10 | Celtic Bank | Salt Lake City, UT | 34 | 7.6% | $355,068 |
| 11 | Live Oak | Wilmington, NC | 27 | 6.6% | $1,226,370 |
| 12 | Bank of America | Charlotte, NC | 25 | 3.1% | $603,044 |
| 13 | Wells Fargo | Sioux Falls, SD | 25 | 7.9% | $685,072 |
| 14 | Genesee Regional Bank | Rochester, NY | 24 | 5.5% | $379,021 |
| 15 | Five Star Bank | Warsaw, NY | 22 | 6.4% | $141,277 |
| 16 | ESL FCU | Rochester, NY | 21 | 5.9% | $88,876 |
| 17 | NewBank | New York City, NY | 19 | 5.5% | $1,905,789 |
| 18 | Northeast Bank | Lewiston, ME | 15 | 7.8% | $23,720 |
| 19 | Brooklyn Cooperative FCU | New York City, NY | 14 | 10.2% | $16,179 |
| 20 | Chemung Canal Trust Company | Elmira, NY | 14 | 5.3% | $75,357 |
| 21 | Community Bank | Canton, NY | 14 | 6.2% | $95,493 |
| 22 | Dime Community Bank | Bridgehampton, NY | 14 | 6.6% | $605,071 |
| 23 | The Huntington National Bank | Columbus, OH | 14 | 6.8% | $411,614 |
| 24 | United Midwest Savings Bank | De Graff, OH | 14 | 6.0% | $1,201,429 |
| 25 | Berkshire Bank | Pittsfield, MA | 13 | 6.5% | $436,769 |
Here are the top 50 industries in New York (based on small business loan volume from last year) so you can get a sense of what you may expect for your business in terms of interest rate:
| Rank | New York Small Business Description | # of Loans | Avg Loan | Avg Rate |
|---|---|---|---|---|
| 1 | Hotels (except Casino Hotels) and Motels | 301 | $2,270,606 | 6.2% |
| 2 | Supermarkets and Other Grocery (except Convenience) Stores | 777 | $870,450 | 6.3% |
| 3 | Full-Service Restaurants | 2285 | $271,968 | 6.8% |
| 4 | Limited-Service Restaurants | 1176 | $347,706 | 6.7% |
| 5 | Offices of Physicians (except Mental Health Specialists) | 717 | $332,518 | 6.5% |
| 6 | Offices of Dentists | 563 | $369,366 | 6.1% |
| 7 | Beer, Wine, and Liquor Stores | 593 | $320,211 | 6.4% |
| 8 | Fitness and Recreational Sports Centers | 542 | $291,688 | 6.8% |
| 9 | Coin-Operated Laundries and Drycleaners | 246 | $531,568 | 6.1% |
| 10 | Veterinary Services | 177 | $689,705 | 5.7% |
| 11 | Pharmacies and Drug Stores | 285 | $406,289 | 6.5% |
| 12 | Lessors of Nonresidential Buildings (except Miniwarehouses) | 137 | $815,723 | 5.7% |
| 13 | All Other Specialty Trade Contractors | 475 | $215,762 | 6.4% |
| 14 | Child Day Care Services | 344 | $293,014 | 7.0% |
| 15 | Other Miscellaneous Durable Goods Merchant Wholesalers | 194 | $418,055 | 6.6% |
| 16 | Plumbing, Heating, and Air-Conditioning Contractors | 517 | $152,900 | 7.0% |
| 17 | Nonresidential Property Managers | 84 | $938,388 | 6.0% |
| 18 | Funeral Homes and Funeral Services | 116 | $677,073 | 6.3% |
| 19 | All Other Amusement and Recreation Industries | 185 | $422,976 | 6.4% |
| 20 | Beauty Salons | 602 | $118,852 | 7.0% |
| 21 | Drycleaning and Laundry Services (except Coin-Operated) | 312 | $222,897 | 6.8% |
| 22 | Car Washes | 91 | $763,655 | 6.3% |
| 23 | General Automotive Repair | 440 | $146,112 | 6.9% |
| 24 | Drinking Places (Alcoholic Beverages) | 290 | $213,543 | 6.9% |
| 25 | Offices of Lawyers | 447 | $138,531 | 7.1% |
| 26 | All Other Specialty Food Stores | 201 | $292,610 | 6.4% |
| 27 | Insurance Agencies and Brokerages | 311 | $185,816 | 6.8% |
| 28 | Other Miscellaneous Nondurable Goods Merchant Wholesalers | 193 | $297,624 | 6.7% |
| 29 | Electrical Contractors | 384 | $141,704 | 6.9% |
| 30 | All Other Professional, Scientific, and Technical Services | 218 | $245,215 | 6.7% |
| 31 | Residential Remodelers | 721 | $74,072 | 7.3% |
| 32 | Commercial Gravure Printing | 109 | $454,643 | 6.8% |
| 33 | Offices of Physical, Occupational and Speech Therapists, and Audiologi | 281 | $175,737 | 6.9% |
| 34 | Breweries | 175 | $281,819 | 6.6% |
| 35 | Other Personal Care Services | 199 | $239,701 | 7.3% |
| 36 | Landscaping Services | 500 | $95,228 | 6.7% |
| 37 | Home Health Care Services | 114 | $416,370 | 6.5% |
| 38 | Caterers | 182 | $257,779 | 6.8% |
| 39 | Gasoline Stations with Convenience Stores | 103 | $444,674 | 6.6% |
| 40 | Commercial and Institutional Building Construction | 284 | $158,589 | 6.8% |
| 41 | General Line Grocery Merchant Wholesalers | 76 | $583,599 | 6.7% |
| 42 | Investment Advice | 134 | $315,851 | 6.4% |
| 43 | Other Grocery and Related Products Merchant Wholesalers | 150 | $281,049 | 7.4% |
| 44 | Electronic Shopping and Mail-Order Houses | 161 | $257,663 | 8.6% |
| 45 | Custom Computer Programming Services | 216 | $184,023 | 7.0% |
| 46 | Computer Systems Design Services | 178 | $218,145 | 7.1% |
| 47 | Snack and Nonalcoholic Beverage Bars | 236 | $162,825 | 7.2% |
| 48 | All Other Miscellaneous Manufacturing | 92 | $408,377 | 6.1% |
| 49 | Machine Shops | 118 | $318,331 | 5.8% |
| 50 | Offices of All Other Miscellaneous Health Practitioners | 166 | $223,601 | 7.1% |
SBA loans – New York
A note about these New York SBA lenders – People frequently ask us if one of the banks above is 1) on the New York preferred lender list 2) an approved lender in New York, or 3) participating in the New York SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in New York 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 the state of New York, Brooklyn, and New York City.
We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remissed 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.