Top SBA Lenders – SBA Loans New York

Last annual update: Feb 18, 2022

 

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Most active SBA lenders in New York

NY RankNew York BankBank HQs# of NY LoansAvg InterestAvg New York Loan
1M&TBuffalo, NY4336.6%$172,399
2TD BankWilmington, DE3867.7%$208,182
3KeyBankCleveland, OH1715.8%$391,785
4Newtek Small Business FinanceLake Success, NY1106.1%$807,558
5FinWise BankSandy, UT795.7%$1,473,975
6JPMorgan Chase BankColumbus, OH655.9%$247,031
7United Midwest Savings BankDe Graff, OH646.0%$321,906
8Live OakWilmington, NC515.2%$1,727,265
9NewBankNew York City, NY484.7%$1,717,396
10ESL FCURochester, NY445.0%$208,420
11Five Star BankWarsaw, NY424.8%$79,355
12Genesee Regional BankRochester, NY394.3%$531,859
13Berkshire BankPittsfield, MA365.7%$902,442
14Wells FargoSioux Falls, SD346.3%$689,391
15New York Business DevelopmentAlbany, NY326.0%$1,094,647
16BancorpSouth BankTupelo, MS305.9%$252,363
17New Millennium BankFort Lee, NJ294.7%$1,048,103
18Peapack-Gladstone BankBedminster, NJ285.4%$1,531,821
19NBT BankNorwich, NY254.5%$609,920
20Bank of HopeLos Angeles, CA235.0%$1,287,722

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:

RankNew York Small Business Description# of LoansAvg LoanAvg Rate
1Hotels (except Casino Hotels) and Motels301$2,270,6066.2%
2Supermarkets and Other Grocery (except Convenience) Stores777$870,4506.3%
3Full-Service Restaurants2285$271,9686.8%
4Limited-Service Restaurants1176$347,7066.7%
5Offices of Physicians (except Mental Health Specialists)717$332,5186.5%
6Offices of Dentists563$369,3666.1%
7Beer, Wine, and Liquor Stores593$320,2116.4%
8Fitness and Recreational Sports Centers542$291,6886.8%
9Coin-Operated Laundries and Drycleaners246$531,5686.1%
10Veterinary Services177$689,7055.7%
11Pharmacies and Drug Stores285$406,2896.5%
12Lessors of Nonresidential Buildings (except Miniwarehouses)137$815,7235.7%
13All Other Specialty Trade Contractors475$215,7626.4%
14Child Day Care Services344$293,0147.0%
15Other Miscellaneous Durable Goods Merchant Wholesalers194$418,0556.6%
16Plumbing, Heating, and Air-Conditioning Contractors517$152,9007.0%
17Nonresidential Property Managers84$938,3886.0%
18Funeral Homes and Funeral Services116$677,0736.3%
19All Other Amusement and Recreation Industries185$422,9766.4%
20Beauty Salons602$118,8527.0%
21Drycleaning and Laundry Services (except Coin-Operated)312$222,8976.8%
22Car Washes91$763,6556.3%
23General Automotive Repair440$146,1126.9%
24Drinking Places (Alcoholic Beverages)290$213,5436.9%
25Offices of Lawyers447$138,5317.1%
26All Other Specialty Food Stores201$292,6106.4%
27Insurance Agencies and Brokerages311$185,8166.8%
28Other Miscellaneous Nondurable Goods Merchant Wholesalers193$297,6246.7%
29Electrical Contractors384$141,7046.9%
30All Other Professional, Scientific, and Technical Services218$245,2156.7%
31Residential Remodelers721$74,0727.3%
32Commercial Gravure Printing109$454,6436.8%
33Offices of Physical, Occupational and Speech Therapists, and Audiologi281$175,7376.9%
34Breweries175$281,8196.6%
35Other Personal Care Services199$239,7017.3%
36Landscaping Services500$95,2286.7%
37Home Health Care Services114$416,3706.5%
38Caterers182$257,7796.8%
39Gasoline Stations with Convenience Stores103$444,6746.6%
40Commercial and Institutional Building Construction284$158,5896.8%
41General Line Grocery Merchant Wholesalers76$583,5996.7%
42Investment Advice134$315,8516.4%
43Other Grocery and Related Products Merchant Wholesalers150$281,0497.4%
44Electronic Shopping and Mail-Order Houses161$257,6638.6%
45Custom Computer Programming Services216$184,0237.0%
46Computer Systems Design Services178$218,1457.1%
47Snack and Nonalcoholic Beverage Bars236$162,8257.2%
48All Other Miscellaneous Manufacturing92$408,3776.1%
49Machine Shops118$318,3315.8%
50Offices of All Other Miscellaneous Health Practitioners166$223,6017.1%

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.

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