Top Washington SBA Lenders | SBA Loans in WA

Last update: Mar 2, 2024

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Some Washington-based banks were among the largest lenders to “The Evergreen State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a hotel, restaurant, auto repair, medical practice, veterinary or pharmacy, 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 SBA Lenders in Washington:

Top SBA lenders in Washington

State RankBankBank HQs # of LoansAvg Interest Avg Loan
1U.S. BankCincinnati, OH 1469.1% $191,163
2KeyBankCleveland, OH 9411.5% $255,105
3Banner BankWalla Walla, WA 909.4% $184,180
4Umpqua BankRoseburg, OR 5711.1% $292,096
5BayFirst National BankSaint Petersburg, FL 5312.2% $173,464
6Washington Trust BankSpokane, WA 4510.5% $479,069
7Gesa CURichland, WA 369.9% $770,950
8Readycap Lending, LLCBerkeley Heights, NJ 3210.7% $1,319,809
9Wells FargoSioux Falls, SD 2512.1% $281,120
10Timberland BankHoquiam, WA 229.2% $446,968
11United Midwest Savings BankDe Graff, OH 2210.9% $503,818
12BancorpSouth BankTupelo, MS 2010.8% $338,885
13Hanmi BankLos Angeles, CA 2010.1% $625,975
14Celtic BankSalt Lake City, UT 1910.4% $1,767,526
15Heritage BankOlympia, WA 199.5% $795,805
16Live OakWilmington, NC 199.7% $1,420,453
17Sound CUTacoma, WA 1911.9% $189,226
18JPMorgan Chase BankColumbus, OH 189.8% $244,756
19Bank of AmericaCharlotte, NC 176.8% $675,412
20Newtek BankMiami, FL 1712.0% $210,588

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Top industries receiving SBA loans in Washington

RankIndustry (NAICS Description)# of LoansAvg Interest Avg Loan
1Full-Service Restaurants6910.0% $408,742
2Limited-Service Restaurants6110.0% $316,313
3Residential Remodelers3010.3% $239,090
4Plumbing, Heating, and Air-Conditioning Contractors2510.4% $184,760
5Homes for the Elderly2410.2% $944,638
6All Other Specialty Trade Contractors2310.5% $551,152
7General Freight Trucking, Long Distance, Truckload2111.0% $142,705
8Beauty Salons1810.7% $47,806
9Snack and Nonalcoholic Beverage Bars189.9% $200,028
10Fitness and Recreational Sports Centers1810.2% $502,378
11Hotels (except Casino Hotels) and Motels179.3% $3,194,071
12Electrical Contractors1510.6% $401,800
13General Freight Trucking, Local1410.8% $495,564
14General Automotive Repair149.9% $548,079
15Child Day Care Services139.2% $965,146
16Pet Care (except Veterinary) Services139.6% $479,469
17Landscaping Services1211.6% $214,667
18Offices of Chiropractors1210.8% $347,058
19All Other Professional, Scientific, and Technical Services1210.5% $534,450
20Supermarkets and Other Grocery (except Convenience) Stores119.3% $1,466,318

SBA loans – Washington

A note about these Washington SBA lenders – People frequently ask us if one of the banks above is 1) on the Washington preferred lender list 2) an approved lender in Washington, or 3) participating in the Washington SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Washington 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 Washington, Seattle, Spokane, and Tacoma.

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.

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