Best West Virginia SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in West Virginia
SBA Loans in West Virginia
West Virginia businesses received $69.7M in SBA 7(a) loan approvals across 211 businesses in 2025, supporting 2,205 jobs. With 34 active SBA lenders competing for business in West Virginia, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in West Virginia is $330K at 9.77%, which is 0.55% below the national average of 10.32%. The top lender in West Virginia is The Huntington National Bank, with the most-funded industry being Hotels (except Casino Hotels) and Motels.
SBA Loans in West Virginia by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in West Virginia, here’s how SBA lending breaks down:
Startups represent 9% of West Virginia SBA loans (37 loans totaling $6.3M). Business acquisitions (change of ownership) account for 34% (14 loans, $23.7M). Existing businesses make up the largest share at 34% (114 loans). If you’re buying a business in West Virginia, acquisitions are a well-established use case for SBA 7(a) loans.
West Virginia vs. National Average
How does West Virginia’s SBA lending market compare to the national average in 2025?
West Virginia9.77%
National Avg10.32%
✅ West Virginia’s avg rate is 0.55% lower than the national average
West Virginia$330K
National Avg$478K
West Virginia’s avg loan is 0.7x the national average
A rate lower than the national average of 10.32% is significant context for West Virginia borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in West Virginia (2025 Data)
The table below ranks every SBA 7(a) lender active in West Virginia in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | The Huntington National Bank | $16.8M | 81 | 9.46% |
| 2 | GBank | $6.1M | 2 | 8.5% |
| 3 | Commonwealth Business Bank | $5.0M | 1 | 8.5% |
| 4 | The Bank of Edison | $5.0M | 1 | 10% |
| 5 | First National Bank of Michigan | $4.9M | 1 | 8.5% |
| 6 | Community Bank & Trust-West Georgia | $4.8M | 1 | 10.25% |
| 7 | First Community Bank | $3.4M | 19 | 7.58% |
| 8 | Northeast Bank | $3.2M | 17 | 11.32% |
| 9 | Newtek Bank, National Association | $3.1M | 9 | 11.03% |
| 10 | Community Trust Bank, Inc. | $2.2M | 9 | 8.44% |
| 11 | Celtic Bank Corporation | $1.7M | 7 | 10.18% |
| 12 | Readycap Lending, LLC | $1.6M | 11 | 12.84% |
| 13 | US Metro Bank | $1.6M | 1 | 9% |
| 14 | Live Oak Banking Company | $1.5M | 1 | 9% |
| 15 | The Citizens Bank of Weston | $980K | 5 | 8.4% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in West Virginia have funded the most deals locally, meaning their loan officers understand West Virginia’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both West Virginia-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in West Virginia
One 5-minute application. 34 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in West Virginia
SBA lending in West Virginia reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in West Virginia in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| Hotels (except Casino Hotels) and Motels | 5 | $17.6M |
| Unsupported Plastics Packaging Film and Sheet Manufacturing | 1 | $5.0M |
| Motor and Generator Manufacturing | 1 | $4.9M |
| Sawmills | 1 | $3.2M |
| Full-Service Restaurants | 9 | $2.5M |
| Homes for the Elderly | 5 | $2.5M |
| Offices of Physicians (except Mental Health Specialists) | 6 | $2.3M |
| Limited-Service Restaurants | 8 | $1.9M |
| Funeral Homes and Funeral Services | 2 | $1.6M |
| Offices of Mental Health Practitioners (except Physicians) | 6 | $1.5M |
| Plumbing, Heating, and Air-Conditioning Contractors | 8 | $1.2M |
| Other Heavy and Civil Engineering Construction | 1 | $1.0M |
| Pet Care (except Veterinary) Services | 3 | $946K |
| Other Performing Arts Companies | 2 | $870K |
| Child Day Care Services | 7 | $845K |
If your business operates in one of West Virginia’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in West Virginia
SBA lending activity within West Virginia is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in West Virginia the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Martinsburg | 5 | $10.4M |
| Morgantown | 28 | $7.5M |
| Harpers Ferry | 2 | $5.0M |
| Wheeling | 2 | $5.0M |
| Barboursville | 3 | $4.2M |
| West Union | 1 | $3.2M |
| Charleston | 10 | $2.7M |
| New Martinsville | 1 | $2.0M |
| Parkersburg | 4 | $1.8M |
| Peterstown | 2 | $1.6M |
How to Get an SBA Loan in West Virginia
Option 1: Apply directly to one of the top West Virginia lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple West Virginia-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in West Virginia in 2025?
What is the average SBA loan interest rate in West Virginia?
Can I get an SBA loan to start a business in West Virginia?
Who is the top SBA lender in West Virginia?
What industries get the most SBA loans in West Virginia?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
