GoSBA’s 50 Best Colorado SBA Lenders In 2024
Overview of SBA Loans in Colorado
The U.S. Small Business Administration (SBA) Colorado District Office serves 64 counties, with a combined population of over 5 million residents and 563,000 small businesses. Colorado has a diverse and prosperous economic base and is known for its agriculture, aerospace, technology, bioscience, and STEM-based economy. According to the Kauffman Index, Colorado ranks as the 4th best state for rising start-up businesses, making it an excellent environment for entrepreneurial growth.
Finding the Best Colorado SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Colorado for you. After reading our analysis, click “Apply Now” and let us match you with the best SBA loan providers in Colorado.
Top SBA Lenders in Colorado for 2024
GoSBA Loans is proud to present the updated 2024 list of the 50 best SBA banks providing SBA loans in Colorado. As a strong state for small business entrepreneurs, Colorado SBA loan providers financed 1,299 businesses valued at more than $706 million in FY 2023. This thriving state is a great place for small businesses to flourish, and SBA lenders play a crucial role in providing the necessary funding.
Challenges in Accessing SBA Loans in Colorado
One of the biggest challenges that small businesses face is access to affordable financing. The top lenders signing SBA-backed loans in Colorado include larger financial institutions like Wells Fargo and Chase Bank, as well as smaller players, including Live Oak Banking Company and Bank Midwest. Some of these banks have stringent underwriting requirements, which can make the process difficult for small business owners. Many entrepreneurs are better off working with smaller and more aggressive SBA lenders that may offer a more personalized approach.
How GoSBA Loans Helps Colorado Small Businesses
Applicants that apply for an SBA loan through GoSBA Loans benefit from automatic circulation of their loan applications to 33 of the top 100 Colorado SBA lenders, significantly increasing their chances of approval. Below is our official ranking for the 50 Best Colorado SBA 7(a) Lenders in 2024.
Top 50 SBA Lenders in Colorado (2024)
Bank Name |
Amount Funded |
Loans Funded |
|---|---|---|
| Live Oak Banking Company | $11,915,000 | 6 |
| Newtek Bank, National Association | $8,060,000 | 10 |
| American Bank of Commerce | $7,361,400 | 13 |
| The Huntington National Bank | $6,060,700 | 23 |
| U.S. Bank, National Association | $4,535,400 | 14 |
| VelocitySBA, LLC | $2,655,000 | 1 |
| First Internet Bank of Indiana | $2,559,000 | 2 |
| T Bank, National Association | $2,493,800 | 2 |
| InBank | $2,482,000 | 1 |
| First Bank | $2,277,500 | 4 |
| Celtic Bank Corporation | $2,248,900 | 2 |
| Open Bank | $2,176,000 | 1 |
| CrossFirst Bank | $1,822,400 | 3 |
| Fortis Bank | $1,694,300 | 1 |
| Midwest Regional Bank | $1,557,000 | 1 |
| First Bank of the Lake | $1,250,000 | 3 |
| Community Banks of Colorado, A Division of | $1,208,600 | 1 |
| Blue Ridge Bank, National Association | $1,045,000 | 2 |
| East West Bank | $1,041,000 | 1 |
| Cadence Bank | $990,000 | 3 |
| Rocky Mountain Bank and Trust | $945,600 | 1 |
| Byline Bank | $895,000 | 1 |
| UMB Bank, National Association | $893,000 | 2 |
| BayFirst National Bank | $880,400 | 7 |
| Academy Bank National Association | $715,000 | 1 |
| Oconee State Bank | $664,400 | 1 |
| JPMorgan Chase Bank, National Association | $645,000 | 4 |
| American Momentum Bank | $597,600 | 1 |
| Zions Bank, A Division of | $585,000 | 4 |
| First Command Bank | $550,000 | 1 |
| Wells Fargo Bank, National Association | $529,300 | 5 |
| Capital One, National Association | $500,000 | 1 |
| Integrity Bank & Trust | $499,900 | 1 |
| Colorado Enterprise Fund | $450,000 | 2 |
| Northeast Bank | $424,500 | 3 |
| Air Academy FCU | $405,000 | 1 |
| ConnectOne Bank | $395,000 | 1 |
| 5Star Bank | $308,300 | 2 |
| Hanmi Bank | $300,000 | 1 |
| United Midwest Savings Bank, National Association | $300,000 | 2 |
| DreamSpring | $105,000 | 2 |
| Readycap Lending, LLC | $100,000 | 2 |
| KeyBank National Association | $95,400 | 2 |
| Ent CU | $75,000 | 1 |
Analyzing the table above, it’s clear that Live Oak Banking Company leads the way in Colorado with the highest loan volume, funding over $11.9 million through 6 loans. This positions Live Oak Banking Company as an excellent choice for businesses looking for substantial financing.
Top SBA Lenders by Number of Loans Funded
In terms of the number of loans funded, The Huntington National Bank stands out, having funded 23 loans with a total value of over $6 million. This makes Huntington National Bank an ideal option for businesses that require smaller funding amounts but value a lender with experience in handling many SBA loans.
Newtek Bank, National Association also plays a key role in Colorado, funding 10 loans totaling over $8 million. This variety in loan volume and loan units funded means that Colorado business owners have diverse options based on their specific needs and qualifications.
Other Notable SBA Lenders in Colorado
American Bank of Commerce and U.S. Bank, National Association are other major players in Colorado SBA lending, funding 13 and 14 loans respectively, with significant loan volumes. These lenders are well-suited for entrepreneurs seeking dependable financing options that cater to a variety of loan sizes.
For small businesses that are newer or looking for smaller funding, lenders like BayFirst National Bank and Wells Fargo Bank, National Association provide a moderate number of loans, making them good options for businesses seeking smaller, more accessible financing solutions.
Why Choose GoSBA Loans for SBA Loans in Colorado?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Colorado. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Colorado Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Colorado’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to thrive, and we’re here to help you succeed every step of the way.
Ready to Apply for an SBA Loan in Colorado?
If you’re ready to find the best SBA lenders in Colorado, contact us today to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
