GoSBA’s 50 Best New York City SBA Lenders In 2024
Introduction to New York SBA Loans
The U.S. Small Business Administration (SBA) New York District Office serves New York City, Long Island, and the counties of Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester, which have a combined population base of nearly 18 million residents. If this area were a state, it would rank as the fifth most populous state in the Union. Comparing New York’s economy to other countries, New York would be the 15th largest economy in the world. This multi-county service area is a major U.S. shipping port and manufacturing center and is known as the world’s premier financial center. There is a diverse economic base with trade, tourism, entertainment, communication, healthcare, technology, banking, and financial services. The Port Authority of New York & New Jersey is the third busiest in the country, and New York remains a powerful force in manufacturing output.
Finding the Best New York SBA Lenders
Finding the best and most affordable business loans has always been a hassle, so we make it easier by comparing all the best SBA lenders in the New York District for you. After reading our analysis, click “Apply Now” to get matched with the best SBA loan providers in the New York District.
Overview of New York SBA Loans in 2024
GoSBA Loans is proud to announce the updated rankings for the 50 Best SBA Banks providing SBA loans in the New York District in 2024. The New York District SBA loan providers financed 1,802 businesses valued at $619.1 million in FY 2023. New York SBA loan funding also increased loan opportunities for women-owned businesses, highlighting a focus on supporting diverse entrepreneurs.
Challenges in Securing SBA Loans in New York
One of the biggest challenges that small businesses face is access to affordable financing. Top lenders issuing SBA-backed loans in New York include larger banks like JPMorgan Chase and TD Bank, as well as smaller players such as New Bank and Independence Bank. These banks often have strict underwriting criteria, making it challenging for small businesses to qualify. That’s why it’s often beneficial for small businesses to work with smaller and more aggressive SBA lenders in New York. Applicants who apply for an SBA loan with GoSBA Loans benefit from having their loan applications circulated automatically to 33 of the top 100 New York SBA lenders.
Top New York SBA Lenders by Loan Volume and Loan Units Funded
When analyzing the table of the top New York SBA lenders, Newtek Bank, National Association, stands out as the top lender by loan volume, funding over $36.3 million across 39 loans. JPMorgan Chase Bank performed impressively as well, funding 50 loans with a total value of $12.9 million, making it the leader in the number of SBA loans funded in the region. BayFirst National Bank issued 36 loans worth $5.25 million, while NewBank funded 11 loans with a total value of $5.1 million. These figures show the diversity in lending institutions supporting small businesses in New York, from large national banks to specialized regional lenders.
GoSBA’s Official Ranking: 50 Best New York City SBA Lenders in 2024
Below, we present GoSBA’s official ranking of the 50 Best New York City SBA Lenders in 2024:
Bank Name |
Amount Funded |
Loans Funded |
|---|---|---|
| Accompany Capital | $700,000 | 3 |
| Alma Bank | $750,000 | 1 |
| Bank of America, National Association | $2,102,500 | 5 |
| Bank of Hope | $250,000 | 1 |
| Bank Rhode Island | $700,000 | 2 |
| Bankwell Bank | $700,000 | 2 |
| BayFirst National Bank | $5,248,000 | 36 |
| Beach Cities Commercial Bank | $922,500 | 1 |
| Brooklyn Cooperative FCU | $75,000 | 1 |
| Buckeye State Bank | $100,000 | 1 |
| Cadence Bank | $2,090,000 | 6 |
| CDC Small Business Finance Corporation | $350,000 | 1 |
| Celtic Bank Corporation | $550,000 | 4 |
| Citibank, N.A. | $740,000 | 1 |
| Citizens Bank, National Association | $700,000 | 3 |
| Colony Bank | $360,000 | 3 |
| ConnectOne Bank | $4,180,000 | 2 |
| Cross River Bank | $450,000 | 1 |
| Dime Community Bank | $715,000 | 1 |
| Dogwood State Bank | $571,500 | 1 |
| East West Bank | $50,000 | 1 |
| Empire State Bank | $4,000,000 | 1 |
| First Bank of the Lake | $10,150,000 | 4 |
| First Savings Bank | $80,000 | 1 |
| Firstrust Savings Bank | $755,000 | 1 |
| GBank | $3,250,000 | 1 |
| Grasshopper Bank National Association | $1,235,000 | 1 |
| Grow America Fund, Incorporated | $250,000 | 1 |
| Gulf Coast Bank and Trust Company | $519,700 | 1 |
| Hanmi Bank | $3,500,000 | 1 |
| Hanover Community Bank | $1,590,000 | 4 |
| Heritage Bank, Inc. | $150,000 | 1 |
| JPMorgan Chase Bank, National Association | $12,928,900 | 50 |
| KeyBank National Association | $1,335,000 | 3 |
| Lendistry SBLC, LLC | $1,047,800 | 13 |
| Live Oak Banking Company | $3,825,000 | 4 |
| Lower East Side People’s Federal Credit Union | $150,000 | 2 |
| Manufacturers and Traders Trust Company | $707,600 | 8 |
| New Millennium Bank | $1,550,000 | 3 |
| New York Business Development Corporation | $750,000 | 1 |
| NewBank | $5,100,000 | 11 |
| Newtek Bank, National Association | $36,344,300 | 39 |
| Northeast Bank | $1,765,500 | 15 |
| Northwest Bank | $900,000 | 2 |
| Peapack-Gladstone Bank | $3,000,000 | 2 |
Find the Right SBA Lender in New York for Your Business
Whether you’re a new startup or a growing business, securing the right financing is essential. The lenders listed above offer various options to help small businesses succeed in the diverse economy of New York. Working with an experienced SBA loan broker like GoSBA Loans ensures that your loan application gets in front of the lenders most likely to fund your business.
Apply for an SBA Loan Today
Apply today to get connected with the best SBA lenders in New York and secure the funding you need to take your business to the next level. The process is simple, and GoSBA Loans will help match you with the right lender based on your unique business needs.
Apply Now to see which SBA lender is the best match for your business needs.
Why Choose GoSBA Loans?
GoSBA Loans is committed to simplifying the SBA loan application process for businesses in New York. By working with us, you get access to a network of lenders that have a proven track record of supporting small businesses. Whether you’re looking for competitive interest rates, a streamlined approval process, or flexible loan terms, GoSBA Loans is here to help you find the best SBA lender in New York.
Conclusion
Securing an SBA loan can be the key to unlocking growth opportunities for your business. With the right lender by your side, you can access the capital you need to expand, hire, and innovate. The New York SBA lenders listed above have demonstrated their commitment to supporting the small business community, making them excellent options for entrepreneurs in the region. Let GoSBA Loans assist you in finding the best SBA lender in New York for your business today.
