GoSBA’s Top 50 Alabama SBA Lenders in 2024
Introduction to Alabama SBA Loans
Alabama is home to over 5 million residents and boasts a growing economy that is diverse and thriving. Best known for its automotive, aerospace, and agriculture industries, Alabama is increasingly becoming an attractive place for small businesses and startups. Birmingham, Huntsville, and Mobile are among the top cities where entrepreneurs are finding success, thanks in part to favorable economic conditions, expanding industries, and a growing local market.
In FY 2023, Alabama SBA loan providers funded 2,500 small businesses, contributing to a total loan volume of $1.5 billion. The state’s expanding sectors such as manufacturing, healthcare, and renewable energy are helping to shape Alabama’s economic landscape. If you are a small business owner in Alabama, finding the right financing is key to your success, and SBA loans are a great option.
Finding the Best Alabama SBA Loans
Finding the best and most affordable SBA loans can be challenging. To help make this process easier, GoSBA Loans compares top SBA lenders in Alabama to match you with the most suitable funding option. We work with businesses seeking capital for purchasing equipment, refinancing existing loans, acquiring commercial properties, or funding improvements.
If you’re looking for the best SBA lenders in Alabama, our updated list of top lenders in 2024 will help guide you. These institutions are committed to providing financing to small businesses, supporting their growth and success across the state.
Challenges in Securing SBA Loans in Alabama
A significant challenge for small businesses in Alabama is gaining access to affordable financing. The top SBA lenders in Alabama include major financial institutions such as Wells Fargo, Truist Bank, Synovus Bank, Bank of America, and Live Oak Bank. These ten lenders funded 1,200 businesses in Alabama, with a combined loan volume of $1.1 billion. However, just because these lenders are popular does not necessarily mean they are the best fit for every business type. Small businesses may find better success with specialized SBA lenders who focus on their specific needs.
GoSBA Loans Helps Alabama Small Businesses
At GoSBA Loans, we simplify the process of finding the right SBA loan for your business. Our approach circulates your loan application to 30 of the top 100 SBA lenders in Alabama, increasing your chances of approval. By connecting with multiple lenders, we can help ensure you receive the best rates, terms, and offers available in the market.
GoSBA’s Official Ranking: 50 Best Alabama SBA Lenders in 2024
Below, we present GoSBA’s official ranking of the top 50 Alabama SBA lenders in 2024:
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average of Initial Interest Rate |
| Live Oak Banking Company | $2,760 | $24,720,300 | 16 | 10.14% |
| Newtek Bank, National Association | $4,646 | $20,760,000 | 36 | 11.89% |
| Cadence Bank | $2,056 | $9,291,800 | 14 | 11.07% |
| Synovus Bank | $798 | $7,752,000 | 5 | 10.40% |
| Hanover Community Bank | $744 | $7,601,000 | 3 | 10.58% |
| Berkshire Bank | $672 | $7,250,000 | 4 | 10.81% |
| First Bank of the Lake | $1,152 | $7,242,500 | 8 | 11.43% |
| First IC Bank | $1,196 | $6,960,000 | 4 | 9.81% |
| River Bank & Trust | $1,776 | $6,765,000 | 13 | 10.40% |
| Millennial Bank | $636 | $6,254,600 | 4 | 9.66% |
| United Midwest Savings Bank, National Association | $1,920 | $5,981,000 | 13 | 11.25% |
| SouthPoint Bank | $666 | $5,492,400 | 4 | 10.00% |
| BankFirst Financial Services | $1,854 | $5,331,900 | 10 | 10.48% |
| BayFirst National Bank | $3,720 | $5,007,000 | 31 | 13.00% |
| Truist Bank | $120 | $5,000,000 | 1 | 10.25% |
| Centerstone SBA Lending, Inc. | $300 | $5,000,000 | 1 | 10.50% |
| Metro City Bank | $756 | $4,637,000 | 4 | 9.41% |
| Peoples Bank | $480 | $4,577,300 | 3 | 10.58% |
| GBank | $780 | $4,514,000 | 4 | 11.25% |
| SouthState Bank, National Association | $1,383 | $4,436,800 | 11 | 10.59% |
| Troy Bank & Trust Company | $300 | $3,872,000 | 3 | 10.00% |
| 22nd State Bank | $432 | $3,307,500 | 2 | 11.00% |
| The Huntington National Bank | $1,680 | $3,058,200 | 14 | 10.96% |
| Peoples Bank of Alabama | $1,500 | $2,833,700 | 7 | 8.89% |
| First Financial Bank | $756 | $2,770,000 | 5 | 9.27% |
| Celtic Bank Corporation | $960 | $2,528,000 | 8 | 11.28% |
| Hancock Whitney Bank | $783 | $2,328,000 | 4 | 10.88% |
| Regions Bank | $120 | $2,178,800 | 1 | 10.00% |
| Readycap Lending, LLC | $1,803 | $1,877,500 | 15 | 13.97% |
| Sabre Finance | $1,032 | $1,597,700 | 10 | 11.90% |
| Wells Fargo Bank, National Association | $1,980 | $1,338,000 | 15 | 13.28% |
| Central State Bank | $360 | $1,302,000 | 3 | 9.83% |
| First National Bank of Pennsylvania | $120 | $1,220,000 | 1 | 9.50% |
| Craft Bank | $126 | $1,182,000 | 1 | 11.25% |
| IncredibleBank | $300 | $1,175,000 | 1 | 10.25% |
| Tandem Bank | $124 | $1,100,000 | 1 | 11.00% |
| Merchants & Marine Bank | $240 | $1,096,700 | 2 | 11.00% |
| PromiseOne Bank | $300 | $945,000 | 1 | 10.00% |
| ServisFirst Bank | $120 | $873,000 | 1 | 9.00% |
| Northeast Bank | $1,200 | $727,000 | 10 | 11.25% |
| Mission Valley Bank | $306 | $679,100 | 1 | 10.25% |
| Commonwealth Business Bank | $300 | $640,000 | 1 | 10.00% |
| Sonata Bank | $120 | $634,500 | 1 | 10.50% |
| Community Bank of Mississippi | $324 | $632,000 | 3 | 8.50% |
| FWBank | $126 | $609,600 | 1 | 10.50% |
| Enterprise Bank & Trust | $300 | $606,700 | 1 | 9.50% |
| Heritage Bank, Inc. | $480 | $600,000 | 4 | 12.25% |
| VelocitySBA, LLC | $300 | $573,000 | 1 | 10.75% |
| Fifth Third Bank | $120 | $500,000 | 1 | 9.50% |
| Oakworth Capital Bank | $120 | $463,500 | 1 | 8.65% |
Analyzing the Top Alabama SBA Lenders by Loan Volume and Loan Units Funded
Analyzing the table above, Live Oak Banking Company leads in terms of total loan volume, funding over $24.72 million across 16 loans, making it a prominent contributor to SBA lending in Alabama. Newtek Bank, National Association follows with $20.76 million funded across 36 loans, providing numerous opportunities for Alabama small business owners. BayFirst National Bank stands out in the number of loans funded, providing 31 loans worth over $5 million. This highlights their commitment to supporting small businesses in Alabama.
For businesses seeking moderate-sized loans, institutions like Cadence Bank and Synovus Bank provide competitive options with substantial total funding volumes. Meanwhile, for smaller businesses, banks like Troy Bank & Trust Company and Peoples Bank of Alabama offer loan options with favorable interest rates, making them ideal for startups and smaller enterprises in Alabama.
Why Choose GoSBA Loans for SBA Loans in Alabama?
By partnering with GoSBA Loans, your business will gain access to a network of top SBA lenders in Alabama. We ensure that your application reaches the right banks at the right time, maximizing your chances of success. Whether you need competitive rates, a fast approval process, or flexible terms, GoSBA Loans is here to match you with the best lender for your unique needs.
Benefits of SBA Loans for Alabama Small Businesses
Whether you are an established business or just getting started, securing an SBA loan can help you take your business to the next level. SBA loans provide the capital needed for growth, expansion, and operational needs. Alabama’s diverse and expanding economic base provides plenty of opportunities for entrepreneurs, and SBA loans make these opportunities accessible.
Ready to Apply for an SBA Loan in Alabama?
If you’re ready to connect with the best SBA lenders in Alabama, contact us today. GoSBA Loans will help you find the funding your business needs to succeed and thrive in 2024 and beyond. Apply now and let us match you with the best Alabama SBA lenders to meet your business’s unique requirements.
