GoSBA’s Top 50 California SBA Lenders in 2024
Overview of SBA Loans in California
California is home to the 5th largest economy in the world, with a thriving small business sector. There are 3.9 million small businesses operating in the state, employing 7 million people—nearly 48% of all employees in California. The food service industry leads the small business employment share with 63.2%, while healthcare and social assistance come in second with 47.3%.
California’s population of more than 39 million residents plays a huge part in its strong and progressive economy. The state is also known for its major hubs: Hollywood, the entertainment capital of the world, and Silicon Valley, a center of advanced technology and fast-rising startups. The diverse business environment offers ample opportunities for small business owners, with industries such as hotels, gas stations, restaurants, dental offices, and lessors of non-residential buildings being the most popular sectors.
In FY 2024, California SBA loan providers funded 7,658 businesses, with a total loan volume of $4.15 billion. California is also known for its diverse business ownership, including women, minorities, and military veterans.
Finding the Best California SBA Loans
Finding the best and most affordable business loans can be a challenge, but we make it easier by comparing the top SBA lenders in California for you. GoSBA Loans helps businesses secure the financing they need to thrive—whether for purchasing equipment, refinancing high-interest loans, buying commercial property, or financing building improvements. After reading our analysis, click “Apply Now” and let us match you with the best SBA loan providers in California.
Challenges in Accessing SBA Loans in California
One of the significant challenges that small businesses face is access to affordable financing. The top SBA lenders in California include some of the largest banks, such as Wells Fargo, Live Oak Bank, and Bank of Hope, as well as other prominent lenders, like Harvest Small Business Finance, JPMorgan Chase, and Bank of the West. These ten lenders funded over 3,100 businesses in California with a combined loan volume of $1.6 billion. However, just because these lenders are the most popular does not necessarily mean they are the right lenders for every industry or business size. For many businesses, smaller and more specialized SBA lenders may be the best choice.
How GoSBA Loans Helps California Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and cheapest SBA loans for your business. Our unique approach circulates your loan application to 33 of the top 100 SBA lenders in California, increasing your chances of approval. We make lending loans for small businesses easier, faster, and more affordable. Below is our official ranking for the top 50 California SBA lenders in 2024.
Top 50 California SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| Newtek Bank, National Association | $44,491 | $221,655,000 | 369 | 11.94% |
| Live Oak Banking Company | $18,482 | $159,684,000 | 121 | 9.94% |
| U.S. Bank, National Association | $72,250 | $150,669,000 | 694 | 9.93% |
| JPMorgan Chase Bank, National Association | $50,281 | $114,848,700 | 400 | 11.89% |
| Readycap Lending, LLC | $49,812 | $114,480,300 | 391 | 13.41% |
| Wells Fargo Bank, National Association | $59,736 | $106,066,700 | 394 | 12.39% |
| Bank of America, National Association | $31,664 | $100,486,000 | 195 | 8.70% |
| Harvest Small Business Finance, LLC | $23,768 | $95,284,200 | 81 | 10.94% |
| BayFirst National Bank | $50,772 | $67,778,200 | 423 | 13.07% |
| Celtic Bank Corporation | $17,642 | $62,937,300 | 131 | 11.16% |
| City National Bank | $10,380 | $53,227,300 | 46 | 7.24% |
| Open Bank | $8,608 | $47,247,000 | 47 | 10.20% |
| First Internet Bank of Indiana | $3,794 | $45,219,000 | 30 | 11.15% |
| Southwestern National Bank | $5,460 | $41,589,000 | 23 | 10.01% |
| The Huntington National Bank | $18,867 | $41,483,600 | 157 | 10.94% |
| First Bank of the Lake | $9,881 | $41,260,500 | 80 | 12.08% |
| Bank of Hope | $11,268 | $40,353,000 | 103 | 10.48% |
| Lendistry SBLC, LLC | $32,103 | $40,003,100 | 266 | 12.88% |
| Enterprise Bank & Trust | $8,880 | $39,728,400 | 30 | 9.85% |
| Mission Valley Bank | $6,044 | $36,365,500 | 29 | 10.70% |
| FFB Bank | $4,282 | $35,922,200 | 31 | 11.13% |
| Plumas Bank | $5,211 | $35,356,600 | 35 | 8.54% |
| Commonwealth Business Bank | $7,377 | $34,316,000 | 39 | 10.26% |
| Cadence Bank | $12,976 | $33,560,800 | 108 | 11.23% |
| East West Bank | $6,960 | $32,916,500 | 53 | 10.35% |
| US Metro Bank | $5,400 | $31,085,000 | 21 | 10.38% |
| CalPrivate Bank | $5,377 | $30,424,700 | 29 | 11.18% |
| VelocitySBA, LLC | $4,509 | $29,751,000 | 27 | 11.38% |
| Byline Bank | $3,637 | $28,209,900 | 22 | 11.15% |
| BMO Bank National Association | $4,908 | $26,265,500 | 27 | 7.89% |
| CDC Small Business Finance Corporation | $13,443 | $22,009,300 | 112 | 13.00% |
| Woori America Bank | $1,740 | $20,165,000 | 7 | 9.36% |
| Summit State Bank | $2,280 | $19,357,000 | 10 | 10.55% |
| Santa Cruz County Bank | $2,858 | $18,714,000 | 15 | 10.75% |
| Northeast Bank | $21,120 | $17,861,800 | 176 | 11.25% |
| First Bank | $1,500 | $17,240,500 | 11 | 10.86% |
| Banner Bank | $6,087 | $17,190,700 | 52 | 9.84% |
| Zions Bank, A Division of | $6,216 | $16,537,200 | 47 | 11.79% |
| Pinnacle Bank | $2,820 | $16,423,000 | 10 | 10.25% |
| Exos Small Business Lending LLC | $2,237 | $15,933,000 | 13 | 11.25% |
| First Bank of Central Ohio | $840 | $15,250,500 | 7 | 10.93% |
| Hanmi Bank | $3,960 | $15,113,500 | 20 | 10.23% |
| Fremont Bank | $1,200 | $14,890,000 | 7 | 10.00% |
| GBank | $1,550 | $14,847,000 | 7 | 10.64% |
| Customers Bank | $1,560 | $14,466,000 | 10 | 9.80% |
| United Business Bank | $1,747 | $14,023,000 | 10 | 10.28% |
| Umpqua Bank | $6,816 | $14,000,100 | 56 | 13.21% |
| InBank | $1,199 | $13,976,100 | 7 | 10.75% |
| Comerica Bank | $4,080 | $13,663,300 | 35 | 10.09% |
| T Bank, National Association | $785 | $13,443,200 | 5 | 10.85% |
Analysis of the Top SBA Lenders in California
Analyzing the table above, U.S. Bank, National Association leads the way in California with the highest number of loans funded, totaling an impressive 694 loans with a combined amount of $150.67 million. This makes U.S. Bank a preferred choice for small businesses looking for extensive lending activity and experience in processing multiple SBA loans.
On the other hand, Newtek Bank, National Association stands out as the top lender by loan volume, funding over $221.65 million across 369 loans. This positions Newtek Bank as a strong choice for businesses seeking larger financing options in California.
BayFirst National Bank also plays a notable role, leading in terms of the number of loans funded, totaling 423 loans worth $67.78 million. This high level of activity makes BayFirst a suitable choice for small businesses that require prompt and frequent access to SBA funding.
Bank of America and JPMorgan Chase are also notable for their significant loan volumes, with Bank of America funding $100.49 million across 195 loans and JPMorgan Chase providing $114.85 million across 400 loans. These banks are well-suited for businesses seeking moderate to large loan sizes, backed by the stability of major national lenders.
Other Notable SBA Lenders in California
Lenders like Bank of Hope, Cadence Bank, and City National Bank are also prominent players in the California SBA lending landscape, offering competitive terms and catering to different business needs. Bank of Hope funded 103 loans totaling $40.35 million, and Cadence Bank provided 108 loans with a combined loan volume of $33.56 million. These institutions offer strong local expertise and flexibility for businesses seeking tailored loan solutions.
For smaller businesses or those looking for more specialized attention, institutions such as Comerica Bank, Summit State Bank, and Mission Valley Bank provide targeted SBA lending solutions. Their focus on smaller loan amounts and specific business sectors makes them ideal for startups and niche industries looking for accessible and affordable financing.
Why Choose GoSBA Loans for SBA Loans in California?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in California. 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 California 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. California’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in California?
If you’re ready to find the best SBA lenders in California, 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.
