GoSBA’s Top 50 Connecticut SBA Lenders in 2024
Introduction to Connecticut SBA Loans
Connecticut, known for its vibrant economy and strong small business community, is home to many thriving industries, including healthcare, finance, insurance, and manufacturing. The state, with a population of approximately 3.6 million, offers an excellent environment for entrepreneurs and small businesses to grow and succeed. In FY 2023, Connecticut SBA loan providers funded 1,950 businesses, with a total loan volume of $1.3 billion. Whether you’re a startup or an established business, accessing affordable financing can be the key to your growth, and that’s where SBA loans come in.
Finding the Best Connecticut SBA Loans
Finding the best and most affordable business loans can be challenging, but GoSBA Loans makes it easier by comparing all the top SBA lenders in Connecticut for you. Whether you’re looking to purchase equipment, refinance high-interest loans, acquire commercial property, or finance business improvements, GoSBA Loans helps match you with the ideal SBA lender that fits your needs.
Challenges in Securing SBA Loans in Connecticut
A significant challenge for small businesses in Connecticut is gaining access to affordable financing that fits their specific needs. The top SBA lenders in the state include major financial institutions like Webster Bank, Newtek Bank, Live Oak Banking Company, and others. However, not every lender is ideal for every business. Understanding the differences between lenders, including their loan terms, interest rates, and expertise in different industries, can help you find the perfect fit for your business.
How GoSBA Loans Helps Connecticut Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in Connecticut, increasing your chances of approval. Below is our official ranking of the top 50 Connecticut SBA lenders in 2024.
GoSBA’s Official Ranking: 50 Best Connecticut SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
| Webster Bank National Association | $9,678 | $27,737,000 | 79 | 10.17% |
| Newtek Bank, National Association | $7,276 | $24,735,000 | 49 | 11.77% |
| Live Oak Banking Company | $3,318 | $23,401,000 | 17 | 9.82% |
| Celtic Bank Corporation | $1,765 | $15,200,800 | 10 | 11.00% |
| Berkshire Bank | $1,920 | $11,317,700 | 14 | 10.46% |
| Manufacturers and Traders Trust Company | $12,360 | $10,844,700 | 116 | 12.79% |
| Liberty Bank | $2,913 | $9,260,000 | 31 | 11.60% |
| Readycap Lending, LLC | $3,749 | $8,686,000 | 26 | 13.31% |
| Savings Bank of Danbury | $1,393 | $6,746,000 | 13 | 9.37% |
| TD Bank, National Association | $8,412 | $6,557,100 | 73 | 12.36% |
| KeyBank National Association | $3,372 | $6,409,500 | 29 | 12.01% |
| United Midwest Savings Bank, National Association | $1,560 | $5,264,000 | 13 | 11.21% |
| Truist Bank | $120 | $5,000,000 | 1 | 10.99% |
| Connecticut Community Bank, National Association | $1,035 | $4,991,800 | 7 | 10.64% |
| GBank | $300 | $4,800,000 | 1 | 9.75% |
| First Savings Bank | $240 | $4,791,000 | 2 | 11.25% |
| BayFirst National Bank | $4,320 | $4,746,300 | 36 | 13.17% |
| Fairfield County Bank | $120 | $4,654,500 | 1 | 8.00% |
| CIBC Bank USA | $384 | $4,505,300 | 4 | 10.75% |
| Bank of America, National Association | $1,380 | $4,117,400 | 10 | 9.19% |
| … | … | … | … | … |
(For full details, please contact GoSBA Loans for a downloadable report.)
Analyzing the Top Connecticut SBA Lenders by Loan Volume and Loan Units Funded
In analyzing the table above, Webster Bank leads in Connecticut with the highest loan volume, funding over $27.7 million across 79 loans. Webster Bank’s strong commitment to supporting small businesses is evident through both the volume of funds and the number of loans disbursed. Newtek Bank follows closely behind, funding $24.7 million across 49 loans. The range of lenders in Connecticut—from large banks like Webster Bank and TD Bank to specialized institutions like Celtic Bank Corporation—ensures that small business owners have access to diverse financing options to meet their specific needs.
Live Oak Banking Company and Readycap Lending, LLC are also noteworthy players in Connecticut’s SBA lending market, each providing critical support to a large number of businesses. Readycap Lending, for instance, funded 26 loans with a total loan volume of $8.6 million, making it a strong contender for businesses seeking moderate-sized loans.
Why Choose GoSBA Loans for SBA Loans in Connecticut?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Connecticut. 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 Connecticut 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. Connecticut’s strong 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 Connecticut?
If you’re ready to find the best SBA lenders in Connecticut, contact us 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.
Apply Now to see which SBA lender is the best match for your business needs.
Why Choose GoSBA Loans?
GoSBA Loans is dedicated to simplifying the SBA loan application process for businesses in Connecticut. By partnering with us, you gain access to a network of top lenders that have demonstrated a strong commitment to supporting small businesses. Whether you need competitive interest rates, a streamlined approval process, or flexible loan terms, GoSBA Loans is here to help you find the best SBA lender in Connecticut.
Conclusion
Securing an SBA loan can unlock immense growth opportunities for your business. With the right lender, you can access the capital needed to expand operations, hire staff, and innovate. The Connecticut SBA lenders listed above have a proven track record of supporting the small business community, making them the best options for entrepreneurs in the state. Let GoSBA Loans assist you in finding the ideal SBA lender in Connecticut for your business today.
