GoSBA’s Top 50 Mississippi SBA Lenders in 2024
Introduction to Mississippi SBA Loans
Mississippi, known for its rich history and economic diversity, is home to many small businesses that form the backbone of its economy. With a population of approximately 3 million people, Mississippi boasts thriving industries such as agriculture, manufacturing, healthcare, and tourism. Small businesses in the state have significant support from the U.S. Small Business Administration (SBA) and SBA-approved lenders, which help local entrepreneurs access affordable financing to expand operations, acquire equipment, or develop new business ventures.
Mississippi SBA lenders have played a crucial role in supporting business growth across the state. In FY 2023, SBA lenders funded over 1,400 businesses in Mississippi, providing loans totaling over $900 million. With this strong support from lenders, Mississippi’s small businesses have had the opportunity to thrive and innovate in their respective sectors.
Finding the Best Mississippi SBA Loans
If you are a small business owner in Mississippi looking for financing, it can be challenging to determine which lender is the best fit for your needs. GoSBA Loans makes this process easier by comparing the top SBA lenders in Mississippi. We help connect businesses with the right SBA loans, whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or funding business improvements. Below, we’ve compiled a detailed analysis and ranking of the top SBA lenders in Mississippi for 2024.
Challenges in Securing SBA Loans in Mississippi
One significant challenge that small businesses face in Mississippi is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions such as BankFirst Financial Services, Peoples Bank, Trustmark National Bank, and Cadence Bank. While these lenders have been instrumental in funding small businesses, it’s essential to remember that the best SBA lender for your business depends on your specific needs, industry, and business size.
How GoSBA Loans Helps Mississippi Small Businesses
At GoSBA Loans, we understand the complexities of finding the right SBA loan for your business. Our approach involves circulating your loan application to over 30 of the top SBA lenders in Mississippi, increasing the chances of approval and ensuring that you get the most competitive rates available. We strive to make lending easier, faster, and more affordable for small businesses throughout the state. Below is our official ranking of the top 50 Mississippi SBA lenders for 2024.
Top 50 Mississippi SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
| Peoples Bank | $4,884 | $10,001,700 | 43 | 10.71% |
| GBank | $600 | $6,999,000 | 2 | 9.25% |
| BankFirst Financial Services | $2,883 | $6,354,600 | 20 | 10.41% |
| Celtic Bank Corporation | $660 | $6,268,500 | 4 | 11.00% |
| Southern Bancorp Bank | $756 | $5,785,400 | 4 | 8.75% |
| Newtek Bank, National Association | $1,979 | $5,770,000 | 15 | 11.73% |
| Community Bank of Mississippi | $1,869 | $5,589,400 | 14 | 8.93% |
| Live Oak Banking Company | $420 | $4,979,000 | 2 | 8.63% |
| Byline Bank | $240 | $4,650,000 | 2 | 10.25% |
| SouthPoint Bank | $300 | $4,647,000 | 1 | 9.00% |
| First Western SBLC, Inc | $612 | $4,600,000 | 2 | 11.00% |
| Southern AgCredit, FLCA | $420 | $3,484,500 | 2 | 9.00% |
| OptimumBank | $120 | $3,167,000 | 1 | 11.25% |
| BankPlus | $457 | $3,145,000 | 3 | 9.00% |
| Cadence Bank | $1,500 | $3,122,100 | 8 | 11.16% |
| First Financial Bank | $540 | $3,092,500 | 3 | 9.32% |
| Pinnacle Bank | $312 | $3,034,500 | 1 | 10.00% |
| Hancock Whitney Bank | $780 | $2,455,000 | 6 | 11.04% |
| The First Bank | $426 | $2,430,500 | 2 | 9.50% |
| Trustmark National Bank | $1,824 | $2,034,800 | 16 | 8.66% |
| Wells Fargo Bank, National Assoc. | $1,518 | $1,931,000 | 10 | 11.55% |
| Merchants & Marine Bank | $1,023 | $1,667,900 | 7 | 11.00% |
| American Bank | $420 | $1,395,000 | 2 | 10.00% |
| BayFirst National Bank | $1,080 | $1,259,100 | 9 | 13.25% |
Analyzing the Top Mississippi SBA Lenders by Loan Volume and Units Funded
Peoples Bank emerged as the top SBA lender in Mississippi by loan volume, funding over $10 million across 43 loans. This makes Peoples Bank an excellent choice for small business owners looking for consistent support and extensive experience in SBA lending.
BankFirst Financial Services and Trustmark National Bank are also significant players in the SBA lending market in Mississippi. BankFirst Financial Services funded 20 loans with a total loan volume of over $6.3 million, while Trustmark National Bank funded 16 loans, making both institutions solid choices for businesses seeking mid-sized loans.
For business owners seeking smaller loan amounts, institutions like BankPlus, Southern Bancorp Bank, and Cadence Bank offer various financing options. Their focus on smaller SBA loans makes them particularly suitable for startups and businesses looking for accessible financing.
Benefits of SBA Loans for Mississippi Small Businesses
SBA loans offer a variety of benefits for Mississippi’s small businesses. With favorable interest rates, extended repayment terms, and relatively low down payments, SBA loans are an ideal option for businesses seeking to expand their operations, purchase new equipment, or invest in commercial real estate. Additionally, SBA loans offer a lifeline for startups that may not have sufficient collateral or financial history to secure traditional loans.
Whether you need a loan to start a new venture or expand your current operations, finding the right SBA lender is essential. The lenders listed above have a proven track record of supporting small businesses across Mississippi, providing reliable financing to help your business grow and succeed.
Ready to Apply for an SBA Loan in Mississippi?
If you’re ready to find the best SBA lenders in Mississippi, contact us today to begin your journey. Our team at GoSBA Loans is dedicated to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
Why Choose GoSBA Loans?
Partnering with GoSBA Loans provides you with access to an extensive network of SBA lenders throughout Mississippi. We help match you with a lender that suits your business needs, considering loan amounts, approval criteria, and loan terms. By working with us, you’ll increase your likelihood of finding the right financing solution tailored specifically to your business goals.
Conclusion
Securing an SBA loan can provide significant growth opportunities for your small business in Mississippi. Whether you’re expanding your operations, purchasing new equipment, or refinancing existing debt, the top SBA lenders in Mississippi have the experience and resources to help you achieve your goals. Let GoSBA Loans assist you in connecting with the best SBA lender to take your business to new heights.
