GoSBA’s Top 50 New York SBA Lenders in 2024
Overview of SBA Loans in New York
New York holds the third rank as one of the largest economies in the United States, contributing 8% to the nation’s GDP. Known for exporting luxury goods—with diamonds being one of its biggest exports—New York is a key player in the global economy. If New York were an independent country, it would rank as the 11th largest economy in the world.
Popular industries in New York include supermarkets, hotels, restaurants, physician centers, and fitness centers. In FY 2023, New York SBA loan providers funded 4,388 businesses, with a total SBA loan volume of $1.1 billion. According to the U.S. Small Business Administration Office of Advocacy, there are over one million small businesses operating in New York, employing 1.6 million people.
Popular Industries for SBA Loans in New York
The diversity of New York’s economy is reflected in the range of industries that receive SBA loans. Supermarkets, restaurants, hotels, healthcare, and fitness centers are among the most popular industries receiving funding. This diversity means that SBA loans play an important role in supporting a wide variety of small businesses in New York, helping to drive economic growth and stability.
Challenges in Accessing SBA Loans in New York
One of the challenges that small businesses face in New York is access to affordable financing. The ten most popular lenders signing SBA-backed loans in New York include NewBank, TD Bank, JPMorgan Chase, BNB Bank, Manufacturers and Traders Trust Company, Newtek Small Business Finance, Noah Bank, FinWise Bank, New Millennium Bank, and KeyBank National Association. However, just because these lenders are popular does not necessarily mean they are the right fit for every business type or size. Many small businesses may find better success with specialized lenders that understand their industry.
How GoSBA Loans Can Help New York Small Businesses
At GoSBA Loans, we understand the difficulty of finding the best SBA loan for your business. We simplify the SBA loan process by matching you with the most suitable lenders for your needs. Whether you’re looking to secure capital for purchasing equipment, refinancing high-interest loans, buying commercial property, or financing building improvements, GoSBA Loans is here to make the lending process easier, faster, and more affordable.
Top 50 New York SBA Lenders in 2024
Below is our ranking of the top 50 New York SBA lenders in 2024, providing a comprehensive overview of the diverse lending options available to small businesses in the state.
Bank Name |
Amount Funded |
Loans Funded |
|---|---|---|
| BayFirst National Bank | $35,433,300 | 260 |
| FinWise Bank | $29,008,000 | 34 |
| First Bank of the Lake | $22,237,100 | 23 |
| Celtic Bank Corporation | $16,697,900 | 28 |
| Dogwood State Bank | $16,470,000 | 18 |
| Bank of America, National Association | $16,311,000 | 40 |
| ConnectOne Bank | $13,055,000 | 7 |
| Citibank, N.A. | $11,735,000 | 23 |
| ESL FCU | $8,497,800 | 73 |
| Empire State Bank | $8,000,000 | 2 |
| First IC Bank | $7,630,000 | 3 |
| Cadence Bank | $6,970,000 | 22 |
| Byline Bank | $6,335,000 | 5 |
| Dime Community Bank | $5,572,500 | 12 |
| Berkshire Bank | $5,174,000 | 5 |
| Colony Bank | $4,152,800 | 31 |
| Banc of California | $4,118,500 | 1 |
| Bank of Hope | $3,588,000 | 11 |
| Financial Resources FCU | $3,474,000 | 2 |
| Citizens Bank | $3,253,100 | 3 |
| Customers Bank | $3,163,000 | 1 |
| Alma Bank | $3,110,000 | 3 |
| City National Bank | $2,980,000 | 2 |
| East West Bank | $2,422,000 | 3 |
| Community Bank, National Association | $2,049,900 | 9 |
| Accompany Capital | $1,492,000 | 7 |
| Citizens Bank, National Association | $1,456,500 | 5 |
| Chemung Canal Trust Company | $1,232,700 | 12 |
| First Financial Bank | $1,060,000 | 1 |
| First Heritage Federal Credit Union | $990,100 | 7 |
| First Bank of Central Ohio | $965,000 | 1 |
| Excelsior Growth Fund (CDFI affiliate of NYBDC) | $933,000 | 4 |
| Beach Cities Commercial Bank | $922,500 | 1 |
| Centerstone SBA Lending, Inc. | $876,000 | 2 |
| Community Capital Resources | $875,000 | 7 |
| Bank Rhode Island | $700,000 | 2 |
| Bankwell Bank | $700,000 | 2 |
| CDC Small Business Finance Corporation | $635,000 | 5 |
| American Momentum Bank | $574,100 | 1 |
| Evans Bank, National Association | $505,000 | 3 |
| Capital One, National Association | $500,000 | 1 |
| City National Bank of Florida | $500,000 | 1 |
| Evolve Bank and Trust | $487,000 | 2 |
| Brooklyn Cooperative FCU | $486,000 | 13 |
| Cross River Bank | $450,000 | 1 |
| Bank Five Nine | $433,000 | 1 |
| CNB Bank | $395,000 | 2 |
| Business Initiative Corporation of New York | $175,000 | 3 |
| First Central Savings Bank | $150,000 | 1 |
| Buckeye State Bank | $100,000 | 1 |
Leading New York SBA Lenders by Loan Volume
Analyzing the table above, BayFirst National Bank leads the way in New York with the highest loan volume, funding over $35.4 million across 260 loans. This makes BayFirst National Bank a leading choice for small businesses seeking substantial financing in the state.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, ESL FCU takes the lead with 73 loans totaling over $8.4 million. This indicates that ESL FCU is highly active in the SBA lending market and is a reliable choice for small business owners looking for a lender with experience in processing SBA loans.
Other Notable SBA Lenders in New York
FinWise Bank and Bank of America, National Association are also significant players in New York’s SBA lending market. FinWise Bank funded 34 loans totaling $29 million, while Bank of America funded 40 loans with a loan volume of $16.3 million. These banks are ideal for small business owners seeking moderate-sized loans from well-established lenders.
For businesses looking for smaller loans, institutions like Citizens Bank, Berkshire Bank, and Brooklyn Cooperative FCU provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in New York?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in New York. 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 New York 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. New York’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 New York?
If you’re ready to find the best SBA lenders in New York, 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.
