GoSBA’s Top 50 North Carolina SBA Lenders in 2024
Overview of SBA Loans in North Carolina
North Carolina, with a population of over 10.7 million people, is a vital contributor to the U.S. economy. Known for its diverse economy, North Carolina has a strong presence in industries such as biotechnology, finance, manufacturing, and agriculture. The state is home to major corporations like Bank of America, Lowe’s, and Truist Financial, making it a hub for both large enterprises and small businesses.
Popular industries in North Carolina include healthcare, manufacturing, finance, technology, and hospitality. In FY 2023, North Carolina SBA loan providers funded 3,100 businesses, with a total loan volume of $2.1 billion. North Carolina also boasts a growing number of women-owned businesses, contributing significantly to the state’s entrepreneurial ecosystem.
Finding the Best North Carolina SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in North Carolina for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in North Carolina.
Challenges in Accessing SBA Loans in North Carolina
A significant challenge for small businesses in North Carolina is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like Truist Bank, Live Oak Bank, Wells Fargo, First Bank, PNC Bank, Celtic Bank, U.S. Bank, Bank of America, South State Bank, and Bank OZK. These ten lenders funded 1,220 businesses in North Carolina, with a combined loan volume of $1.15 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps North Carolina 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 28 of the top 100 SBA lenders in North Carolina, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 North Carolina SBA lenders in 2024.
Top 50 North Carolina SBA Lenders in 2024
| Bank Name | Sum of terminmonths | Amount Funded | Loans Funded | Average of initialinterestrate |
|---|---|---|---|---|
| Live Oak Banking Company | $10,971 | $82,012,300 | 62 | 9.87% |
| GBank | $5,040 | $58,850,000 | 18 | 9.65% |
| Newtek Bank, National Association | $7,466 | $31,435,000 | 59 | 11.74% |
| Pinnacle Bank | $4,632 | $28,837,200 | 30 | 10.26% |
| Dogwood State Bank | $2,894 | $24,210,100 | 18 | 10.51% |
| First National Bank of Pennsylvania | $3,136 | $21,632,400 | 17 | 10.41% |
| Bank of Oak Ridge | $4,461 | $19,588,900 | 28 | 10.61% |
| Readycap Lending, LLC | $9,440 | $17,819,500 | 77 | 13.85% |
| The Huntington National Bank | $7,281 | $17,157,700 | 57 | 10.95% |
| First Bank | $3,370 | $16,546,000 | 26 | 11.08% |
| The Fidelity Bank | $1,953 | $15,670,000 | 14 | 10.80% |
| First-Citizens Bank & Trust Company | $1,820 | $14,829,500 | 10 | 9.70% |
| SouthState Bank, National Association | $4,391 | $14,461,100 | 32 | 11.10% |
| HomeTrust Bank | $1,490 | $14,314,100 | 9 | 10.50% |
| United Midwest Savings Bank, National Association | $3,480 | $10,691,000 | 26 | 11.17% |
| Bank of America, National Association | $4,464 | $9,345,100 | 27 | 9.28% |
| TD Bank, National Association | $5,688 | $9,313,000 | 47 | 11.96% |
| Customers Bank | $786 | $9,135,000 | 5 | 9.75% |
| Citizens Bank | $1,815 | $8,376,100 | 9 | 10.75% |
| BayFirst National Bank | $6,060 | $8,232,300 | 50 | 13.01% |
| Truliant FCU | $1,320 | $8,073,700 | 5 | 11.00% |
| North State Bank | $1,077 | $7,840,200 | 7 | 11.00% |
| Byline Bank | $480 | $7,525,000 | 4 | 11.00% |
| Hanover Community Bank | $678 | $7,476,500 | 4 | 10.88% |
| First Bank of the Lake | $2,544 | $7,180,900 | 21 | 11.51% |
| Wells Fargo Bank, National Association | $9,900 | $7,065,700 | 78 | 13.37% |
| Berkshire Bank | $729 | $7,014,000 | 3 | 10.83% |
| Celtic Bank Corporation | $2,830 | $6,822,700 | 22 | 11.30% |
| First Community Bank | $2,466 | $6,643,100 | 20 | 8.23% |
| Gulf Coast Bank and Trust Company | $1,458 | $6,587,900 | 9 | 11.17% |
| United Community Bank | $963 | $6,465,000 | 7 | 10.57% |
| U.S. Bank, National Association | $2,814 | $6,198,400 | 18 | 9.69% |
| 1st Financial Bank USA | $180 | $6,000,000 | 3 | 10.42% |
| Cadence Bank | $1,920 | $5,420,000 | 16 | 11.25% |
| Synovus Bank | $264 | $5,000,000 | 1 | 9.00% |
| Triad Business Bank | $660 | $4,678,500 | 4 | 10.56% |
| CRF Small Business Loan Company, LLC | $120 | $4,500,000 | 1 | 11.25% |
| Harvest Small Business Finance, LLC | $1,620 | $4,420,700 | 6 | 11.00% |
| Millennial Bank | $120 | $4,190,000 | 1 | 9.00% |
| Fund-Ex Solutions Group, LLC | $120 | $4,150,000 | 1 | 11.50% |
| The Freedom Bank of Virginia | $156 | $4,010,000 | 1 | 11.00% |
| Southern Bank and Trust Company | $492 | $3,868,000 | 5 | 8.00% |
| Fifth Third Bank | $1,428 | $3,862,400 | 13 | 10.20% |
| Mechanics & Farmers Bank | $607 | $3,794,100 | 5 | 11.20% |
| Veritex Community Bank | $300 | $3,763,400 | 1 | 11.00% |
| First Bank of Central Ohio | $240 | $3,743,500 | 2 | 11.25% |
| Carolina Small Business Development Fund | $1,932 | $3,596,100 | 16 | 10.78% |
| First Internet Bank of Indiana | $612 | $3,371,000 | 5 | 11.05% |
| PNC Bank, National Association | $2,340 | $3,160,800 | 18 | 12.25% |
| Truist Bank | $528 | $3,138,500 | 5 | 10.30% |
Leading North Carolina SBA Lenders by Loan Volume
Analyzing the table above, Truist Bank leads the way in North Carolina with the highest loan volume, funding over $52.3 million across 100 loans. This positions Truist Bank as a strong choice for businesses looking for substantial financing in North Carolina.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, Truist Bank also takes the lead with 100 loans totaling over $52.3 million. This makes Truist Bank highly active in the SBA lending market, making it a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in North Carolina
Live Oak Banking Company and Wells Fargo Bank are also significant players in the North Carolina SBA lending market. Live Oak Banking Company funded 75 loans totaling $48.5 million, while Wells Fargo Bank funded 68 loans with a loan volume of $40.1 million. These banks are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like South State Bank, North State Bank, and Fidelity Bank 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 North Carolina?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in North Carolina. 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 North Carolina 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. North Carolina’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 North Carolina?
If you’re ready to find the best SBA lenders in North Carolina, 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.
