GoSBA’s Top 50 Ohio SBA Lenders in 2024
Introduction to Ohio SBA Loans
Ohio is considered the 7th most populous state in the U.S., with a population of 11.73 million people. In 2018, Ohio’s GDP reached $676.2 billion. Popular industries in Ohio include restaurants, hotels, general freight trucking, investment advice, and amusement and recreation management. According to the U.S. Small Business Administration Office of Advocacy, there are 944,797 small businesses in Ohio that employ 2.2 million people.
Columbus: A Great City for Starting a Business
One city that’s a great place to start a business in Ohio is Columbus. For every 1,000 businesses in Columbus, there are 71 startup businesses that are up and running. In fact, Columbus was ranked 15th on the Kauffman Foundation’s list of cities with the most startup activity in 2015 to 2016. This shows the vibrant entrepreneurial environment that makes Columbus an attractive destination for aspiring business owners.
Challenges in Securing SBA Loans in Ohio
One of the challenges businesses face is access to affordable financing. In FY 2018, Ohio SBA loan providers funded 3,420 businesses for a total SBA loan volume of $936.2 million. The ten most popular lenders signing SBA-backed loans in Ohio are Huntington National, KeyBank National, Live Oak, Fifth Third Bank, Peoples Bank, United Midwest Savings, U.S. Bank, First Financial, First Commonwealth, and Chemical Bank. These ten lenders have funded 2,541 businesses with a total loan volume of $598 million. However, just because these ten lenders are the most popular doesn’t mean they are the right lenders for every industry and business size. Selecting the right lender that suits your business’s unique needs is crucial for securing successful financing.
Finding the Best Ohio SBA Lenders
Here at GoSBA Loans, we understand the struggle of finding the best and most affordable business loan for your needs. We excel at accommodating businesses seeking capital, purchasing equipment, refinancing high-interest loans, and buying commercial property or financing building improvements. Our mission is to make the lending process for small businesses easier, faster, and more affordable.
Overview of Ohio SBA Loans in 2024
GoSBA Loans is proud to announce the top 50 Ohio SBA lenders in 2024. Ohio’s SBA loan providers financed 3,420 businesses in FY 2023, contributing to a total loan volume of $936.2 million. This significant funding has helped Ohio’s small businesses thrive, fostering a diverse economic environment that encourages growth and innovation across the state.
Analyzing the Top Ohio SBA Lenders by Loan Volume and Loan Units Funded
Fifth Third Bank emerges as the top SBA lender in Ohio by loan volume, funding over $22.7 million across 24 loans. First Commonwealth Bank follows closely, funding $20.7 million across 33 loans, making it a leader in terms of loan units funded. BayFirst National Bank, with 65 loans funded for a total of $10.1 million, is also a significant contributor, demonstrating its commitment to supporting small businesses in Ohio. GBank funded $20.7 million across 8 loans, showcasing its role as a reliable partner for mid-sized businesses. The variety of lenders—ranging from large national institutions to smaller local banks—highlights the different options available to businesses in Ohio seeking financial support.
GoSBA’s Official Ranking: 50 Best Ohio SBA Lenders in 2024
Below, we present GoSBA’s official ranking of the 50 Best Ohio SBA Lenders in 2024:
Bank Name |
Amount Funded |
Loans Funded |
|---|---|---|
| Fifth Third Bank | $22,729,400 | 24 |
| First Commonwealth Bank | $20,685,500 | 33 |
| GBank | $20,679,000 | 8 |
| BayFirst National Bank | $10,123,900 | 65 |
| Celtic Bank Corporation | $9,216,800 | 20 |
| First Federal Savings & Loan Association of Lakewood | $8,003,500 | 15 |
| First Internet Bank of Indiana | $6,430,000 | 5 |
| First Western SBLC, Inc | $6,047,000 | 3 |
| Byline Bank | $5,904,000 | 6 |
| Eclipse Bank Inc | $5,211,500 | 6 |
| First Financial Bank | $4,983,000 | 9 |
| BMO Bank National Association | $4,942,800 | 1 |
| First Savings Bank | $4,144,500 | 3 |
| Bank of America, National Association | $3,938,900 | 4 |
| Bank Five Nine | $3,894,000 | 2 |
| Banc of California | $3,626,000 | 1 |
| CFBank National Association | $3,165,000 | 2 |
| Cadence Bank | $2,948,500 | 12 |
| First National Bank of Pennsylvania | $2,270,000 | 2 |
| First Chatham Bank | $2,215,000 | 4 |
| Economic and Community Development Institute | $2,147,000 | 9 |
| Enterprise Bank & Trust | $1,959,000 | 3 |
| Colony Bank | $1,927,800 | 14 |
| First Bank of the Lake | $1,921,000 | 7 |
| Consumers National Bank | $1,876,300 | 11 |
| American Momentum Bank | $1,781,000 | 1 |
| Buckeye State Bank | $1,686,800 | 7 |
| First State Bank Nebraska | $1,676,000 | 4 |
| Exos Small Business Lending LLC | $1,640,000 | 1 |
| CenterBank | $1,423,900 | 5 |
| Customers Bank | $1,399,000 | 1 |
| Centerstone SBA Lending, Inc. | $1,387,500 | 2 |
| Firstrust Savings Bank | $1,250,000 | 1 |
| Fund-Ex Solutions Group, LLC | $1,206,000 | 1 |
| CNB Bank | $1,101,000 | 3 |
| Citizens Bank, National Association | $1,094,000 | 3 |
| First Bank of Central Ohio | $1,061,000 | 1 |
| City National Bank of Florida | $1,000,000 | 2 |
| CIBC Bank USA | $911,500 | 2 |
| Craft Bank | $885,000 | 2 |
| FinWise Bank | $675,000 | 1 |
| Community Bank & Trust-West Georgia | $554,000 | 1 |
| 1st National Bank | $542,500 | 1 |
| First Business Bank | $500,000 | 1 |
| Five Star Bank | $500,000 | 2 |
| Civista Bank | $422,500 | 1 |
| Community Choice CU | $417,100 | 1 |
| First Federal Community Bank National Association | $200,000 | 2 |
| First Merchants Bank | $200,000 | 4 |
| Adelphi Bank | $136,500 | 2 |
Find the Right SBA Lender in Ohio for Your Business
Whether you’re a startup or an established business, securing the right financing is crucial for your success. The lenders listed above offer a range of SBA loan options tailored to meet the diverse needs of Ohio’s business community. Partnering with GoSBA Loans ensures that your application gets in front of the lenders most likely to approve your funding, helping you get the financial support you need.
Apply for an SBA Loan Today
Apply today to connect with the best SBA lenders in Ohio and secure the funding your business needs to succeed. The process is simple, and GoSBA Loans will help match you with the right lender based on your specific business requirements.
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 Ohio. 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 Ohio.
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 Ohio 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 Ohio for your business today.
