GoSBA’s Top 50 Pennsylvania SBA Lenders in 2024
Overview of SBA Loans in Pennsylvania
Pennsylvania, with a population of approximately 12.9 million people, is a key player in the U.S. economy. The state boasts a diverse economy, driven by industries such as healthcare, finance, manufacturing, education, and energy. With major metropolitan areas like Philadelphia and Pittsburgh, Pennsylvania provides a fertile environment for both large corporations and small businesses.
Popular industries in Pennsylvania include healthcare, manufacturing, finance, education, and tourism. In FY 2023, Pennsylvania SBA loan providers funded 3,300 businesses, with a total loan volume of $2.3 billion. Pennsylvania also has a robust entrepreneurial community, with a growing number of women-owned businesses contributing significantly to the state’s economic growth.
Finding the Best Pennsylvania 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 Pennsylvania 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 Pennsylvania.
Challenges in Accessing SBA Loans in Pennsylvania
A significant challenge for small businesses in Pennsylvania is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like Citizens Bank, Fulton Bank, M&T Bank, Wells Fargo, PNC Bank, TD Bank, Univest Bank, Bank of America, Santander Bank, and KeyBank. These ten lenders funded 1,400 businesses in Pennsylvania, with a combined loan volume of $1.5 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 Pennsylvania 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 35 of the top 100 SBA lenders in Pennsylvania, 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 Pennsylvania SBA lenders in 2024.
Top 50 Pennsylvania SBA Lenders in 2024
| Bank Name | Sum of terminmonths | Amount Funded | Loans Funded | Average of initial interest rate |
|---|---|---|---|---|
| Newtek Bank, National Association | $10,322 | $47,824,500 | 78 | 11.79 |
| The Huntington National Bank | $33,237 | $42,457,200 | 291 | 10.56 |
| Live Oak Banking Company | $3,901 | $33,033,000 | 24 | 9.83 |
| First Commonwealth Bank | $8,496 | $30,184,100 | 50 | 10.81 |
| TD Bank, National Association | $24,095 | $28,760,500 | 209 | 11.69 |
| Meridian Bank | $4,392 | $25,359,000 | 27 | 10.59 |
| Wilmington Savings Fund Society, FSB | $5,238 | $23,272,400 | 36 | 10.86 |
| Northwest Bank | $10,752 | $20,338,500 | 76 | 11.40 |
| Firstrust Savings Bank | $1,470 | $19,217,000 | 13 | 10.77 |
| First National Bank of Pennsylvania | $1,860 | $17,606,000 | 14 | 9.97 |
| Fulton Bank, National Association | $2,969 | $17,104,000 | 17 | 10.54 |
| Manufacturers and Traders Trust Company | $14,018 | $16,436,600 | 140 | 12.16 |
| Berkshire Bank | $2,769 | $15,679,000 | 19 | 11.04 |
| First Bank of the Lake | $2,271 | $14,745,800 | 14 | 11.63 |
| Bank of America, National Association | $2,442 | $12,836,700 | 15 | 7.90 |
| Univest Bank and Trust Co | $2,855 | $12,730,000 | 22 | 10.81 |
| United Midwest Savings Bank, National Association | $2,879 | $11,560,000 | 21 | 11.18 |
| Woori America Bank | $1,740 | $11,470,000 | 10 | 10.02 |
| Hanover Community Bank | $1,817 | $11,216,400 | 9 | 10.97 |
| BayFirst National Bank | $8,088 | $10,930,400 | 68 | 13.06 |
| Shoreham Bank | $600 | $9,950,000 | 2 | 9.25 |
| Enterprise Bank & Trust | $900 | $9,362,400 | 3 | 9.50 |
| Mid Penn Bank | $3,780 | $9,122,500 | 24 | 10.30 |
| PNC Bank, National Association | $8,100 | $8,585,400 | 65 | 12.50 |
| Readycap Lending, LLC | $6,192 | $8,482,500 | 51 | 13.84 |
| GBank | $900 | $8,207,000 | 3 | 9.75 |
| Wells Fargo Bank, National Association | $6,100 | $7,491,800 | 47 | 13.51 |
| Enterprise Bank | $792 | $7,127,000 | 10 | 9.73 |
| Celtic Bank Corporation | $1,979 | $6,637,000 | 15 | 11.27 |
| Quaint Oak Bank | $1,068 | $6,612,000 | 6 | 11.08 |
| KeyBank National Association | $4,818 | $5,150,800 | 39 | 12.04 |
| Eclipse Bank Inc | $300 | $5,000,000 | 1 | 11.00 |
| Libertyville Bank & Trust Company, National Association | $132 | $4,465,000 | 2 | 8.50 |
| Port Richmond Savings | $126 | $4,382,400 | 1 | 10.00 |
| The Juniata Valley Bank | $420 | $4,230,000 | 3 | 8.00 |
| Hancock Whitney Bank | $120 | $3,775,000 | 1 | 10.00 |
| Cadence Bank | $1,560 | $3,745,000 | 13 | 11.25 |
| First Internet Bank of Indiana | $120 | $3,651,000 | 1 | 11.25 |
| The Victory Bank | $1,275 | $3,631,000 | 6 | 10.00 |
| Stearns Bank National Association | $964 | $3,473,000 | 5 | 10.55 |
| Unity Bank | $624 | $3,413,000 | 2 | 11.00 |
| Customers Bank | $720 | $3,390,000 | 6 | 9.83 |
| Pinnacle Bank | $132 | $3,192,000 | 1 | 9.75 |
| Platinum Bank | $488 | $3,165,000 | 4 | 10.75 |
| Bank of Clarke | $306 | $3,095,000 | 1 | 11.00 |
| Financial Resources FCU | $426 | $2,996,000 | 2 | 10.75 |
| Fund-Ex Solutions Group, LLC | $360 | $2,975,100 | 3 | 11.33 |
| Falcon National Bank | $600 | $2,777,800 | 5 | 10.65 |
| Fidelity Deposit and Discount Bank | $804 | $2,720,000 | 5 | 9.10 |
| NEPA Alliance Business Finance Corporation | $1,800 | $2,659,500 | 15 | 11.00 |
Leading Pennsylvania SBA Lenders by Loan Volume
Analyzing the table above, Newtek Bank leads the way in Pennsylvania with the highest loan volume, funding over $47.8 million across 78 loans. This positions Newtek Bank as a strong choice for businesses looking for substantial financing in Pennsylvania.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, The Huntington National Bank takes the lead with 291 loans totaling over $42.4 million. This makes Huntington highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Pennsylvania
TD Bank and Live Oak Banking Company are also significant players in the Pennsylvania SBA lending market. TD Bank funded 209 loans totaling $28.8 million, while Live Oak Banking Company funded 24 loans with a loan volume of $33 million. These banks are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like Univest Bank, Quaint Oak Bank, and First National 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 Pennsylvania?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Pennsylvania. 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 Pennsylvania 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. Pennsylvania’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 Pennsylvania?
If you’re ready to find the best SBA lenders in Pennsylvania, 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.
