GoSBA’s Top 50 Tennessee SBA Lenders in 2024
Overview of SBA Loans in Tennessee
Tennessee, with a population of approximately 7 million people, boasts a dynamic and growing economy supported by industries such as healthcare, automotive manufacturing, tourism, and logistics. The state’s strategic location and favorable business environment make it an attractive destination for businesses of all sizes. With major cities like Nashville, Memphis, and Knoxville, Tennessee offers a diverse environment for businesses to grow and succeed.
Popular industries in Tennessee include healthcare, manufacturing, logistics, tourism, and finance. In FY 2024, Tennessee SBA loan providers funded 2,600 businesses, with a total loan volume of $2.0 billion. Tennessee also has a growing entrepreneurial community, with many women-owned businesses contributing significantly to the state’s economic growth.
Finding the Best Tennessee 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 Tennessee 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 Tennessee.
Challenges in Accessing SBA Loans in Tennessee
A significant challenge for small businesses in Tennessee is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like Pinnacle Bank, First Horizon Bank, Renasant Bank, United Community Bank, Regions Bank, Simmons Bank, Bank of America, U.S. Bank, Cadence Bank, and Truist Bank. These ten lenders funded 1,400 businesses in Tennessee, 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 Tennessee 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 30 of the top 100 SBA lenders in Tennessee, 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 Tennessee SBA lenders in 2024.
Top 50 Tennessee SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| Pinnacle Bank | $5,042 | $34,063,600 | 30 | 10.22% |
| Live Oak Banking Company | $3,788 | $31,196,000 | 19 | 9.77% |
| Newtek Bank, National Association | $5,723 | $19,365,000 | 44 | 12.05% |
| The Huntington National Bank | $6,942 | $16,682,900 | 56 | 10.93% |
| U.S. Bank, National Association | $9,168 | $16,007,800 | 92 | 10.06% |
| Renasant Bank | $1,164 | $12,166,400 | 5 | 10.80% |
| Old National Bank | $1,286 | $10,074,000 | 6 | 11.13% |
| First-Citizens Bank & Trust Company | $660 | $8,797,000 | 4 | 9.30% |
| Celtic Bank Corporation | $1,392 | $7,758,700 | 10 | 11.18% |
| Readycap Lending, LLC | $6,238 | $7,515,500 | 49 | 13.53% |
| United Community Bank | $1,032 | $5,975,000 | 4 | 9.88% |
| Cadence Bank | $1,704 | $5,940,200 | 15 | 11.20% |
| United Midwest Savings Bank, National Association | $3,180 | $5,758,800 | 25 | 11.25% |
| Citizens Bank | $991 | $5,342,100 | 5 | 11.15% |
| The Bancorp Bank National Association | $660 | $5,068,100 | 4 | 9.44% |
| Paragon Bank | $312 | $5,000,000 | 1 | 10.00% |
| BayFirst National Bank | $4,440 | $4,897,700 | 37 | 13.20% |
| Berkshire Bank | $366 | $4,894,000 | 3 | 10.50% |
| Bank of America, National Association | $1,452 | $4,796,900 | 9 | 9.48% |
| Wilson Bank & Trust | $666 | $4,333,500 | 4 | 10.88% |
| FinWise Bank | $300 | $4,020,000 | 1 | 10.50% |
| Gulf Coast Bank and Trust Company | $908 | $3,900,800 | 3 | 10.92% |
| Milestone Bank | $600 | $3,680,400 | 2 | 10.88% |
| Planters Bank, Inc. | $120 | $3,450,000 | 1 | 9.00% |
| Regions Bank | $504 | $3,443,300 | 6 | 10.29% |
| Northeast Bank | $3,600 | $3,424,600 | 30 | 11.25% |
| First Bank of the Lake | $1,211 | $2,947,900 | 9 | 11.83% |
| Studio Bank | $249 | $2,758,000 | 2 | 10.00% |
| Peoples Bank | $468 | $2,704,000 | 2 | 10.75% |
| Community Trust Bank, Inc. | $246 | $2,655,000 | 1 | 8.25% |
| Sonata Bank | $360 | $2,636,500 | 3 | 11.50% |
| Byline Bank | $363 | $2,600,000 | 3 | 11.25% |
| Falcon National Bank | $126 | $2,547,100 | 1 | 10.75% |
| GBC International Bank | $132 | $2,500,000 | 2 | 10.25% |
| SouthState Bank, National Association | $1,080 | $2,465,000 | 9 | 11.25% |
| First Financial Bank | $540 | $2,386,000 | 2 | 8.70% |
| Hometown Bank | $276 | $1,738,300 | 1 | 10.00% |
| FNBC Bank | $300 | $1,612,200 | 1 | 9.50% |
| Encore Bank | $240 | $1,599,900 | 2 | 10.25% |
| CrossFirst Bank | $126 | $1,552,600 | 1 | 8.50% |
| Dogwood State Bank | $126 | $1,480,000 | 1 | 10.75% |
| Exos Small Business Lending LLC | $120 | $1,366,000 | 1 | 11.50% |
| West Town Bank & Trust | $480 | $1,250,000 | 4 | 11.25% |
| North Georgia National Bank | $306 | $1,223,100 | 1 | 10.50% |
| Decatur County Bank | $360 | $1,163,000 | 3 | 9.00% |
| Ameris Bank | $241 | $1,091,000 | 2 | 9.56% |
| First Internet Bank of Indiana | $120 | $1,024,000 | 1 | 11.25% |
| American Momentum Bank | $126 | $963,800 | 1 | 11.25% |
| Banc of California | $300 | $864,000 | 1 | 8.50% |
| Brightbridge, Inc. | $360 | $834,300 | 3 | 11.00% |
Leading Tennessee SBA Lenders by Loan Volume
Analyzing the table above, Pinnacle Bank leads the way in Tennessee with the highest loan volume, funding over $34.06 million across 30 loans. This positions Pinnacle Bank as a strong choice for businesses looking for substantial financing in Tennessee.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, U.S. Bank, National Association takes the lead with 92 loans totaling over $16.01 million. This makes U.S. Bank highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Tennessee
Live Oak Banking Company and The Huntington National Bank are also significant players in the Tennessee SBA lending market. Live Oak Banking Company funded 19 loans totaling $31.19 million, while The Huntington National Bank funded 56 loans with a loan volume of $16.68 million. These institutions are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like Cadence Bank, Wilson Bank & Trust, and Byline 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 Tennessee?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Tennessee. 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 Tennessee 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. Tennessee’s diverse economic base and supportive 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 Tennessee?
If you’re ready to find the best SBA lenders in Tennessee, 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.
