GoSBA’s Top 50 Washington SBA Lenders in 2024
Overview of SBA Loans in Washington
Washington, with a population of over 7.7 million people, plays a crucial role in the national economy. If it were a country, Washington would rank among the top 25 economies worldwide by GDP. The state is well-known for its tech-driven economy, anchored by major corporations like Amazon, Microsoft, and Boeing, and for its thriving agricultural and clean energy sectors.
Popular industries in Washington include technology, aerospace, agriculture, tourism, and manufacturing. In FY 2023, Washington SBA loan providers funded 2,830 businesses, with a total loan volume of $1.8 billion. Washington is also home to a growing community of female entrepreneurs, with thousands of businesses owned and led by women.
Finding the Best Washington SBA Loans
Finding the most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Washington 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 funding business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Washington.
Challenges in Accessing SBA Loans in Washington
A significant challenge for small businesses in Washington is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like Umpqua Bank, Columbia State Bank, Wells Fargo, Live Oak Bank, KeyBank, JPMorgan Chase, Banner Bank, Celtic Bank, Heritage Bank, and U.S. Bank. These ten lenders funded 1,010 businesses in Washington, with a combined loan volume of $930 million. However, just because these lenders are popular doesn’t mean they are the best fit for every business type. Many small businesses find success with specialized SBA lenders.
How GoSBA Loans Helps Washington 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 Washington, 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 Washington SBA lenders in 2024.
Top 50 Washington SBA Lenders in 2024
| Bank Name | Sum of Termin Months | Amount Funded | Loans Funded | Average of Initial Interest Rate |
|---|---|---|---|---|
| Readycap Lending, LLC | $11,284 | $59,762,500 | 64 | 12.14% |
| U.S. Bank, National Association | $15,437 | $42,329,200 | 128 | 9.73% |
| Live Oak Banking Company | $4,227 | $30,610,500 | 24 | 9.99% |
| Bank of Hope | $2,933 | $29,844,200 | 16 | 10.06% |
| KeyBank National Association | $10,152 | $29,830,500 | 79 | 11.54% |
| Washington Trust Bank | $7,494 | $26,597,200 | 67 | 10.40% |
| Gesa CU | $6,711 | $23,559,300 | 33 | 10.31% |
| PCB Bank | $2,748 | $22,775,000 | 10 | 10.00% |
| Celtic Bank Corporation | $3,726 | $20,106,500 | 22 | 11.27% |
| Banner Bank | $11,262 | $17,789,000 | 100 | 9.75% |
| Commonwealth Business Bank | $2,040 | $17,733,000 | 8 | 9.88% |
| Newtek Bank, National Association | $4,107 | $17,342,000 | 35 | 11.93% |
| Umpqua Bank | $25,149 | $17,160,300 | 205 | 13.33% |
| Hanmi Bank | $2,880 | $16,279,500 | 15 | 10.10% |
| Mountain Pacific Bank | $1,002 | $14,940,500 | 5 | 9.72% |
| Open Bank | $1,860 | $14,169,000 | 8 | 10.06% |
| First Internet Bank of Indiana | $1,269 | $10,839,000 | 9 | 11.19% |
| Byline Bank | $666 | $10,523,000 | 4 | 11.13% |
| JPMorgan Chase Bank, National Association | $4,638 | $10,111,000 | 38 | 12.38% |
| Sound CU | $3,991 | $9,877,400 | 35 | 11.50% |
| GBC International Bank | $1,680 | $9,817,000 | 8 | 9.75% |
| Bank of America, National Association | $2,364 | $9,602,400 | 20 | 9.66% |
| Wells Fargo Bank, National Association | $4,096 | $9,600,700 | 30 | 12.02% |
| BayFirst National Bank | $7,428 | $8,704,400 | 62 | 13.19% |
| Enterprise Bank & Trust | $3,420 | $8,617,300 | 12 | 9.81% |
| Heritage Bank | $1,617 | $8,161,200 | 14 | 10.00% |
| The Huntington National Bank | $3,378 | $7,826,200 | 28 | 11.02% |
| US Metro Bank | $900 | $7,214,000 | 3 | 10.58% |
| United Community Bank | $390 | $6,550,000 | 3 | 9.00% |
| Stearns Bank National Association | $852 | $6,350,000 | 4 | 10.25% |
| Glacier Bank | $726 | $5,955,500 | 5 | 9.20% |
| Northwest Bank | $888 | $5,929,000 | 7 | 10.93% |
| Southwestern National Bank | $900 | $5,295,000 | 3 | 9.58% |
| Peoples Bank | $1,332 | $5,022,400 | 9 | 9.49% |
| Fund-Ex Solutions Group, LLC | $120 | $5,000,000 | 1 | 11.25% |
| Northrim Bank | $120 | $5,000,000 | 1 | 9.00% |
| Cadence Bank | $2,160 | $4,815,000 | 18 | 11.25% |
| The Bancorp Bank National Association | $544 | $4,741,600 | 3 | 9.50% |
| Harvest Small Business Finance, LLC | $1,500 | $4,651,500 | 5 | 10.95% |
| RiverBank | $1,140 | $4,556,900 | 8 | 10.75% |
| Berkshire Bank | $336 | $4,492,000 | 3 | 9.83% |
| First Interstate Bank | $1,140 | $4,137,300 | 8 | 9.53% |
| SaviBank | $828 | $4,071,000 | 7 | 11.25% |
| Idaho Central CU | $576 | $4,027,000 | 5 | 11.20% |
| Kitsap Bank | $681 | $3,660,000 | 7 | 10.64% |
| Timberland Bank | $1,020 | $3,592,000 | 7 | 9.21% |
| Citizens Bank | $973 | $3,553,000 | 5 | 11.00% |
| Western State Bank | $120 | $3,454,000 | 1 | 11.00% |
| Dogwood State Bank | $240 | $3,100,000 | 2 | 11.25% |
| United Midwest Savings Bank, National Association | $1,200 | $2,788,000 | 10 | 11.23% |
Leading Washington SBA Lenders by Loan Volume
Analyzing the table above, Umpqua Bank leads the way in Washington with the highest loan volume, funding over $59.7 million across 64 loans. This positions Umpqua Bank as a strong choice for businesses seeking substantial financing in Washington.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, Umpqua Bank also takes the lead with 205 loans totaling over $17.1 million. This makes Umpqua 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 Washington
KeyBank National Association and U.S. Bank are also significant players in the Washington SBA lending market. KeyBank funded 79 loans totaling $29.8 million, while U.S. Bank funded 128 loans with a loan volume of $42.3 million. These banks are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like Heritage Bank, Peoples Bank, and Kitsap 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 Washington?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Washington. 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 Washington 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. Washington’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 Washington?
If you’re ready to find the best SBA lenders in Washington, 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.
