Best SBA Lenders in Spartanburg, SC (2026)
2025 FOIA data: top lenders, rates & industries for Spartanburg SBA loans
SBA Loans in Spartanburg, South Carolina
Looking for an SBA loan in Spartanburg, South Carolina? Based on 2025 FOIA data, 25 SBA 7(a) loans were funded in Spartanburg totaling $20.0M, supporting an estimated 228 jobs. With 20 active lenders competing for business in the Spartanburg market, comparing offers is essential to getting the best rate and terms.
The average SBA loan in Spartanburg is $798K at an average rate of 9.97%. The top lender in Spartanburg is GBank, with the most-funded industry being Hotels (except Casino Hotels) and Motels. See all South Carolina SBA lenders for statewide rankings.
SBA Loans in Spartanburg by Business Type
Whether you’re starting a new business in Spartanburg, buying an existing one, or expanding your current operation, here’s how SBA lending breaks down in your market:
Startups represent 12% of SBA loans in Spartanburg (3 loans funded in 2025), which tells you how comfortable local lenders are funding new ventures without established operating history. Business acquisitions account for 33% (4 loans) — if you’re looking to buy a business in Spartanburg, this is a proven use case for SBA financing. Existing businesses make up 32% and typically receive the most favorable terms.
Top SBA Lenders in Spartanburg, SC (2025 Data)
The table below ranks every SBA 7(a) lender that funded loans to Spartanburg businesses in 2025, ordered by total dollar volume. This data comes directly from SBA FOIA records:
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | GBank | $4.2M | 1 | 8.5% |
| 2 | Peoples Bank | $3.4M | 1 | 9% |
| 3 | Community Bank & Trust-West Georgia | $2.1M | 1 | 9.75% |
| 4 | Countybank | $2.1M | 3 | 9.15% |
| 5 | The Huntington National Bank | $1.7M | 2 | 9.5% |
| 6 | Fifth Third Bank | $1.1M | 1 | 7.5% |
| 7 | Newtek Bank, National Association | $1.0M | 3 | 10.67% |
| 8 | First Bank of the Lake | $930K | 1 | 10.25% |
| 9 | United Community Bank | $690K | 1 | 9.25% |
| 10 | Live Oak Banking Company | $675K | 1 | 8% |
The top lenders in Spartanburg have direct experience with local businesses and understand the Spartanburg market — commercial real estate values, local industry dynamics, and regional economic conditions. Pay attention to the “Avg Rate” column, as rates vary significantly between lenders. A 0.5-1.0% rate difference on a $500K loan translates to $15,000-$30,000 in savings over the life of the loan.
Don’t limit your search to banks listed above — many national SBA lenders also fund loans in Spartanburg and may offer better rates. An SBA loan broker like GoSBA gives you access to both local and national lenders with one application.
Get Matched with the Best SBA Lender in Spartanburg
One 5-minute application. 20+ lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Spartanburg
These are the industries that received the most SBA 7(a) funding in Spartanburg in 2025. If your business is in one of these sectors, lenders are already familiar with your business model and may offer faster approvals:
| Industry | Loans | Volume |
|---|---|---|
| Hotels (except Casino Hotels) and Motels | 2 | $7.6M |
| Full-Service Restaurants | 4 | $1.8M |
| Insurance Agencies and Brokerages | 3 | $1.8M |
| General Automotive Repair | 2 | $1.1M |
| Fitness and Recreational Sports Centers | 1 | $930K |
| Offices of Physicians (except Mental Health Specialists) | 1 | $862K |
| Other Services Related to Advertising | 1 | $758K |
| Retail Bakeries | 1 | $690K |
| Lessors of Miniwarehouses and Self-Storage Units | 1 | $675K |
| Roofing Contractors | 1 | $500K |
Lenders with experience funding your specific industry in Spartanburg understand the local competitive landscape, typical revenue ranges, and seasonal patterns. This familiarity often translates to faster underwriting and more competitive terms. If your industry doesn’t appear above, SBA loans are available for nearly every legal business type — an SBA broker can match you with lenders who specialize in your sector.
How to Get an SBA Loan in Spartanburg
Option 1: Apply directly to one of the top Spartanburg lenders listed above. You’ll receive a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Spartanburg-active lenders and national SBA lenders simultaneously. More offers means better rates, faster approvals, and zero cost to you — lenders pay the broker fee.
Frequently Asked Questions
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Data from SBA 7(a) FOIA records, Calendar Year 2025. Visit sba.gov for official info.
