Section 02
The Lender League Table
The Dispersion
The case
“A borrower’s choice of lender is worth more than their credit score.”
In FY2025 the SBA 7(a) program funded 65,534 loans for $32.70B across 1,308 active lenders. Out of that crowd, 151 cleared our n≥50 floor for ranked analysis. The rest wrote fewer than a loan a week. Top 25 by funded volume in three cuts: combined SBA, 7(a)-only with rate and funding metrics, and 504 CDCs. Then who grew, who shrank, who specialized, and whose FY18–20 vintage is still paying the bill.
Table 2B: Top 25 7(a) lenders — with rate and funding metrics
Ranked by funded 7(a) volume in FY25. Avg rate is mean borrower rate at origination across variable-rate 7(a) loans. Spread is rate minus prime, in basis points. (7(a), FY25, n=25, min n=50 funded)
| # | Lender | HQ | Volume | Loans | Avg size | Avg rate | Spread | Fund rate | Top cluster | Clust % | YoY vol |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | CA | $2.72B | 2,161 | $1.26M | 9.34% | +179 bps | 95.2% | Restaurants & Food Service | 9% | +49.2% |
| 2 | The Huntington National Bank | OH | $1.96B | 6,524 | $301K | 9.75% | +217 bps | 94.0% | Restaurants & Food Service | 15% | +26.4% |
| 3 | Newtek Bank, National Association | CA | $1.11B | 2,941 | $377K | 11.06% | +349 bps | 61.1% | Restaurants & Food Service | 9% | -8.0% |
| 4 | Readycap Lending, LLC | CA | $1.05B | 2,644 | $396K | 12.09% | +447 bps | 84.4% | Miscellaneous Retail | 9% | +10.9% |
| 5 | U.S. Bank, National Association | CA | $809.3M | 3,155 | $257K | 10.12% | +255 bps | 91.6% | Specialty Trade Contractors | 17% | +25.9% |
| 6 | First Internet Bank of Indiana | FL | $662.6M | 452 | $1.47M | 10.13% | +258 bps | 92.8% | Specialty Trade Contractors | 19% | +26.5% |
| 7 | JPMorgan Chase Bank, National Association | CA | $563.1M | 1,819 | $310K | 11.13% | +353 bps | 95.4% | Specialty Trade Contractors | 14% | -6.9% |
| 8 | Celtic Bank Corporation | CA | $545.8M | 1,370 | $398K | 10.55% | +299 bps | 92.4% | Restaurants & Food Service | 11% | +19.1% |
| 9 | GBank | NC | $527.4M | 194 | $2.72M | 8.87% | +135 bps | 94.6% | Hotels & Accommodation | 69% | +21.2% |
| 10 | Wells Fargo Bank National Association | CA | $505.1M | 1,505 | $336K | 11.13% | +354 bps | 93.7% | Transportation & Warehousing | 9% | -5.3% |
| 11 | Byline Bank | IL | $502.9M | 463 | $1.09M | 10.28% | +275 bps | 91.9% | Finance & Insurance | 15% | +19.0% |
| 12 | Northeast Bank | CA | $502.8M | 3,028 | $166K | 10.79% | +319 bps | 38.9% | Specialty Trade Contractors | 9% | +141.3% |
| 13 | Bank of America, National Association | CA | $452.1M | 769 | $588K | 7.75% | +17 bps | 84.9% | Administrative & Waste Services | 10% | -11.6% |
| 14 | TD Bank, National Association | NY | $414.7M | 2,739 | $151K | 10.58% | +300 bps | 80.3% | Specialty Trade Contractors | 12% | -19.9% |
| 15 | Harvest Small Business Finance, LLC | CA | $405.9M | 433 | $937K | 10.15% | +261 bps | 92.1% | Restaurants & Food Service | 14% | +29.2% |
| 16 | Lendistry SBLC, LLC | CA | $367.5M | 1,774 | $207K | 12.21% | +460 bps | 95.9% | Transportation & Warehousing | 16% | +116.4% |
| 17 | First Bank of the Lake | CA | $366.6M | 515 | $712K | 10.64% | +309 bps | 80.1% | Administrative & Waste Services | 12% | +5.5% |
| 18 | Cadence Bank | TX | $363.2M | 725 | $501K | 10.24% | +267 bps | 92.2% | Restaurants & Food Service | 13% | +3.2% |
| 19 | United Midwest Savings Bank National Association | TX | $352.8M | 892 | $396K | 10.27% | +270 bps | 92.6% | Specialty Trade Contractors | 16% | +35.9% |
| 20 | Port 51 Lending LLC | CA | $324.3M | 208 | $1.56M | 9.98% | +245 bps | 92.0% | Restaurants & Food Service | 13% | +360.4% |
| 21 | BayFirst National Bank | CA | $283.7M | 1,821 | $156K | 12.23% | +464 bps | 96.1% | Specialty Trade Contractors | 10% | -30.1% |
| 22 | Manufacturers and Traders Trust Company | NY | $274.9M | 2,456 | $112K | 11.52% | +397 bps | 91.6% | Restaurants & Food Service | 12% | +43.3% |
| 23 | Bank of Hope | CA | $266.3M | 354 | $752K | 9.39% | +186 bps | 92.7% | Restaurants & Food Service | 33% | +27.5% |
| 24 | US Metro Bank | CA | $253.8M | 126 | $2.01M | 9.03% | +152 bps | 93.3% | Hotels & Accommodation | 42% | — |
| 25 | Brookline Bank, a Division of Beacon Bank and Trust | MA | $250.4M | 244 | $1.03M | 9.69% | +211 bps | 95.7% | Restaurants & Food Service | 14% | +7.8% |
Table 2A: Top 25 combined SBA lenders (7(a) + 504)
Ranked by combined funded volume. For most lenders the combined rank is the 7(a) rank — 504 is a CDC-led program and the bank/nonbank columns rarely cross. Mortgage Capital Development (CDC) is the one pure-504 name to crack the combined top-25. (combined, FY25, n=25, min n=50 funded)
| # | Lender | Type | HQ | Volume | Loans | 7(a) | 504 | Avg size | Fund rate |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | bank | CA | $2.72B | 2,161 | 2,161 | 0 | $1.26M | 95.2% |
| 2 | The Huntington National Bank | bank | OH | $1.96B | 6,524 | 6,524 | 0 | $301K | 94.0% |
| 3 | Newtek Bank, National Association | bank | CA | $1.11B | 2,941 | 2,941 | 0 | $377K | 61.1% |
| 4 | Readycap Lending, LLC | nonbank | CA | $1.05B | 2,644 | 2,644 | 0 | $396K | 84.4% |
| 5 | U.S. Bank, National Association | bank | CA | $809.3M | 3,155 | 3,155 | 0 | $257K | 91.6% |
| 6 | First Internet Bank of Indiana | bank | FL | $662.6M | 452 | 452 | 0 | $1.47M | 92.8% |
| 7 | JPMorgan Chase Bank, National Association | bank | CA | $563.1M | 1,819 | 1,819 | 0 | $310K | 95.4% |
| 8 | Celtic Bank Corporation | bank | CA | $545.8M | 1,370 | 1,370 | 0 | $398K | 92.4% |
| 9 | GBank | bank | NC | $527.4M | 194 | 194 | 0 | $2.72M | 94.6% |
| 10 | Wells Fargo Bank National Association | bank | CA | $505.1M | 1,505 | 1,505 | 0 | $336K | 93.7% |
| 11 | Byline Bank | bank | IL | $502.9M | 463 | 463 | 0 | $1.09M | 91.9% |
| 12 | Northeast Bank | bank | CA | $502.8M | 3,028 | 3,028 | 0 | $166K | 38.9% |
| 13 | Bank of America, National Association | bank | CA | $452.1M | 769 | 769 | 0 | $588K | 84.9% |
| 14 | TD Bank, National Association | bank | NY | $414.7M | 2,739 | 2,739 | 0 | $151K | 80.3% |
| 15 | Harvest Small Business Finance, LLC | nonbank | CA | $405.9M | 433 | 433 | 0 | $937K | 92.1% |
| 16 | Mortgage Capital Development C | cdc | CA | $393.4M | 317 | 0 | 317 | $1.24M | 57.8% |
| 17 | Lendistry SBLC, LLC | nonbank | CA | $367.5M | 1,774 | 1,774 | 0 | $207K | 95.9% |
| 18 | First Bank of the Lake | bank | CA | $366.6M | 515 | 515 | 0 | $712K | 80.1% |
| 19 | Cadence Bank | bank | TX | $363.2M | 725 | 725 | 0 | $501K | 92.2% |
| 20 | United Midwest Savings Bank National Association | bank | TX | $352.8M | 892 | 892 | 0 | $396K | 92.6% |
| 21 | Port 51 Lending LLC | nonbank | CA | $324.3M | 208 | 208 | 0 | $1.56M | 92.0% |
| 22 | BayFirst National Bank | bank | CA | $283.7M | 1,821 | 1,821 | 0 | $156K | 96.1% |
| 23 | Manufacturers and Traders Trust Company | bank | NY | $274.9M | 2,456 | 2,456 | 0 | $112K | 91.6% |
| 24 | Bank of Hope | bank | CA | $266.3M | 354 | 354 | 0 | $752K | 92.7% |
| 25 | US Metro Bank | bank | CA | $253.8M | 126 | 126 | 0 | $2.01M | 93.3% |
Table 2C: Top 25 504 CDCs
Certified Development Companies ranked by funded 504 debenture volume. 504 terms cluster near 240–300 months (20–25 years) — the avg-term column shows how tight that cluster is. Funding rates here run lower than 7(a) because 504 projects have a longer path from approval to closing. (504, FY25, n=25, min n=10 funded)
| # | CDC | HQ | Volume | Loans | Avg size | Avg term | Fund rate |
|---|---|---|---|---|---|---|---|
| 1 | Mortgage Capital Development C | CA | $393.4M | 317 | $1.24M | 25y | 57.8% |
| 2 | Business Finance Capital | CA | $240.5M | 197 | $1.22M | 25y | 65.0% |
| 3 | California Statewide Certified | CA | $179.4M | 154 | $1.16M | 25y | 50.3% |
| 4 | Florida Business Development C | FL | $147.0M | 168 | $875K | 25y | 40.2% |
| 5 | Florida First Capital Finance | FL | $141.8M | 141 | $1.01M | 25y | 40.4% |
| 6 | Mountain West Small Business F | UT | $136.0M | 134 | $1.01M | 25y | 50.8% |
| 7 | Empire State Certified Develop | NY | $112.6M | 99 | $1.14M | 25y | 43.0% |
| 8 | Capital Certified Development | TX | $75.0M | 66 | $1.14M | 24y | 44.0% |
| 9 | Trenton Business Assistance Co | NJ | $70.0M | 44 | $1.59M | 25y | 46.8% |
| 10 | Small Business Growth Corporat | IL | $62.5M | 85 | $736K | 24y | 47.8% |
| 11 | AMPAC Tri-State CDC, Inc. | CA | $48.6M | 45 | $1.08M | 25y | 73.8% |
| 12 | Bay Area Employment Developmen | CA | $47.9M | 42 | $1.14M | 25y | 63.6% |
| 13 | Capital Access Group, Inc. | CA | $47.4M | 43 | $1.10M | 25y | 78.2% |
| 14 | CDC Small Business Finance Cor | CA | $46.4M | 46 | $1.01M | 25y | 58.2% |
| 15 | Granite State Economic Develop | MA | $45.1M | 86 | $524K | 24y | 44.3% |
| 16 | WBD, Inc. | WI | $40.8M | 52 | $786K | 25y | 28.3% |
| 17 | Minnesota Business Finance Cor | MN | $40.6M | 39 | $1.04M | 24y | 40.2% |
| 18 | SomerCor 504, Inc. | IL | $40.0M | 42 | $952K | 25y | 34.7% |
| 19 | Advantage Certified Developmen | CA | $39.9M | 27 | $1.48M | 25y | 49.1% |
| 20 | B:Side Capital | CO | $36.7M | 53 | $692K | 25y | 42.1% |
| 21 | Bay Colony Development Corpora | MA | $36.6M | 55 | $666K | 25y | 49.5% |
| 22 | New England Certified Developm | MA | $33.1M | 45 | $736K | 23y | 49.5% |
| 23 | Southland Economic Developmen | CA | $30.8M | 28 | $1.10M | 25y | 52.8% |
| 24 | Evergreen Business Capital | WA | $29.9M | 35 | $855K | 25y | 45.5% |
| 25 | Capital Matrix, Inc. | ID | $28.0M | 41 | $683K | 25y | 52.6% |
Who moved — the fastest growers and biggest decliners
YoY volume change, FY24 → FY25. Growers require n≥50 in FY24 and n≥100 in FY25 (to exclude noise). Decliners require n≥50 in both years and FY24 volume ≥$50M (a material-book filter).
Top 10 growers
| # | Lender | FY24 vol | FY25 vol | YoY |
|---|---|---|---|---|
| 1 | Port 51 Lending LLC | $70.4M | $324.3M | +360% |
| 2 | Northeast Bank | $208.4M | $502.8M | +141% |
| 3 | Heritage Bank | $61.2M | $143.9M | +135% |
| 4 | City National Bank of Florida | $36.5M | $85.0M | +133% |
| 5 | Centerstone SBA Lending, Inc. | $64.2M | $144.8M | +126% |
| 6 | Lendistry SBLC, LLC | $169.8M | $367.5M | +116% |
| 7 | Pathward National Association | $116.1M | $239.4M | +106% |
| 8 | Truliant FCU | $98.1M | $200.2M | +104% |
| 9 | The Bancorp Bank National Association | $67.8M | $136.9M | +102% |
| 10 | First National Bank of Pennsylvania | $82.4M | $165.0M | +100% |
Top 10 decliners
| # | Lender | FY24 vol | FY25 vol | YoY |
|---|---|---|---|---|
| 1 | SouthState Bank, National Association | $209.6M | $116.8M | -44.3% |
| 2 | Hanover Community Bank | $167.3M | $105.8M | -36.8% |
| 3 | Old National Bank | $284.1M | $198.2M | -30.2% |
| 4 | BayFirst National Bank | $405.6M | $283.7M | -30.1% |
| 5 | Banco Popular de Puerto Rico | $63.2M | $45.7M | -27.8% |
| 6 | Comerica Bank | $133.1M | $98.4M | -26.1% |
| 7 | Colony Bank | $111.4M | $85.9M | -22.9% |
| 8 | TD Bank, National Association | $517.5M | $414.7M | -19.9% |
| 9 | Webster Bank National Association | $82.9M | $66.8M | -19.4% |
| 10 | Wallis Bank | $122.4M | $102.9M | -15.9% |
The one genuinely new name
New-to-scale entrants — lenders with ≥50 funded 7(a) in FY25 and <25 funded across FY18–FY23 pooled. This rules out re-entries and program restarts. Exactly one active lender clears the bar. (7(a), FY25, n=1, genuine new entrants)
New entrant
Climate First Bank (FL)
Funded 89 7(a) loans for $118.6M in FY25 after closing just 6 loans across the pooled FY18–FY23 window. That is a step-change from a near-standing start, not an organic ramp.
St. Petersburg, FL. Only active 7(a) lender in FY25 with n>=50 funded and <25 funded historical (FY18-FY23 pooled).
The industry specialists
Top-30 7(a) lenders ranked by single-cluster concentration. Cluster % is the share of a lender’s funded FY25 loans that came from one industry super-cluster. GBank put 68.6% of its FY25 7(a) book into Hotels & Accommodation — not a line of business, a thesis. If a borrower shop matches one of these clusters, the lender that knows its industry best is often the one whose name is at the top here, not the one at the top of Table 2B. (7(a), FY25, n=10, top-30 by volume, sorted by single-cluster %)
| # | Lender | HQ | Total 7(a) | Top cluster | Cluster n | Cluster % |
|---|---|---|---|---|---|---|
| 1 | GBank | NC | 194 | Hotels & Accommodation | 133 | 68.6% |
| 2 | US Metro Bank | CA | 126 | Hotels & Accommodation | 53 | 42.1% |
| 3 | Bank of Hope | CA | 354 | Restaurants & Food Service | 116 | 32.8% |
| 4 | First Internet Bank of Indiana | FL | 452 | Specialty Trade Contractors | 87 | 19.2% |
| 5 | KeyBank National Association | NY | 683 | Restaurants & Food Service | 122 | 17.9% |
| 6 | U.S. Bank, National Association | CA | 3,155 | Specialty Trade Contractors | 542 | 17.2% |
| 7 | Citizens Bank, National Association | PA | 356 | Restaurants & Food Service | 56 | 15.7% |
| 8 | Lendistry SBLC, LLC | CA | 1,774 | Transportation & Warehousing | 279 | 15.7% |
| 9 | United Midwest Savings Bank National Association | TX | 892 | Specialty Trade Contractors | 138 | 15.5% |
| 10 | Byline Bank | IL | 463 | Finance & Insurance | 69 | 14.9% |
The FY18–20 vintage still paying the bill
Charge-off rate on FY18–FY20-originated 7(a) loans, measured at FY25. Minimum sample n=250 funded in the vintage window. For context, the megabank peer median (JPMorgan, Wells, PNC, BofA, U.S. Bank) is 6.35%. TD Bank’s 15.96% is roughly 2.5× that median on a book of 7,605 loans — the largest book on the leaderboard. Independence Bank exited the SBA program in 2020; its 59.87% charge-off rate is on a closed book. (7(a), FY18-FY20 originations, n=10, min n=250, measured FY25)
| # | Lender | Vintage funded | Chgoff (count) | Chgoff rate | Chgoff ($ rate) |
|---|---|---|---|---|---|
| 1 | Independence BankExited SBA 7(a) lending in 2020; 623 funded deals clears n>=250 floor but bank is retired from program | 623 | 373 | 59.87% | 51.73% |
| 2 | CDC Small Business Finance Corp. | 481 | 100 | 20.79% | 16.83% |
| 3 | United Midwest Savings Bank National Association | 1,895 | 346 | 18.26% | 7.66% |
| 4 | TD Bank, National Association | 7,605 | 1,214 | 15.96% | 6.70% |
| 5 | BayFirst National Bank | 2,693 | 392 | 14.56% | 10.41% |
| 6 | Northeast Bank | 1,465 | 204 | 13.92% | 6.27% |
| 7 | Seacoast National Bank | 628 | 77 | 12.26% | 6.20% |
| 8 | Celtic Bank Corporation | 2,129 | 249 | 11.70% | 2.70% |
| 9 | Midwest Regional Bank | 463 | 52 | 11.23% | 6.24% |
| 10 | Fifth Third Bank | 748 | 80 | 10.70% | 3.96% |
Median of FY18-FY20 vintage charge-off rates for JPMorgan Chase, Wells Fargo, PNC, Bank of America, U.S. Bank (n=5). Range 1.42% (BofA) to 7.58% (Wells).
The top-10 share of 7(a) loans, five-year
Share of all funded 7(a) loans that went through the top-10 lenders of that fiscal year. FY20’s top-10 wrote 34.4% of all loans; FY24 peaked at 48.0%; FY25 settled at 44.7%. The market has not re-fragmented — it’s concentrated around a slightly different set of names. See §1 Chart D for the paired count/dollar wedge.
| FY | Total funded | Top-10 count | Top-10 share | Active lenders |
|---|---|---|---|---|
| FY20 | 36,346 | 12,508 | 34.4% | 1,361 |
| FY21 | 45,314 | 14,111 | 31.1% | 1,451 |
| FY22 | 42,250 | 16,247 | 38.5% | 1,399 |
| FY23 | 51,698 | 22,903 | 44.3% | 1,364 |
| FY24 | 63,049 | 30,284 | 48.0% | 1,311 |
| FY25 | 65,534 | 29,288 | 44.7% | 1,308 |
Where these numbers connect
- §1 Scorecard — Chart D’s count/dollar concentration wedge is the other lens on the top-10 share table above.
- §4 Cost of Capital — the spread ladder explains why Newtek (P + 3.00% flat, three years running) and Readycap (P + 4.47% in FY25) sit in the same top-4 for volume.
- §5 Borrower Playbook — the fall-out leaderboard turns the funding-rate column into a shortlist: approvals that never closed, sorted by where the fall-out happens.
All tables built from SBA 7(a) and 504 loan-level public data, joined on lender_id and filtered for active lenders. Full methodology documents every filter, join, and sample-floor decision.