Live Oak distances itself from the field with over $1 billion in SBA loans to small businesses.
LOUISVILLE, KY, February 27, 2020 /24-7PressRelease/ — SBALenders.com released the results of its annual study of the top SBA lenders by loan volume.
The top SBA bank in 2019 was Live Oak, which was the only bank to do over one billion in SBA loans. Live Oak surpassed Wells Fargo, which was the top SBA lender in 2018. Wells Fargo’s SBA loan volume dropped to $684M from the prior year’s $1.08B.
#1 Live Oak- $1.28B in SBA loans in 2019. Prior year ranking: #2
#2 Wells Fargo- $684M in SBA loans in 2019. Prior year ranking: #1
#3 Newtek- $675M in SBA loans in 2019. Prior year ranking: #5
#4 Huntington- $562M in SBA loans in 2019. Prior year ranking: #3
#5 Byline- $499M in SBA loans in 2019. Prior year ranking: #7
A complete list of the top 25 SBA banks for 2020 provides other data including average loan size, loan volumes, interest rates and number of loans.
Methodology of study
SBALenders.com looks at thousands of loan transactions over the course of the past year and tabulates lowest cost banks based on initial interest rates charged by the roughly 900 active SBA banks.
SBALenders.com is a resource for entrepreneurs to find the best match for commercial loans and SBA loans. SBALenders.com tracks all loans processed through the SBA 7(a) loan program and provides detailed reports on loan trends so borrowers can quickly find a bank that is a good fit for their financing needs. For more information, visit www.sbalenders.com
For the original version of this press release, please visit 24-7PressRelease.com here