Top 20 SBA 7(a) Acquisition Lenders Nationwide in 2026

Introduction#

In 2025, 621 lenders funded 4,779 SBA 7(a) business acquisition loans worth a combined $6.54 billion. That capital fueled thousands of ownership transitions across every state and nearly every industry in the country.

But the lending landscape is highly concentrated. The 20 lenders profiled here funded over 2,000 of those loans - roughly 43% of all SBA-backed business acquisitions nationwide. Whether you are buying your first business or expanding a portfolio, knowing who is actually closing deals matters.

If you're looking to buy a business in 2026, this is the definitive list for you.

This ranking is based entirely on loan-level data obtained through Freedom of Information Act (FOIA) requests to the SBA. Every statistic below comes directly from that dataset. We ranked lenders by the number of acquisition loans funded in 2025, then layered in rates, default history, geographic reach, and industry specialization to give you the full picture.

At a Glance: All 20 Lenders Compared#

How to Read This List#

Before diving into each lender profile, here are a few notes that will help you interpret the data.

What "Prime + X%" means. SBA 7(a) rates are quoted as a spread above the Prime Rate. A lender offering Prime + 1.50% charges 1.50 percentage points above whatever the current prime rate is. The lower the spread, the less you pay in interest. Actual rates vary based on loan size, industry, deal structure, and whether you lock in a fixed or variable rate - so treat the median rates in this article as a starting point for comparison, not a quote.

Default rate benchmarks. Among the top 20 lenders, ten-year default rates range from 0.00% to 2.48%. Rates below 1% are excellent; 1–2% is average for this group; above 2% is higher than average. For context, all 621 active SBA acquisition lenders had a median default rate of roughly 1.5%. A low default rate can signal careful underwriting and strong borrower support - though it may also reflect a lender's selectivity. It is also worth noting that much of the default activity in recent years traces back to the COVID era, when historically low variable interest rates encouraged aggressive lending. As rates climbed, many borrowers saw their debt service spike, pushing default rates higher across the board. The SBA lending landscape has learned from that period - underwriting standards are meaningfully tighter today than they were five years ago, which is reflected in the lower default rates among the most active lenders.

PLP status matters. Every lender on this list holds Preferred Lender Program (PLP) status, which means they can approve your SBA loan without waiting for SBA headquarters review. This typically saves 2–4 weeks compared to non-PLP lenders. If you are evaluating lenders outside this top 20, always ask whether they hold PLP status - it is one of the single biggest factors in how quickly your deal closes.

1. Live Oak Bank#

Live Oak Bank is the undisputed leader in SBA 7(a) acquisition lending, funding 474 business purchases in 2025 - nearly 50% ahead of the second-ranked lender. With $760 million in total loan volume, Live Oak processes roughly 10% of all SBA acquisition loans in the country.

The bank operates across 44 states and 19 industries. Its largest concentrations are in California (63 loans), Florida (48), and Texas (42). Its top industries include Other Services (83 loans), Professional and Technical Services (71), and Healthcare (66). Live Oak's 0.89% ten-year default rate and Prime + 1.50% median rate make it both competitively priced and historically reliable.

2. The Huntington National Bank#

Operating across 40 states and 20 industries, Huntington National Bank has the broadest industry diversification of any lender on this list. The bank funded 324 acquisition loans in 2025 - $434 million in total volume - with particular strength in the Midwest.

Huntington stands out for its balanced rate structure: 126 of its 324 loans carried fixed rates, giving it the highest fixed-rate mix among the top 20 at 39%. Its top states are Ohio (49 loans), Michigan (36), Texas (27), and Florida (27). Construction (50 loans), Accommodation and Food Services (49), and Professional Services (40) lead its industry mix.

3. First Internet Bank of Indiana#

No lender in the top 10 grew faster than First Internet Bank in 2025. Its 71% year-over-year increase brought the bank to 142 acquisition loans and $287 million in volume. The bank's median loan size of $1.63 million skews toward larger acquisitions.

First Internet operates across 30 states with strong representation in Florida (30 loans), Texas (18), Indiana (10), Colorado (9), and California (9). Construction dominates its industry mix at 31 loans, followed by Professional Services (20) and Administrative Services (15).

4. Byline Bank#

Byline Bank funded 111 acquisition loans in 2025, $163 million in volume, with a 48% year-over-year growth rate signaling strong momentum. The bank spans 29 states and 20 industries - tied with Huntington for the broadest industry diversification on this list.

Byline has a notable concentration in finance and insurance acquisitions (15 loans), a category where few other top-20 lenders compete. Illinois leads its geographic mix (24 loans), followed by California (11), Florida (9), and Texas (9). Its 1.66% ten-year default rate sits slightly below the top-20 average.

5. Hanmi Bank#

Hanmi Bank offers one of the most competitive rate structures on this list at Prime + 1.75%, paired with a 1.08% ten-year default rate. The bank funded 98 acquisition loans in 2025 totaling $94 million, with a strong concentration in the Western states.

Colorado leads Hanmi's geographic mix (36 loans), followed by Washington (19) and California (10). Its industry focus is narrow but deep: retail trade (55 loans) and Accommodation and Food Services (33) make up 90% of its portfolio. Hanmi's lending volume held essentially flat year-over-year, and it remains firmly in the top five.

6. GBank#

GBank has carved out one of the most focused niches on this list: 79% of its 96 acquisition loans in 2025 went to accommodation and food service businesses. The bank also offers the second-lowest median rate among the top 20 at Prime + 1.00%, and its 0.56% ten-year default rate is the lowest of any lender with more than 50 loans.

With $283 million in volume, GBank's loans skew large - its $2.78 million median is the highest on this list. The bank operates across 28 states with particular strength in North Carolina (12 loans), Ohio (10), and South Carolina (8).

7. Truliant Federal Credit Union#

Truliant FCU is the only credit union on this list, and its numbers are remarkable: 95% year-over-year growth, a 0.00% ten-year default rate, and 80 acquisition loans funded in 2025. As a credit union, Truliant brings a member-first lending philosophy that clearly resonates with SBA borrowers.

The credit union operates across 29 states - a wider reach than many banks on this list. Virginia (8 loans), North Carolina (6), New Jersey (5), and Massachusetts (5) lead its geographic mix. Its top industries are Construction (13 loans), Other Services (12), and Accommodation and Food Services (10).

8. United Midwest Savings Bank#

With a 0.52% ten-year default rate, United Midwest Savings Bank's borrowers have one of the strongest repayment track records in SBA lending. The bank funded 75 acquisition loans in 2025 totaling $70 million, with a clear specialization in healthcare.

Healthcare acquisitions account for 29 of the bank's 75 loans (39%), making it the most concentrated healthcare lender on this list by a wide margin. Florida (19 loans), California (8), and Texas (7) lead its geographic mix. Professional Services is its second-largest industry at 13 loans, followed by Other Services and Construction at 9 each.

9. Brookline Bank#

Concentrated along the East Coast, Brookline Bank funded 73 acquisition loans in 2025 with $129 million in volume. The bank's 12% year-over-year growth reflects continued commitment to SBA acquisition lending.

Florida leads Brookline's geographic mix (16 loans), followed by Pennsylvania (14) and New York (4). Construction is its top industry (16 loans), followed by Accommodation and Food Services (14) and Other Services (7). Its 0.92% ten-year default rate and Prime + 2.25% median rate position it competitively.

10. Celtic Bank Corporation#

A longtime SBA lending institution based in Salt Lake City, Celtic Bank funded 65 acquisition loans in 2025 totaling $85 million. The bank operates across 22 states with California accounting for 17 loans - about a quarter of its portfolio.

Celtic's industry mix is led by Accommodation and Food Services (17 loans) and Other Services (12). Its Prime + 2.50% median rate is mid-pack. The bank's volume contracted 26% year-over-year, the steepest decline among the top 20, though its 22-state reach and 12-industry spread keep it well-positioned.

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The top 10 lenders above funded over 1,500 SBA acquisition loans in 2025 - roughly 32% of the national total. The next 10 lenders bring more regional focus and deeper industry specialization. Several are among the fastest-growing SBA lenders in the country.

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11. ReadyCap Lending#

ReadyCap Lending has built a strong position in the Pacific Northwest, with Washington state accounting for 24 of its 61 acquisition loans in 2025. The non-bank lender funded $137 million in volume with a $1.97 million median loan size - among the highest on this list.

Beyond Washington, ReadyCap has presence in California (5 loans), Florida (5), and Virginia (3). Its industry mix leans toward retail and services. Its Prime + 2.00% median rate and 0.73% ten-year default rate offer a solid combination of competitive pricing and borrower performance.

12. Dogwood State Bank#

Dogwood State Bank brings a geographically balanced portfolio across 22 states and 15 industries, funding 56 acquisition loans in 2025 with $62 million in total volume. Its 0.46% ten-year default rate is among the lowest on this list.

North Carolina leads Dogwood's state mix (7 loans), with California (6), Florida (5), Colorado (4), and Texas (4) closely following. The bank's industry mix is led by Accommodation and Food Services (13 loans) and Construction (8). Its geographic and industry diversification is notable for a lender of this size.

13. PCB Bank#

PCB Bank continued its rapid expansion in 2025, growing 43% year-over-year to reach 53 acquisition loans and $73 million in volume. The bank's 0.54% ten-year default rate adds a track record of reliability to its growth trajectory.

PCB operates primarily in California (23 loans - 43% of its portfolio), with additional presence in Texas (11), Washington (8), and Georgia (7). Its industry focus is heavily concentrated: Accommodation and Food Services (23 loans) and retail trade (27) account for 94% of its portfolio. PCB's Prime + 1.50% median rate matches Live Oak for competitiveness.

14. Zions Bank#

Headquartered in Utah, Zions Bank dominates the Mountain West region with 14 loans in Utah, 9 in Arizona, 8 in Colorado, 7 in California, 6 in Texas, and 5 in Idaho. The bank funded 53 acquisition loans in 2025 totaling $34 million, with one of the lowest rate spreads on this list at Prime + 1.00%.

Zions' $500,000 median loan size makes it a strong fit for smaller acquisitions - the lowest median on this list. Its broad 16-industry mix is led by Construction (8 loans), Professional Services (5), and Accommodation and Food Services (4). The bank grew 43% year-over-year.

15. Open Bank#

Focused primarily on California (27 loans - 52% of its portfolio) and Texas (12 loans), Open Bank funded 52 acquisition loans in 2025 with $99 million in volume. The bank's $1.11 million median loan size and Prime + 1.63% rate are both competitive.

Open Bank's industry mix centers on retail trade and food services, which together account for over 90% of its portfolio. Its 0.72% ten-year default rate is well below the top-20 average. While the bank's volume contracted 21% year-over-year, its competitive rates keep it relevant for borrowers in its core markets.

16. U.S. Bank#

Among the largest banks in America, U.S. Bank brings institutional scale and the lowest median rate on this entire list: Prime + 0.88%. The bank funded 48 acquisition loans in 2025 totaling $50 million, with 12% year-over-year growth.

California leads U.S. Bank's geographic mix (19 loans), followed by Washington (6). The bank has broad industry diversification with 17 industries represented - the most of any lender in the bottom half of this list. Its top sectors are Professional Services (8 loans), Other Services (7), and Administrative Services (4). The 2.48% ten-year default rate is above average.

17. VelocitySBA#

VelocitySBA is a dedicated SBA lending platform that funded 46 acquisition loans in 2025 totaling $38 million. The lender's multi-state footprint spans 13 states and 12 industries, with a balanced geographic distribution across Texas (9 loans), Colorado (9), Florida (8), and California (8).

Its industry mix is diversified across Accommodation and Food Services (8 loans), Other Services (8), retail trade (8), and Healthcare (5). VelocitySBA's 2.29% ten-year default rate is above average, and its Prime + 2.88% median rate is the highest on this list. All 46 loans carried PLP status.

18. Port 51 Lending#

Port 51 Lending is one of the fastest-growing lenders on this list, surging 92% year-over-year to reach 46 acquisition loans and $75 million in volume in 2025. The lender also carries a 0.00% ten-year default rate - one of only two lenders on this list with a perfect default record.

California leads Port 51's geographic mix (15 loans - 33%), followed by Florida (9), Texas (4), and New Jersey (3). Construction is its top industry (8 loans), followed by Accommodation and Food Services (6) and Healthcare (5). Its 15-industry breadth is notable for a lender this size.

19. First Financial Bank#

First Financial Bank saw its SBA acquisition lending grow 35% year-over-year in 2025, reaching 46 loans and $65 million in volume. The bank has a unique industry profile: transportation (19 loans) and agriculture (13 loans) together make up nearly 70% of its portfolio - categories where few other top-20 lenders compete.

Texas leads First Financial's geographic mix (10 loans), with Arkansas (6), North Carolina (3), Georgia (3), and California (3) following. Its $1.31 million median loan size and Prime + 1.50% median rate are both competitive. The bank carries 16 fixed-rate loans in its mix, giving borrowers a meaningful fixed-rate option.

20. T Bank#

Texas-based T Bank has built its SBA lending practice around construction and larger acquisitions, with 13 of its 45 loans (29%) going to the construction sector. The bank's $1.85 million median loan size is among the highest on this list, reflecting a focus on bigger deals.

Texas dominates T Bank's geographic mix at 16 loans (36%), with Colorado (8), Florida (4), New Jersey (3), Nevada (3), and Arkansas (3) following. Its $91 million in volume and 0.67% ten-year default rate position it as a reliable option for larger Texas-based acquisitions. The bank's volume held flat year-over-year.

The National SBA Lending Landscape#

The 2025 SBA 7(a) acquisition lending market reached $6.54 billion across 4,779 loans from 621 active lenders. The national median loan size was $909,000, though individual lender medians on this list range from $500,000 (Zions Bank) to over $2.7 million (GBank).

Geographic concentration is a defining feature of the market. California (490 loans), Texas (435), and Florida (410) account for 28% of all acquisition loans. Washington (223), Colorado (199), Georgia (181), Illinois (174), and Pennsylvania (174) form the next tier. Several states - particularly in the Northern Plains and New England - had fewer than 20 acquisition loans for the entire year.

Industry distribution follows a predictable pattern for acquisition lending. Accommodation and Food Services leads with 836 loans (17% of the market), reflecting the large number of restaurant and hospitality businesses that change hands each year. Other Services (554 loans) and Construction (498 loans) round out the top three. Healthcare (423 loans) and Professional Services (375 loans) represent significant opportunities as well.

Rate environment across the top 20 skews heavily toward variable-rate lending. Only Huntington National Bank and First Financial Bank offer meaningful fixed-rate options. Median Prime+ spreads range from 0.88% (U.S. Bank) to 2.88% (VelocitySBA), translating to effective rates roughly between 8.4% and 10.4% at current prime levels.

Every lender in the top 20 holds Preferred Lender Program (PLP) status, which grants delegated authority to make SBA lending decisions without prior SBA approval. For borrowers, this typically means faster processing and more predictable timelines.

How to Choose the Right SBA Lender#

Rankings tell part of the story, but the best lender for your acquisition depends on factors specific to your deal. Here is what to weigh beyond loan count.

Start with geography. Many lenders on this list concentrate in specific regions. If you are buying a business in the Mountain West, Zions Bank's local knowledge may matter more than Live Oak's national scale. Check each lender's state distribution against your target market.

Understand PLP status. All 20 lenders here hold PLP status, but not all SBA lenders do. PLP lenders can approve your loan without waiting for SBA review, which can shave weeks off the timeline. When evaluating lenders outside this list, always ask about PLP status.

Compare rate structures. The spread between the lowest (U.S. Bank at Prime + 0.88%) and highest (VelocitySBA at Prime + 2.88%) median rates on this list translates to roughly 2 percentage points on your loan - which can mean tens of thousands of dollars over the life of a 10-year term. Ask each lender for their typical terms and compare your specific scenario.

Look at industry expertise. If you are acquiring a healthcare practice, United Midwest's 39% healthcare concentration and 0.52% default rate are hard to ignore. Buying a restaurant? GBank and PCB Bank specialize there. Industry-focused lenders often understand the nuances of valuation and cash flow in your sector, which can smooth the underwriting process. A "no" from a lender might just mean you're not talking to the lender with the right appetite and expertise.

Consider default rates as a quality signal. A lender's ten-year default rate reflects how well their borrowers perform after closing. Low default rates (Truliant at 0%, Port 51 at 0%, Dogwood at 0.46%) may indicate more careful underwriting and better borrower support. Higher rates are not necessarily disqualifying, but they are worth understanding.

Watch growth trends. Lenders growing rapidly (Truliant at +95%, Port 51 at +92%, First Internet at +71%) may be actively competing for your business with better terms or faster processing. Contracting lenders may have tightened their criteria. Neither is inherently good or bad, but the trend can affect your experience as a borrower.