Top 10 Fixed-Rate SBA Acquisition Lenders in 2026

Introduction#

Of the 621 lenders that funded SBA 7(a) acquisition loans in 2025, only about 15 with meaningful volume primarily originate fixed-rate terms. The other 600+ default to variable.

That imbalance isn't random. It's driven by how lenders make money. Most SBA lenders operate a gain-on-sale model: originate a variable-rate loan, sell it on the secondary market, pocket the premium, and use the proceeds to fund the next deal. Variable-rate loans sell easily because investors want exposure that floats with prime. Fixed-rate loans don't sell as well - a locked rate becomes a liability if market rates rise, so the secondary market discounts them heavily. The economics fall apart.

That means the lenders on this list are doing something fundamentally different. They're portfolio lenders - they keep fixed-rate loans on their own balance sheet instead of selling them. They retain the credit risk. They're betting on the borrower, not the secondary market. And because they can't run the same high-volume origination flywheel, they tend to be smaller, more selective, and more relationship-driven.

For borrowers, the trade-off is straightforward: fewer lender options, but rate certainty for the life of the loan. In a market where 88% of SBA acquisition loans carry variable rates tied to prime, that certainty has real value.

This ranking is based on loan-level data from Freedom of Information Act (FOIA) requests to the SBA. We ranked lenders by the number of fixed-rate acquisition loans funded in 2025.

The top 5 fixed-rate SBA acquisition lenders in 2025:

1. The Huntington National Bank (126 fixed-rate loans)
2. Old National Bank (37 fixed-rate loans)
3. Plumas Bank (21 fixed-rate loans)
4. First Financial Bank (16 fixed-rate loans)
5. U.S. Bank (14 fixed-rate loans)

At a Glance: All 10 Lenders Compared#

How to Read This List#

This is a companion to our Top 20 SBA Acquisition Lenders ranking, which covers the highest-volume lenders nationally. That article has the full methodology. Here's what's different about this one.

Fixed % is the key column. It tells you whether a lender is a fixed-rate specialist (90%+) or a larger bank that also offers fixed-rate options (under 50%). Both are valuable - but for different reasons. Specialists give you certainty that fixed is their standard product. Larger banks give you volume, geographic reach, and optionality.

Default rate benchmarks. Four of the 10 lenders here have 0.00% ten-year default rates. That's not a coincidence - portfolio lenders who keep loans on their books have a strong incentive to underwrite carefully. Among all 621 SBA acquisition lenders, the median default rate is roughly 1.5%.

1. The Huntington National Bank#

Huntington is the clear volume leader in fixed-rate SBA acquisition lending. With 126 fixed-rate loans out of 324 total, it funded more fixed-rate deals than the next nine lenders on this list combined. No other top-20 lender comes close to that mix.

The bank's 39% fixed-rate ratio means borrowers have a genuine choice between fixed and variable. Huntington operates across 40 states and 20 industries - the broadest industry diversification of any lender in our Top 20 ranking. Ohio (49 loans), Michigan (36), Texas (27), and Florida (27) lead its geographic mix, with Construction (50 loans), Accommodation and Food Services (49), and Professional Services (40) anchoring its industry spread.

2. Old National Bank#

Old National is the purest fixed-rate specialist among lenders with meaningful volume. Thirty-seven of its 38 acquisition loans in 2025 carried fixed rates - a 97% fixed-rate ratio. Just one loan was variable.

That commitment to fixed-rate lending makes Old National a portfolio lender in the truest sense: it keeps these loans on its balance sheet, retains the risk, and prices accordingly. Its Prime + 0.30% median spread is among the lowest on this list, reflecting the economics of a lender that doesn't need to build in secondary market premiums. The bank concentrates in the Upper Midwest - Wisconsin (11 loans), Minnesota (8), Michigan (5), Indiana (5), and Illinois (5) - with Construction leading its industry mix at 10 loans.

3. Plumas Bank#

Every single one of Plumas Bank's 21 acquisition loans in 2025 carried a fixed rate. Zero variable. For a community bank headquartered in Quincy, California (population 1,700), that kind of commitment to a single lending model is notable.

Plumas operates almost entirely in California (17 loans), with small footprints in Nevada (3) and Oregon (1). Its industry mix leans toward Accommodation and Food Services (6 loans) and Healthcare (5), with a median loan size of $638,000 - smaller deals that fit the community bank model. The 1.22% ten-year default rate sits below the national median, and PLP status means no delays waiting for SBA approval.

4. First Financial Bank#

First Financial Bank stands out for its unusual industry focus: agriculture (13 loans) and transportation (9 loans) together make up nearly 70% of its portfolio. These are sectors where most SBA lenders don't actively compete, which makes First Financial's 35% growth rate all the more interesting - it's finding volume in markets others avoid.

Sixteen of the bank's 46 loans carried fixed rates, giving borrowers a meaningful fixed-rate option alongside its variable-rate program. Texas leads its geographic mix (10 loans), followed by Arkansas (6). The Prime + 1.50% median rate and 1.01% default rate are both competitive. First Financial is one of only three lenders on this list that also appears in our Top 20 SBA Acquisition Lenders ranking.

5. U.S. Bank#

U.S. Bank offers the lowest median rate spread on this entire list: Prime + 0.88%. That institutional pricing reflects the scale of one of America's largest banks. Fourteen of its 48 acquisition loans carried fixed rates - not the majority, but enough to give borrowers a real option.

California dominates U.S. Bank's geographic mix (19 loans), followed by Washington (6). The bank covers 18 states and 17 industries, giving it the broadest industry diversification in the bottom half of this list. Professional Services (8 loans) and Other Services (7) lead its sector mix. The 2.48% ten-year default rate is above average, though this may partly reflect the bank's willingness to take on a wider range of borrowers.

6. Rockland Trust Company#

Rockland Trust is a New England fixed-rate specialist with a 0.00% ten-year default rate - the best on this list. Fourteen of its 26 acquisition loans carried fixed rates, a 54% mix that positions it as a genuine fixed-rate-first lender.

Massachusetts accounts for 21 of the bank's 26 loans. Connecticut (2), New York, Rhode Island, and New Hampshire round out its five-state footprint. The $394,000 median loan size skews toward smaller acquisitions - retail (11 loans), food services (6), and construction (2) drive the industry mix. For a buyer in New England looking for a fixed rate on a sub-$500K deal, Rockland is one of the few options with a proven track record.

7. Republic Bank & Trust Company#

All seven of Republic Bank's acquisition loans in 2025 were fixed-rate, with a 0.00% ten-year default rate. Kentucky-based with presence in Ohio and Florida, Republic operates as a small but disciplined fixed-rate portfolio lender. Construction and Other Services lead its industry mix. The $396,000 median loan size and 100% PLP status point to a community-oriented lender focused on smaller local deals.

8. Stock Yards Bank & Trust Company#

Stock Yards offers an even split between fixed and variable lending - six of 13 loans carried fixed rates, giving borrowers genuine optionality. The bank operates across Kentucky (7 loans), Indiana (5), and Ohio (1), with Healthcare (3 loans) and Other Services (3) leading its industry mix. A 30% year-over-year growth rate and $611,000 median loan size signal a mid-market lender building momentum. The higher volume compared to some other regional players here gives it a broader base of experience.

9. Bangor Savings Bank#

Six of Bangor Savings' seven acquisition loans were fixed-rate, paired with a 0.00% ten-year default rate and 75% year-over-year growth. The bank operates exclusively in Maine (5 loans) and New Hampshire (2) - the most geographically concentrated lender on this list. Construction (3 loans) leads its industry mix. The $280,000 median loan size is the smallest here, reflecting true community-scale lending with fixed-rate terms.

10. Emprise Bank#

Emprise Bank rounds out the list as a 100% fixed-rate lender operating exclusively in Kansas (3 loans) and Nebraska (3). All six loans carried fixed terms, with a 0.00% ten-year default rate and 100% PLP status. Administrative Services and Construction lead its industry mix. The $371,000 median loan size fits the Plains states' small business landscape. For borrowers in Kansas and Nebraska, Emprise may be the only fixed-rate SBA acquisition lender with local presence.

The Portfolio Lender Advantage#

The lenders on this list split into two camps, and the difference matters.

When does fixed make more sense? Long-term holds where you plan to keep the business for the full loan term. Deals with tight cash flow margins where a rate spike could squeeze your debt service coverage. And any time rate certainty outweighs the potential savings from a declining-rate environment.

When might variable still win? Short holds where you'll pay off or refinance within 3-5 years. Periods where rates are expected to fall. Or when you need the broader lender selection that variable-rate lending offers.

How to Choose a Fixed-Rate SBA Lender#

Specialist vs. big bank. Huntington, First Financial, and U.S. Bank give you fixed-rate options alongside variable. That means optionality - you can compare both structures from the same lender. Smaller specialists like Plumas, Old National, and Emprise give you certainty that fixed is their standard product. The trade-off is reach vs. commitment.

Geography narrows your options fast. Most fixed-rate lenders on this list are regional. If you're in Massachusetts, Rockland Trust is your best bet. Maine? Bangor Savings. Kansas? Emprise. Kentucky? Republic Bank or Stock Yards. California? Plumas or U.S. Bank. Check coverage before you get attached to a lender's profile. But also recognize that this list shows deals that were done, not a bank's appetite. If a lender hasn't done a fixed-rate loan in your state, it doesn't mean they won't be interested.

Compare fixed-rate spreads. Where data is available, spreads on this list range from Prime + 0.30% (Old National) to Prime + 2.25% (Huntington). That's nearly two percentage points - on a $1 million loan over 10 years, the difference in total interest is substantial. Ask each lender for their current fixed-rate terms for your specific deal.

Default rates signal underwriting quality. Four lenders here have 0.00% ten-year defaults. That's a strong signal of careful borrower selection. It also suggests these lenders may be more hands-on during underwriting - expect more questions, more documentation, and a more thorough process. That's a feature, not a bug.