Newtek Bank Poised to be the New #1 SBA 7(a) Lender?
SBA Stat Thursday — Newtek Bank Poised to be the New #1 SBA 7(a) Lender?
September 26, 2024
By Bob Coleman
Publisher & Founder
With one week before the end of fiscal year 2024 Newtek has surpassed the $2 billion mark and leads Live Oak Bank by $116 million in SBA 7(a) gross loan volume.
The Huntington National Bank will remain as the largest SBA 7(a) lender by number of loans for the seventh year in a row.
Check out the stats as of Tuesday, September 24, 2024.
Newtek Bank
| SBA 7(a) | Rank $ | Rank # | Gross Loan Approval | # Loans | Average Loan Size |
| FY 2024 as of 9/24/24 | 1 | 3 | $2.042 billion | 3174 | $549,782 |
| FY 2023 | 13 | 9 | $350 million | 931 | $376,084 |
Source: Coleman/Lumos/SBA Data
Live Oak Bank
| SBA 7(a) | Rank $ | Rank # | Gross Loan Approval | # Loans | Average Loan Size |
| FY 2024 as of 9/24/24 | 2 | 11 | $1.925 billion | 1400 | $1.4 million |
| FY 2023 | 1 | 8 | $1.7 billion | 1145 | $1.5 million |
| FY 2022 | 1 | 7 | $1.5 billion | 1099 | $1.5 million |
| FY 2021 | 1 | 4 | $2.2 billion | 1452 | $1.4 million |
| FY 2020 | 1 | 8 | $1.4 billion | 990 | $1.4 million |
| FY 2019 | 1 | 9 | $1.2 billion | 845 | $1.5 million |
| FY 2018 | 1 | 11 | $1.1 billion | 787 | $1.4 million |
Live Oak Bank SBA 7(a) Lending Stats
Source: Coleman/Lumos/SBA Data