SBA Report: Number of Lenders to Jeffco Businesses Climb in 2023

The 2024 list of Small Business Administration (SBA) lenders to Jeffco businesses has been released, with a total of 57 entities providing funding. B:side Capital ranks no. 1 with a substantial $14.8 million loan volume to Jeffco businesses. Second position is earned by Live Oak Banking Company with a loan volume amounting to $12.0 million. Midwest Regional Bank, which made no SBA loans to Jeffco businesses in 2022 according to the SBA, secured the third spot with a Jeffco loan value of $9.2 million.

Significant growth was noted in the figures from the preceding year, with Mountain West Small Business Finance in the 5th spot showing a surge in the estimated number of jobs supported locally, up from 2 in 2022 to 81 in 2023. Consequently, their local SBA loan volume experienced a similarly significant hike of 1,285.77%, from $520,000 to $7.2 million.

Another noteworthy increase was seen with the Colorado Enterprise Fund, their statewide SBA loan volume leapt up 1342.18% from the previous year to $2.5 million. Similarly, job support numbers at the U.S. Bank National Association rose sharply from 1 to 64 jobs.

Readycap Lending LLC supported 100 local jobs, a more than tenfold increase from 9 jobs in the prior year. Independent Bank, likewise, reported a steep jump in local SBA loan volume from $300,000 to $5.0 million, a 1,566.67% increase. Newtek Small Business Finance Inc. reported a 4,800.0% increase in local job support, from only 1 to 49 positions.

This year’s ranking, which included 30 lenders that posted no loans to Jeffco businesses in 2022 (a net gain of  nine lenders active in the area)  paint a promising picture of economic growth and diversification of small business lenders in Jeffco.