SMB Lender Concentration: Non-Bank Share Crosses 50%
Non-bank lenders captured 51% of SMB credit origination in 2025 — the first year on record where banks were the minority channel.
By Summit Underwriting DeskNew York · London
Tuesday, June 16, 2026New York · LondonSOFR 5.32Prime 8.50
Capital Desk · OpenVol. VII · No. 26
$100K – $500M+ · 24–72h
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Full-year 2025 SMB credit origination data confirms a milestone: non-bank lenders (specialty finance, fintech, platform-native) captured 51% of total origination dollars vs 49% for traditional banks. The first time non-banks have crossed 50% in the data series.
The shift accelerated through 2023–2024 as banks retrenched following SVB and continued through 2025. Even as banks return to growth in 2026, non-bank share appears structurally elevated.
Implications for borrowers
More capital availability, more product diversity, and faster execution — but also more variation in pricing and terms. The premium for shopping multiple lenders has never been higher; same-credit borrowers commonly receive offers ranging 30%+ apart in cost-of-capital.
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