Research · SBA data · fiscal 2025
SBA Lending Report: Fiscal 2025
Every SBA 7(a) and 504 loan approved in fiscal 2025 (Oct 1, 2024 – Sep 30, 2025), compiled from the U.S. Small Business Administration’s own loan-level data — by state, industry, loan size, property type and lender. Free to use with credit.
- 78,078SBA 7(a) loans · $37.3B
- 6,762SBA 504 loans · $7.8B SBA share
- $167Kmedian 7(a) loan
- +85%7(a) loans since fiscal 2020
Key findings
- SBA approved 78,078 7(a) loans worth $37.3B in fiscal 2025 — 85% more loans than in fiscal 2020 (42,298).
- The typical 7(a) loan is small: the median was $167K, and 69% of loans were $350,000 or less.
- Smaller loans paid more: the median rate at approval was 10.75% for loans up to $50K and 9.25% for $1M–$5M, because SBA lets lenders charge a wider spread over Prime on small loans.
- California (9,692), Florida (6,302), Texas (6,295) received the most 7(a) loans; California also led in 504 loans (1,352).
- SBA 504 approvals — the program for buildings and major equipment — were 6,762, down from 9,676 in fiscal 2021. The median 504 project financed $1.7M between the bank loan and SBA’s share.
- Lending is concentrated: the three most active 7(a) lenders made 26% of all 7(a) loans.
- By industry, construction, restaurants, retail stores borrowed most often; hotels borrowed the most per loan — a median $5.6M financed per 504 project.
SBA loans by fiscal year
Loans approved each fiscal year (October 1 – September 30).
| Fiscal year | 7(a) loans | 7(a) amount | Median 7(a) | 504 loans | 504 SBA share | ||
|---|---|---|---|---|---|---|---|
| FY2020 | 42,298 | $22.5B | $200K | 7,119 | $5.8B | ||
| FY2021 | 51,856 | $36.5B | $324K | 9,676 | $8.2B | ||
| FY2022 | 47,678 | $25.7B | $200K | 9,254 | $9.2B | ||
| FY2023 | 57,362 | $27.5B | $150K | 5,924 | $6.4B | ||
| FY2024 | 70,242 | $31.1B | $150K | 5,993 | $6.7B | ||
| FY2025 | 78,078 | $37.3B | $167K | 6,762 | $7.8B |
SBA loans by state, FY2025
By the state where the project is located. 504 amounts are SBA’s share; “financed” adds the bank first loan.
| State | 7(a) loans | 7(a) amount | Median 7(a) | 504 loans | Median 504 financed | Guides |
|---|---|---|---|---|---|---|
| California | 9,692 | $4.8B | $200K | 1,352 | $2.0M | Business CRE |
| Florida | 6,302 | $3.2B | $220K | 713 | $1.6M | Business CRE |
| Texas | 6,295 | $4.1B | $250K | 342 | $2.8M | Business CRE |
| New York | 5,299 | $1.8B | $150K | 219 | $1.6M | Business CRE |
| Ohio | 3,339 | $1.2B | $116K | 127 | $1.4M | Business CRE |
| Illinois | 2,835 | $1.3B | $165K | 303 | $1.4M | Business CRE |
| New Jersey | 2,830 | $1.2B | $150K | 83 | $2.3M | Business CRE |
| Pennsylvania | 2,701 | $1.2B | $150K | 130 | $1.8M | Business CRE |
| Michigan | 2,481 | $982M | $150K | 144 | $1.2M | Business |
| Georgia | 2,374 | $1.5B | $300K | 189 | $2.1M | Business CRE |
| Colorado | 2,242 | $1.2B | $225K | 166 | $1.4M | Business |
| Washington | 2,217 | $1.1B | $150K | 116 | $1.8M | Business |
| Massachusetts | 2,038 | $596M | $100K | 245 | $1.2M | Business |
| North Carolina | 1,906 | $1.2B | $271K | 84 | $2.0M | Business |
| Arizona | 1,649 | $847M | $243K | 222 | $1.6M | Business |
| Minnesota | 1,584 | $687M | $150K | 238 | $1.5M | Business |
| Virginia | 1,497 | $757M | $216K | 126 | $1.1M | Business |
| Maryland | 1,481 | $528M | $150K | 35 | $1.7M | Business |
| Utah | 1,343 | $611M | $150K | 250 | $1.8M | Business |
| Indiana | 1,239 | $565M | $150K | 129 | $1.5M | Business |
| Oregon | 1,230 | $515M | $100K | 73 | $1.9M | Business |
| Missouri | 1,201 | $714M | $240K | 84 | $1.8M | Business |
| Wisconsin | 1,128 | $551M | $204K | 200 | $1.6M | Business |
| Tennessee | 1,020 | $547M | $206K | 26 | $3.3M | Business |
| Connecticut | 1,005 | $389M | $130K | 86 | $1.2M | Business |
| South Carolina | 927 | $506M | $235K | 43 | $3.2M | Business |
| Nevada | 881 | $398M | $150K | 101 | $2.0M | Business |
| Idaho | 813 | $291M | $122K | 91 | $1.2M | Business |
| Alabama | 626 | $353M | $238K | 59 | $2.0M | Business |
| Louisiana | 624 | $349M | $234K | 18 | $2.1M | Business |
| New Hampshire | 605 | $196M | $100K | 78 | $900K | Business |
| Kentucky | 597 | $288M | $164K | 18 | $1.9M | Business |
| Puerto Rico | 548 | $90M | $60K | 64 | $540K | |
| Oklahoma | 510 | $306M | $250K | 35 | $1.6M | Business |
| Kansas | 496 | $244M | $240K | 24 | $1.4M | Business |
| Iowa | 429 | $179M | $150K | 61 | $1.1M | Business |
| Maine | 411 | $104M | $100K | 54 | $1.0M | Business |
| Arkansas | 401 | $247M | $249K | 20 | $1.2M | Business |
| Mississippi | 347 | $192M | $200K | 8 | $3.0M | Business |
| Rhode Island | 331 | $105M | $100K | 45 | $1.2M | Business |
| Nebraska | 330 | $160M | $178K | 30 | $1.6M | Business |
| New Mexico | 311 | $188M | $243K | 34 | $1.4M | Business |
| Delaware | 275 | $92M | $100K | 7 | $1.6M | Business |
| Montana | 265 | $144M | $250K | 52 | $900K | Business |
| Hawaii | 231 | $53M | $80K | 23 | $1.6M | |
| West Virginia | 211 | $70M | $114K | 3 | $2.1M | Business |
| Vermont | 209 | $60M | $60K | 19 | $1.1M | Business |
| District of Columbia | 178 | $78M | $200K | 7 | $2.8M | |
| South Dakota | 175 | $84M | $150K | 95 | $1.3M | Business |
| Wyoming | 146 | $68M | $150K | 22 | $1.2M | Business |
| North Dakota | 132 | $101M | $228K | 56 | $1.4M | Business |
| Alaska | 116 | $80M | $348K | 13 | $1.1M |
SBA loans by industry, FY2025
Twenty industries, by the NAICS code the lender reported. How each industry borrows →
| Industry | 7(a) loans | Share of 7(a) | Median 7(a) | 504 loans | Median 504 SBA share |
|---|---|---|---|---|---|
| Construction | 9,177 | 11.8% | $150K | 560 | $695K |
| Restaurants | 7,419 | 9.5% | $275K | 601 | $725K |
| Retail Stores | 7,045 | 9.0% | $150K | 584 | $693K |
| Manufacturing | 4,456 | 5.7% | $240K | 538 | $1.1M |
| Healthcare Practice | 3,812 | 4.9% | $150K | 451 | $459K |
| Salons & Spas | 2,859 | 3.7% | $101K | 105 | $376K |
| Trucking | 2,397 | 3.1% | $85K | 88 | $1.0M |
| Auto Repair Shop | 2,115 | 2.7% | $165K | 267 | $566K |
| Gym & Fitness Center | 1,607 | 2.1% | $250K | 109 | $1.2M |
| HVAC & Plumbing | 1,406 | 1.8% | $200K | 121 | $597K |
| Bar & Liquor Store | 1,140 | 1.5% | $370K | 80 | $584K |
| Gas Station & Convenience Store | 1,004 | 1.3% | $748K | 125 | $1.2M |
| Hotels & Hospitality | 831 | 1.1% | $2.4M | 414 | $2.3M |
| Dental Practice | 811 | 1.0% | $450K | 90 | $646K |
| Pet Services & Grooming | 680 | 0.9% | $250K | 51 | $524K |
| Logistics & Delivery | 497 | 0.6% | $199K | 10 | $1.1M |
| Car Wash | 243 | 0.3% | $428K | 99 | $1.3M |
| Laundromat | 200 | 0.3% | $497K | 28 | $555K |
| Warehouse & Distribution | 72 | 0.1% | $300K | 22 | $1.2M |
SBA 7(a) loans by size, FY2025
Rates are the initial rate on each loan at approval. Today’s 7(a) range, with Prime at 7%, is 8.5–11.5%.
| Loan size | Loans | Share | Median rate at approval | SBA Express | Fixed rate |
|---|---|---|---|---|---|
| Up to $50K | 18,722 | 24.0% | 10.75% | 71% | 13% |
| $50K–$150K | 19,852 | 25.4% | 10.5% | 29% | 9% |
| $150K–$350K | 15,154 | 19.4% | 10.25% | 25% | 11% |
| $350K–$1M | 15,392 | 19.7% | 9.75% | 9% | 15% |
| $1M–$5M | 8,958 | 11.5% | 9.25% | 0% | 17% |
SBA 504 loans by property type, FY2025
504 finances buildings the business occupies, so the property type is read from the occupant’s industry. How lenders underwrite each type →
| Property type | 504 loans | Median financed | Median SBA share |
|---|---|---|---|
| Restaurant | 601 | $1.6M | $725K |
| Industrial | 538 | $2.3M | $1.1M |
| Medical Office | 451 | $1.0M | $459K |
| Hotel | 414 | $5.6M | $2.3M |
| Warehouse | 354 | $2.2M | $992K |
| Auto Repair | 267 | $1.3M | $566K |
| C-Store & Gas | 125 | $3.0M | $1.2M |
| Gym & Fitness | 109 | $2.8M | $1.2M |
| Car Wash | 99 | $3.5M | $1.3M |
| Dental Office | 90 | $1.4M | $646K |
| Auto Dealership | 74 | $1.8M | $787K |
| Self-Storage | 62 | $2.3M | $1.1M |
Most active SBA lenders, FY2025
By number of loans approved. Listed for information; BestLoanUSA does not rank or endorse lenders.
| 7(a) lender | Loans | Amount |
|---|---|---|
| Northeast Bank | 7,815 | $1.3B |
| The Huntington National Bank | 7,784 | $2.5B |
| Newtek Bank, National Association | 4,828 | $2.0B |
| U.S. Bank, National Association | 3,453 | $871M |
| TD Bank, National Association | 3,424 | $495M |
| Readycap Lending, LLC | 3,137 | $1.2B |
| Manufacturers and Traders Trust Company | 2,701 | $294M |
| Live Oak Banking Company | 2,280 | $2.9B |
| JPMorgan Chase Bank, National Association | 1,914 | $591M |
| BayFirst National Bank | 1,895 | $302M |
| Lendistry SBLC, LLC | 1,849 | $385M |
| Wells Fargo Bank National Association | 1,607 | $539M |
| Celtic Bank Corporation | 1,482 | $593M |
| Zions Bank | 1,217 | $240M |
| United Midwest Savings Bank National Association | 963 | $381M |
| 504 CDC | Loans | SBA share |
|---|---|---|
| Mortgage Capital Development Corporation | 548 | $836M |
| Florida Business Development Corporation | 418 | $441M |
| Florida First Capital Finance Corporation, Inc. | 349 | $427M |
| California Statewide Certified Development Corporation | 308 | $377M |
| Business Finance Capital | 303 | $385M |
| Mountain West Small Business Finance | 264 | $325M |
| Empire State Certified Development Corporation | 230 | $272M |
| Granite State Economic Development Corporation | 194 | $158M |
| WBD, Inc. | 184 | $190M |
| Small Business Growth Corporation | 178 | $165M |
Methodology
- Source. SBA 7(a) and 504 FOIA loan data, one record per loan, file dated June 30, 2026. Fiscal years run October 1 – September 30; fiscal 2025 is the latest complete year in the file.
- Approvals. Counts and amounts are every loan approved in the year — including loans cancelled later (13,982 of the fiscal 2025 7(a) approvals, 18%, as of the file date) and 504 loans not yet funded (2,398).
- Amounts. 7(a) amounts are the gross loan approved. 504 amounts are SBA’s share (the CDC debenture, usually about 40% of the project); “financed” adds the bank first loan, before the borrower’s down payment.
- Industries and property types. Assigned from the NAICS code the lender reported (prefixes listed in the CSV). A franchise loan also counts in its industry. Office, retail, mixed-use and apartment buildings can’t be separated by building type.
- States. The project state; 25 7(a) loans in territories other than Puerto Rico are in the national totals only.
- Rates. The initial interest rate on each loan at approval. Most 7(a) loans are variable and move with Prime.
- Updates. Rebuilt from SBA’s file once a year, when SBA posts a full new fiscal year.
Use this data
Free to use — in articles, research, presentations or AI answers — under Creative Commons Attribution 4.0. Please credit BestLoanUSA with a link to this page.
Download (CSV)
Cite as
BestLoanUSA, “SBA Lending Report: Fiscal 2025,” compiled from U.S. Small Business Administration 7(a) and 504 FOIA loan data (as of June 30, 2026), https://www.bestloanusa.com/research/sba-lending-report
Frequently asked questions
How many SBA loans were approved in 2025?
In fiscal 2025 (Oct 1, 2024 – Sep 30, 2025) SBA approved 78,078 7(a) loans totaling $37.3B and 6,762 504 loans with $7.8B in SBA-backed debentures, according to SBA’s FOIA loan data as of June 30, 2026.
What is the average SBA loan size?
The median SBA 7(a) loan in fiscal 2025 was $167K; the average was higher, about $478K, because a minority of loans run up to the $5 million limit. The median SBA 504 project financed $1.7M, of which SBA’s share had a median of $747K.
Which states get the most SBA loans?
California (9,692), Florida (6,302), Texas (6,295), New York (5,299), Ohio (3,339) received the most SBA 7(a) loans in fiscal 2025. The full table by state is on this page and in the CSV download.
Who are the largest SBA lenders?
By number of 7(a) loans in fiscal 2025: Northeast Bank (7,815), The Huntington National Bank (7,784), Newtek Bank, National Association (4,828), U.S. Bank, National Association (3,453), TD Bank, National Association (3,424). For 504 loans, the most active Certified Development Company was Mortgage Capital Development Corporation (548).
Can I use this data?
Yes. The tables and CSV files are free to use under the Creative Commons Attribution 4.0 license — credit “BestLoanUSA, compiled from SBA FOIA data” with a link to this page. The underlying loan records are public SBA data.