SBA approved 56,130 7(a) loans worth $32.43B in fiscal year 2026, 28.1% fewer loans and 13.0% fewer dollars than the 78,078 loans and $37.29B of FY2025. The loans that did get made were larger: the median rose from $150K in FY2024 to $235K in FY2026. This page sums up three fiscal years of SBA's own loan records for the whole country, and links to a data page for every state, the District of Columbia and Puerto Rico.
Key findings
FY2026 approvals fell 28.1%
Lenders made 56,130 7(a) loans in FY2026 against 78,078 in FY2025. The FY2026 count matches the total SBA reported, and FY2025 is within 1% of SBA's year-end release (see the comparison with official totals). Dollars fell less, 13.0%, as the decline was concentrated in smaller loans.
No 7(a) approvals in October 2025
The loan file contains no 7(a) approval dated October 2025. That was the 43-day federal funding lapse, during which SBA said it could not deliver $5.3 billion to about 10,000 small businesses. Approvals restarted in November 2025 with 5,227 loans.
Monthly volume stepped down twice
Approvals averaged 7,182 a month from October 2024 to May 2025, then 5,155 a month from June to September 2025, after SBA's stricter SOP 50 10 8 took effect on June 1, 2025. From March to September 2026, after the rule requiring every owner to be a U.S. citizen or national took effect on March 1, the average was 4,927.
Smaller loans lost the most ground
Loans of $150,000 or less were 54.1% of 7(a) loans in FY2024 and 42.8% in FY2026. The median loan went from $150K to $180K to $235K.
A few banks dominate some states
Nationally the largest 7(a) lender, The Huntington National Bank, made 10.3% of loans. In some states one lender makes far more: Puerto Rico, Banco Popular de Puerto Rico 69.6%; Ohio, The Huntington National Bank 52.8%; Hawaii, Central Pacific Bank 50.0%; Michigan, The Huntington National Bank 45.3%; Maryland, Manufacturers and Traders Trust Company 41.9%.
SBA 7(a) lending by fiscal year
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 70,242 | 78,078 | 56,130 |
| Dollars approved | $31.12B | $37.29B | $32.43B |
| Later cancelled | 7,702 | 14,124 | 7,602 |
| Loans not cancelled | 62,540 | 63,954 | 48,528 |
| Dollars not cancelled | $27.50B | $32.00B | $29.45B |
| Median loan | $150K | $180K | $235K |
| Average loan | $440K | $500K | $607K |
| Median rate | 11.25% | 10.25% | 9.49% |
| Loans of $150K or less | 54.1% | 48.6% | 42.8% |
| SBA Express share | 38.1% | 33.3% | 35.9% |
| 504 loans approved | 5,993 | 6,762 | 6,075 |
| 504 dollars approved | $6.66B | $7.80B | $7.09B |
Who borrows
| FY2024-FY2026, not cancelled | Share of 7(a) loans |
|---|---|
| Startups (loan opens the business) | 16.1% |
| Startups and businesses 2 years old or less | 32.0% |
| Change of ownership (buying a business) | 10.9% |
| Franchise businesses | 11.0% |
| Loans of $500K or less | 76.9% |
| Loans of $1M or more | 13.6% |
| SBA Express loans | 35.8% |
Median term: 120 months. Most frequent franchise brands: The UPS Store (421), Hotworx (197), The Back Nine (170), Naturals2Go (145), Gameday Men's Health (132), Subway (120), Domino's Pizza (118), Anytime Fitness (116).
Top SBA 7(a) lenders nationally
| Lender | Loans | Share |
|---|---|---|
| 1. The Huntington National Bank | 18,014 | 10.3% |
| 2. U.S. Bank, National Association | 8,675 | 5.0% |
| 3. Newtek Bank, National Association | 8,244 | 4.7% |
| 4. TD Bank, National Association | 7,798 | 4.5% |
| 5. Readycap Lending, LLC | 7,055 | 4.0% |
| 6. Manufacturers and Traders Trust Company | 6,727 | 3.8% |
| 7. Northeast Bank | 6,334 | 3.6% |
| 8. Live Oak Banking Company | 5,781 | 3.3% |
| 9. JPMorgan Chase Bank, National Association | 5,128 | 2.9% |
| 10. BayFirst National Bank | 4,508 | 2.6% |
| 11. Wells Fargo Bank National Association | 4,109 | 2.3% |
| 12. Lendistry SBLC, LLC | 3,526 | 2.0% |
| 13. Celtic Bank Corporation | 3,239 | 1.9% |
| 14. Zions Bancorporation, National Association | 2,705 | 1.5% |
| 15. United Midwest Savings Bank National Association | 2,463 | 1.4% |
SBA 7(a) loans by industry
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 24,107 | 13.8% | $150K | 10.50% |
| Restaurants and hotels | 21,722 | 12.4% | $320K | 9.75% |
| Retail | 19,789 | 11.3% | $203K | 10.25% |
| Other services (repair, personal care) | 17,873 | 10.2% | $150K | 10.25% |
| Professional services | 17,778 | 10.2% | $150K | 10.50% |
| Health care | 17,505 | 10.0% | $224K | 10.00% |
| Administrative and support services | 10,636 | 6.1% | $150K | 10.25% |
| Manufacturing | 10,080 | 5.8% | $250K | 10.00% |
| Transportation and trucking | 8,013 | 4.6% | $100K | 10.50% |
| Arts, entertainment and fitness | 7,165 | 4.1% | $250K | 10.00% |
| Wholesale trade | 7,071 | 4.0% | $240K | 10.49% |
| Real estate and rental | 3,497 | 2.0% | $150K | 10.25% |
SBA 504 loans
The 504 program finances owner-occupied real estate and long-life equipment through certified development companies (CDCs). In FY2024-FY2026, 18,076 SBA 504 loans worth $20.82B were not cancelled; the median CDC portion was $742K. The most active CDCs were The Mortgage Capital Development Corporation (1,486), Florida Business Development Corporation (1,060), Florida First Capital Finance Corporation, Inc. (940), Business Finance Capital (897), California Statewide Certified Development Corporation (792).
How older loans performed
Of the 81,785 7(a) loans approved in FY2020 and FY2021 that were not cancelled, 3,037 (3.7%) had been charged off by September 30, 2026, equal to 1.0% of the dollars approved. State pages show the same measure where a state has at least 10 charge-offs.
SBA loans by state
FY2024-FY2026 7(a) loans not cancelled, by project state. Select a column heading to sort, or a state for its full page.
| California | 20,988 | $11.30B | $204K | 10.25% | −28.9% | 12.8% |
| Texas | 13,797 | $9.67B | $298K | 10.00% | −25.4% | 9.6% |
| Florida | 13,775 | $7.65B | $245K | 10.50% | −27.7% | 11.1% |
| New York | 11,531 | $4.03B | $150K | 10.55% | −31.8% | 16.8% |
| Ohio | 8,152 | $3.07B | $105K | 10.25% | −40.6% | 52.8% |
| New Jersey | 6,147 | $2.69B | $150K | 10.50% | −28.6% | 24.0% |
| Pennsylvania | 6,042 | $2.77B | $150K | 10.50% | −30.7% | 13.0% |
| Illinois | 6,009 | $3.12B | $175K | 10.00% | −38.4% | 24.6% |
| Michigan | 5,914 | $2.54B | $150K | 10.25% | −40.1% | 45.3% |
| Washington | 5,229 | $2.87B | $150K | 10.25% | −16.7% | 13.6% |
| Georgia | 4,965 | $3.53B | $316K | 10.25% | −32.6% | 7.8% |
| Colorado | 4,808 | $2.75B | $249K | 10.00% | −34.3% | 14.1% |
| Massachusetts | 4,723 | $1.42B | $100K | 9.99% | −27.1% | 19.8% |
| North Carolina | 4,208 | $2.87B | $300K | 10.25% | −24.2% | 8.0% |
| Minnesota | 3,833 | $1.77B | $168K | 9.50% | −33.0% | 15.8% |
| Arizona | 3,612 | $2.11B | $258K | 10.25% | −25.8% | 8.0% |
| Maryland | 3,336 | $1.33B | $130K | 10.50% | −16.5% | 41.9% |
| Virginia | 3,204 | $1.68B | $211K | 10.25% | −25.1% | 12.8% |
| Utah | 3,145 | $1.52B | $172K | 10.00% | −21.7% | 20.2% |
| Indiana | 3,094 | $1.53B | $150K | 10.00% | −24.5% | 20.6% |
| Oregon | 2,892 | $1.22B | $100K | 10.50% | −19.1% | 22.2% |
| Wisconsin | 2,747 | $1.48B | $212K | 9.50% | −23.7% | 11.2% |
| Missouri | 2,705 | $1.56B | $225K | 9.75% | −31.6% | 12.5% |
| Connecticut | 2,326 | $845M | $120K | 10.50% | −15.4% | 27.2% |
| Tennessee | 2,252 | $1.36B | $250K | 10.25% | −17.5% | 12.3% |
| South Carolina | 2,044 | $1.28B | $250K | 10.25% | −26.9% | 15.3% |
| Idaho | 1,913 | $723M | $125K | 10.00% | −20.3% | 19.7% |
| Nevada | 1,908 | $967M | $192K | 10.25% | −30.3% | 16.6% |
| Puerto Rico | 1,664 | $268M | $51K | 11.00% | +10.0% | 69.6% |
| New Hampshire | 1,497 | $441M | $95K | 9.75% | −18.5% | 25.0% |
| Kentucky | 1,384 | $677M | $150K | 9.50% | −19.2% | 11.3% |
| Louisiana | 1,355 | $819M | $240K | 10.25% | −29.6% | 10.3% |
| Oklahoma | 1,254 | $845M | $263K | 9.50% | −9.6% | 17.9% |
| Alabama | 1,245 | $811M | $254K | 10.25% | −36.9% | 9.0% |
| Kansas | 1,163 | $644M | $250K | 9.25% | −22.8% | 7.9% |
| Iowa | 1,052 | $460M | $150K | 9.50% | −28.2% | 18.9% |
| Maine | 905 | $252M | $100K | 9.00% | −38.4% | 20.1% |
| Arkansas | 875 | $593M | $250K | 9.50% | −18.5% | 9.4% |
| Nebraska | 863 | $423M | $195K | 8.90% | −14.8% | 20.3% |
| Mississippi | 842 | $532M | $250K | 9.50% | −14.4% | 12.2% |
| New Mexico | 696 | $376M | $200K | 10.00% | −28.6% | 10.6% |
| Rhode Island | 653 | $205M | $100K | 10.25% | −47.1% | 22.8% |
| Delaware | 623 | $242M | $100K | 10.55% | −20.0% | 38.0% |
| Montana | 563 | $321M | $225K | 9.99% | −37.4% | 9.1% |
| West Virginia | 491 | $196M | $114K | 9.75% | −30.8% | 40.3% |
| Hawaii | 460 | $106M | $50K | 10.75% | −55.4% | 50.0% |
| Vermont | 453 | $125M | $61K | 9.75% | −27.8% | 22.1% |
| District of Columbia | 400 | $197M | $201K | 10.50% | −9.6% | 22.8% |
| South Dakota | 387 | $188M | $154K | 9.00% | −34.3% | 14.7% |
| North Dakota | 305 | $187M | $175K | 9.00% | −32.6% | 10.2% |
| Wyoming | 267 | $152M | $155K | 10.24% | −30.1% | 10.5% |
| Alaska | 262 | $198M | $318K | 10.25% | −23.3% | 20.2% |
Data source and privacy
Source: U.S. Small Business Administration, 7(a) and 504 FOIA loan data, as of September 30, 2026 (data.sba.gov), a public domain U.S. government data set. FSE computed every figure on these pages from those files; nothing is estimated. Approval counts match SBA's published totals for FY2024 and FY2026 exactly and FY2025 within 1%.
Aggregates only: we never publish borrower names, addresses or loan-level records, we list no individual business, and we drop any figure based on fewer than 10 loans. Guam and the U.S. Virgin Islands (64 loans) are in the national totals but have no state page. Read the full methodology.
Frequently asked questions
How many SBA 7(a) loans were approved in FY2026?
SBA approved 56,130 7(a) loans for $32.43B in fiscal year 2026 (October 2025 to September 2026), down 28.1% by count and 13.0% by dollars from FY2025's 78,078 loans and $37.29B.
Why did SBA lending fall in FY2026?
Three things line up with the drop in the data: a 43-day federal funding lapse in October and November 2025, when SBA could not approve 7(a) or 504 loans; SBA's SOP 50 10 8, effective June 1, 2025, which brought back stricter underwriting; and the citizenship rule effective March 1, 2026, which requires every owner to be a U.S. citizen or national. Monthly approvals averaged 7,182 from October 2024 to May 2025 and 4,927 from March to September 2026.
What is the average SBA 7(a) loan size?
Across FY2024-FY2026 loans that were not cancelled, the median 7(a) loan was $175K and the average was $508K. The median rose from $150K in FY2024 to $235K in FY2026 as the share of loans of $150,000 or less fell from 54.1% to 42.8%.
What interest rate do SBA 7(a) loans carry?
The median starting rate was 11.25% in FY2024, 10.25% in FY2025 and 9.49% in FY2026. 86.4% of loans had a variable rate. SBA sets maximum spreads over a base rate, with higher caps for smaller loans.
Which lenders make the most SBA loans?
By number of 7(a) loans in FY2024-FY2026: The Huntington National Bank (18,014), U.S. Bank, National Association (8,675), Newtek Bank, National Association (8,244), TD Bank, National Association (7,798), Readycap Lending, LLC (7,055).
Does this data show individual businesses?
No. SBA publishes loan-level records, but these pages show aggregates only: no borrower names, addresses or individual loans, and no figure based on fewer than 10 loans.
Weighing an SBA loan?
SBA loans are slow to close and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage, not an SBA lender and not affiliated with the SBA. One application lets us compare SBA and non-SBA options from our funding partners. There is no fee to your business (we are paid a commission by the funding partner) and no credit check to apply; a business generally needs at least 1 year in business and $10,000 or more in monthly revenue. Start with what an SBA loan is or our SBA and term loans guide.