Montana businesses took out 563 SBA 7(a) loans worth $321M in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 44th of 52 by number of loans and 40th by dollars. The median loan was $225K at a median starting rate of 9.99%. In FY2026 alone, lenders approved 166 Montana loans for $125M before cancellations.
What stands out in Montana
Lots of business purchases
18.3% of Montana 7(a) loans financed a change of ownership, that is, buying an existing business, against 10.9% nationally. If you are planning an acquisition, Montana lenders see this kind of deal often.
Heavy use of SBA 504
Montana had 133 SBA 504 loans, 0.24 for every 7(a) loan, against 0.10 nationally. The 504 program finances owner-occupied real estate and long-life equipment through a certified development company; in Montana the most active was Capital Matrix, Inc. (47 loans).
A steeper FY2026 drop than the country
Montana approvals went from 265 in FY2025 to 166 in FY2026 (−37.4%), against −28.1% nationally. Dollar volume moved from $144M to $125M, so the fall was concentrated in smaller loans: the median Montana loan was $295K in FY2026 against $150K in FY2024.
Lower rates than average
The median starting rate on Montana 7(a) loans was 9.99%, against 10.25% nationally, and 21.8% of loans carried a fixed rate (13.6% nationally). SBA caps the spread a lender can charge over the base rate, and smaller loans are allowed higher spreads, so a state's loan-size mix moves its median rate.
What a typical Montana SBA loan looks like
| FY2024-FY2026, not cancelled | Montana | United States |
|---|---|---|
| Median loan | $225K | $175K |
| Average loan | $569K | $508K |
| Median starting rate | 9.99% | 10.25% |
| Variable-rate loans | 78.2% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 45.5% | 49.0% |
| Loans of $500K or less | 74.1% | 76.9% |
| Loans of $1M or more | 15.5% | 13.6% |
| Startups (loan opens the business) | 15.8% | 16.1% |
| Startups and businesses 2 years old or less | 35.0% | 32.0% |
| Change of ownership (buying a business) | 18.3% | 10.9% |
| Franchise businesses | 11.0% | 11.0% |
| SBA Express loans | 29.7% | 35.8% |
| Jobs supported (reported at approval) | 5,397 | 1,733,816 |
SBA 504 loans in Montana
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Montana | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 133 | 18,076 |
| 504 dollars | $93.1M | $20.82B |
| Median 504 loan | $493K | $742K |
| Jobs supported (reported at approval) | 787 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Capital Matrix, Inc. | 47 |
| Dakota Business Lending | 35 |
| Big Sky Economic Development Corporation | 35 |
Montana SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 214 | 265 | 166 |
| Dollars approved | $102M | $144M | $125M |
| Loans not cancelled | 196 | 217 | 150 |
| Median loan | $150K | $250K | $295K |
| Median rate | 10.50% | 10.00% | 8.75% |
| Loans of $150K or less | 53.6% | 43.8% | 37.3% |
| SBA Express share | 39.8% | 26.7% | 20.7% |
FY2026 approvals in Montana changed by −37.4% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
Top SBA 7(a) lenders in Montana
| Lender | Loans | Share of state |
|---|---|---|
| 1. U.S. Bank, National Association | 51 | 9.1% |
| 2. Glacier Bank | 44 | 7.8% |
| 3. First Interstate Bank | 35 | 6.2% |
| 4. The Yellowstone Bank | 29 | 5.2% |
| 5. Readycap Lending, LLC | 29 | 5.2% |
| 6. Wells Fargo Bank National Association | 25 | 4.4% |
| 7. Newtek Bank, National Association | 22 | 3.9% |
| 8. Northeast Bank | 21 | 3.7% |
| 9. Montana Community Development Corp. | 20 | 3.6% |
| 10. Live Oak Banking Company | 20 | 3.6% |
Industries that borrow most in Montana
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 95 | 16.9% | $145K | 10.25% |
| Retail | 82 | 14.6% | $251K | 9.88% |
| Restaurants and hotels | 82 | 14.6% | $340K | 9.00% |
| Other services (repair, personal care) | 51 | 9.1% | $160K | 9.50% |
| Professional services | 48 | 8.5% | $250K | 11.12% |
| Health care | 46 | 8.2% | $150K | 9.88% |
| Administrative and support services | 39 | 6.9% | $150K | 9.75% |
| Manufacturing | 25 | 4.4% | – | – |
Where in Montana the loans go
| County | Loans |
|---|---|
| Gallatin | 111 |
| Yellowstone | 103 |
| Flathead | 83 |
| Missoula | 54 |
| Lewis And Clark | 48 |
| Cascade | 38 |
| Ravalli | 28 |
| Lake | 19 |
| City | Loans |
|---|---|
| Billings | 96 |
| Bozeman | 75 |
| Kalispell | 57 |
| Missoula | 46 |
| Helena | 46 |
| Great Falls | 36 |
| Belgrade | 22 |
| Hamilton | 11 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA district office for Montana
Montana loans are overseen by the SBA Montana District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Montana
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide.
Frequently asked questions
How many SBA loans were made in Montana?
Lenders approved 214 SBA 7(a) loans for Montana businesses in FY2024, 265 in FY2025 and 166 in FY2026, before cancellations. Net of cancelled loans, the three years total 563 loans worth $321M, plus 133 SBA 504 loans worth $93.1M.
Which banks make the most SBA loans in Montana?
In FY2024 to FY2026 the most active 7(a) lenders in Montana were U.S. Bank, National Association (51 loans, 9.1%), Glacier Bank (44 loans, 7.8%), First Interstate Bank (35 loans, 6.2%).
What is the typical SBA loan size and rate in Montana?
The median 7(a) loan in Montana was $225K and the average was $569K. The median starting interest rate was 9.99%, 78.2% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Montana by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Rhode Island, Delaware, West Virginia, Hawaii, or see all states.