Lenders approved 1,664 SBA 7(a) loans worth $268M for Puerto Rico businesses in fiscal years 2024 through 2026, net of cancellations. That ranks 29th of 52 by number of loans and 41st by dollars. The median loan was $51K at a median starting rate of 11.00%. In FY2026 alone, lenders approved 603 Puerto Rico loans for $90.6M before cancellations.
What stands out in Puerto Rico
One lender dominates
Banco Popular de Puerto Rico approved 1,158 of Puerto Rico's 1,664 SBA 7(a) loans in FY2024 to FY2026, a 69.6% share. The top three lenders together made 97.3%. For comparison, the largest 7(a) lender nationally, The Huntington National Bank, holds 10.3% of all loans. In practice, a Puerto Rico business shopping for an SBA loan is likely to meet this bank first, so comparing at least one other lender's terms matters more here than in most states.
Lending grew while the country shrank
Puerto Rico approvals went from 548 in FY2025 to 603 in FY2026 (+10.0%), against −28.1% nationally. It is the only one of the 52 jurisdictions covered here where the FY2026 count rose.
SBA Express is the main channel
77.9% of Puerto Rico's 7(a) loans were made through SBA Express, against 35.8% nationally. Express loans are capped at $500,000 and the lender makes the credit decision itself, so they move faster but are smaller. The median Puerto Rico loan was $51K (national median $175K).
Health care stands out
Health care accounted for 24.8% of Puerto Rico's 7(a) loans (412 loans), 2.5 times its 10.0% national share. The median health care loan in Puerto Rico was $50K at a median rate of 10.75%.
Smaller loans than average
The median 7(a) loan in Puerto Rico was $51K, below the national median of $175K. 72.5% of Puerto Rico loans were $150,000 or less (49.0% nationally) and 1.9% were $1 million or more (13.6% nationally).
Fewer business purchases
1.1% of Puerto Rico 7(a) loans financed a change of ownership, that is, buying an existing business, against 10.9% nationally. Most Puerto Rico loans fund existing owners rather than buyers.
Top SBA 7(a) lenders in Puerto Rico
| Lender | Loans | Share of state |
|---|---|---|
| 1. Banco Popular de Puerto Rico | 1,158 | 69.6% |
| 2. Oriental Bank | 269 | 16.2% |
| 3. FirstBank Puerto Rico | 191 | 11.5% |
| 4. Economic Development Bank for Puerto Rico | 30 | 1.8% |
Puerto Rico 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 | 655 | 548 | 603 |
| Dollars approved | $109M | $89.8M | $90.6M |
| Loans not cancelled | 578 | 506 | 580 |
| Median loan | $54K | $60K | $50K |
| Median rate | 11.75% | 10.75% | 10.25% |
| Loans of $150K or less | 73.0% | 68.2% | 75.7% |
| SBA Express share | 74.9% | 76.5% | 82.1% |
FY2026 approvals in Puerto Rico changed by +10.0% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical Puerto Rico SBA loan looks like
| FY2024-FY2026, not cancelled | Puerto Rico | United States |
|---|---|---|
| Median loan | $51K | $175K |
| Average loan | $161K | $508K |
| Median starting rate | 11.00% | 10.25% |
| Variable-rate loans | 79.1% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 72.5% | 49.0% |
| Loans of $500K or less | 95.7% | 76.9% |
| Loans of $1M or more | 1.9% | 13.6% |
| Startups (loan opens the business) | 17.3% | 16.1% |
| Startups and businesses 2 years old or less | 34.3% | 32.0% |
| Change of ownership (buying a business) | 1.1% | 10.9% |
| Franchise businesses | 1.2% | 11.0% |
| SBA Express loans | 77.9% | 35.8% |
| Jobs supported (reported at approval) | 17,367 | 1,733,816 |
Industries that borrow most in Puerto Rico
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Health care | 412 | 24.8% | $50K | 10.75% |
| Retail | 230 | 13.8% | $50K | 11.00% |
| Restaurants and hotels | 197 | 11.8% | $65K | 11.00% |
| Professional services | 175 | 10.5% | $68K | 10.75% |
| Construction | 134 | 8.1% | $68K | 11.25% |
| Other services (repair, personal care) | 126 | 7.6% | $50K | 10.62% |
| Manufacturing | 108 | 6.5% | $50K | 11.50% |
| Wholesale trade | 69 | 4.1% | $75K | 11.25% |
Where in Puerto Rico the loans go
| County | Loans |
|---|---|
| San Juan | 301 |
| Bayamon | 122 |
| Caguas | 92 |
| Carolina | 81 |
| Guaynabo | 75 |
| Ponce | 65 |
| Mayaguez | 50 |
| Toa Baja | 37 |
| City | Loans |
|---|---|
| San Juan | 302 |
| Bayamon | 121 |
| Caguas | 92 |
| Carolina | 81 |
| Guaynabo | 74 |
| Ponce | 60 |
| Mayaguez | 50 |
| Toa Baja | 37 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Puerto Rico
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.
| Puerto Rico | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 182 | 18,076 |
| 504 dollars | $89.8M | $20.82B |
| Median 504 loan | $279K | $742K |
| Jobs supported (reported at approval) | 1,235 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Marketing Small Business Finance Corporation | 78 |
| Corp. Financiamiento Empresarial Del Comercio Y Comunidades (cofecc) | 65 |
| Pymes Financial Partners, Inc. | 39 |
SBA district office for Puerto Rico
Puerto Rico loans are overseen by the SBA Puerto Rico And Usvi 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 Puerto Rico
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 Puerto Rico?
Lenders approved 655 SBA 7(a) loans for Puerto Rico businesses in FY2024, 548 in FY2025 and 603 in FY2026, before cancellations. Net of cancelled loans, the three years total 1,664 loans worth $268M, plus 182 SBA 504 loans worth $89.8M.
Which banks make the most SBA loans in Puerto Rico?
In FY2024 to FY2026 the most active 7(a) lenders in Puerto Rico were Banco Popular de Puerto Rico (1,158 loans, 69.6%), Oriental Bank (269 loans, 16.2%), FirstBank Puerto Rico (191 loans, 11.5%).
What is the typical SBA loan size and rate in Puerto Rico?
The median 7(a) loan in Puerto Rico was $51K and the average was $161K. The median starting interest rate was 11.00%, 79.1% 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 Puerto Rico 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: Idaho, Nevada, New Hampshire, Kentucky, or see all states.