Washington businesses took out 5,229 SBA 7(a) loans worth $2.87B in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 10th of 52 by number of loans and 9th by dollars. The median loan was $150K at a median starting rate of 10.25%. In FY2026 alone, lenders approved 1,846 Washington loans for $1.12B before cancellations.
What stands out in Washington
A milder FY2026 drop than the country
Washington approvals went from 2,217 in FY2025 to 1,846 in FY2026 (−16.7%), against −28.1% nationally. Dollar volume went from $1.13B to $1.12B (−0.6%).
Little startup lending
Loans to open a new business made up 9.8% of Washington's 7(a) loans, against 16.1% nationally; counting businesses two years old or younger, the share is 27.3%.
Lots of business purchases
15.2% of Washington 7(a) loans financed a change of ownership, that is, buying an existing business, against 10.9% nationally. If you are planning an acquisition, Washington lenders see this kind of deal often.
Light use of SBA 504
Washington had 309 SBA 504 loans, 0.06 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 Washington the most active was Evergreen Business Capital (122 loans).
SBA Express is the main channel
45.0% of Washington'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 Washington loan was $150K (national median $175K).
Washington 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 | 1,869 | 2,217 | 1,846 |
| Dollars approved | $965M | $1.13B | $1.12B |
| Loans not cancelled | 1,687 | 1,896 | 1,646 |
| Median loan | $150K | $150K | $200K |
| Median rate | 11.00% | 10.25% | 9.25% |
| Loans of $150K or less | 52.5% | 52.7% | 46.4% |
| SBA Express share | 45.8% | 44.7% | 44.5% |
FY2026 approvals in Washington changed by −16.7% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical Washington SBA loan looks like
| FY2024-FY2026, not cancelled | Washington | United States |
|---|---|---|
| Median loan | $150K | $175K |
| Average loan | $548K | $508K |
| Median starting rate | 10.25% | 10.25% |
| Variable-rate loans | 88.0% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 50.7% | 49.0% |
| Loans of $500K or less | 74.5% | 76.9% |
| Loans of $1M or more | 15.9% | 13.6% |
| Startups (loan opens the business) | 9.8% | 16.1% |
| Startups and businesses 2 years old or less | 27.3% | 32.0% |
| Change of ownership (buying a business) | 15.2% | 10.9% |
| Franchise businesses | 7.9% | 11.0% |
| SBA Express loans | 45.0% | 35.8% |
| Jobs supported (reported at approval) | 44,772 | 1,733,816 |
Most frequent franchise brands among Washington 7(a) loans: The UPS Store (11), Christensen Inc. (11), Hotworx (10).
Top SBA 7(a) lenders in Washington
| Lender | Loans | Share of state |
|---|---|---|
| 1. Columbia Bank | 711 | 13.6% |
| 2. U.S. Bank, National Association | 467 | 8.9% |
| 3. Banner Bank | 343 | 6.6% |
| 4. KeyBank National Association | 334 | 6.4% |
| 5. Readycap Lending, LLC | 209 | 4.0% |
| 6. Washington Trust Bank | 193 | 3.7% |
| 7. Sound Credit Union | 180 | 3.4% |
| 8. Newtek Bank, National Association | 149 | 2.8% |
| 9. The Huntington National Bank | 146 | 2.8% |
| 10. Northeast Bank | 134 | 2.6% |
Industries that borrow most in Washington
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 826 | 15.8% | $100K | 10.74% |
| Restaurants and hotels | 753 | 14.4% | $302K | 9.75% |
| Retail | 732 | 14.0% | $444K | 9.75% |
| Health care | 499 | 9.5% | $228K | 10.00% |
| Other services (repair, personal care) | 459 | 8.8% | $120K | 10.25% |
| Professional services | 427 | 8.2% | $127K | 10.50% |
| Manufacturing | 291 | 5.6% | $150K | 10.25% |
| Administrative and support services | 284 | 5.4% | $150K | 10.37% |
Where in Washington the loans go
| County | Loans |
|---|---|
| King | 1,682 |
| Pierce | 674 |
| Snohomish | 578 |
| Clark | 368 |
| Spokane | 366 |
| Thurston | 175 |
| Kitsap | 163 |
| Whatcom | 155 |
| City | Loans |
|---|---|
| Seattle | 575 |
| Vancouver | 258 |
| Spokane | 217 |
| Tacoma | 207 |
| Bellevue | 131 |
| Everett | 126 |
| Kent | 113 |
| Puyallup | 110 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Washington
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.
| Washington | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 309 | 18,076 |
| 504 dollars | $360M | $20.82B |
| Median 504 loan | $740K | $742K |
| Jobs supported (reported at approval) | 2,252 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Evergreen Business Capital | 122 |
| Northwest Business Development Association | 93 |
| Ameritrust Cdc | 64 |
| Capital Matrix, Inc. | 16 |
How older loans performed
Of the 2,336 SBA 7(a) loans approved for Washington businesses in FY2020 and FY2021 (not cancelled), 66 had been charged off by September 30, 2026: 2.8% by count and 0.8% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
SBA district office for Washington
Washington loans are split between the Seattle District Office (92% of loans) and the Portland District Office (8% of loans). 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 Washington
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 Washington?
Lenders approved 1,869 SBA 7(a) loans for Washington businesses in FY2024, 2,217 in FY2025 and 1,846 in FY2026, before cancellations. Net of cancelled loans, the three years total 5,229 loans worth $2.87B, plus 309 SBA 504 loans worth $360M.
Which banks make the most SBA loans in Washington?
In FY2024 to FY2026 the most active 7(a) lenders in Washington were Columbia Bank (711 loans, 13.6%), U.S. Bank, National Association (467 loans, 8.9%), Banner Bank (343 loans, 6.6%).
What is the typical SBA loan size and rate in Washington?
The median 7(a) loan in Washington was $150K and the average was $548K. The median starting interest rate was 10.25%, 88.0% 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 Washington 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: Illinois, Michigan, Georgia, Colorado, or see all states.