From October 2023 through September 2026, Wisconsin businesses received 2,747 SBA 7(a) loans totaling $1.48B, net of cancellations. That ranks 22nd of 52 by number of loans and 20th by dollars. The median loan was $212K at a median starting rate of 9.50%. In FY2026 alone, lenders approved 861 Wisconsin loans for $514M before cancellations.
What stands out in Wisconsin
Lots of business purchases
18.2% of Wisconsin 7(a) loans financed a change of ownership, that is, buying an existing business, against 10.9% nationally. If you are planning an acquisition, Wisconsin lenders see this kind of deal often.
Manufacturing stands out
Manufacturing accounted for 9.9% of Wisconsin's 7(a) loans (272 loans), 1.7 times its 5.8% national share. The median manufacturing loan in Wisconsin was $350K at a median rate of 8.75%.
Lower rates than average
The median starting rate on Wisconsin 7(a) loans was 9.50%, against 10.25% nationally, and 27.6% 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.
Heavy use of SBA 504
Wisconsin had 541 SBA 504 loans, 0.20 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 Wisconsin the most active was Wbd, Inc. (463 loans).
Lower charge-offs on older loans
Of the 2,033 Wisconsin 7(a) loans approved in FY2020 and FY2021, 2.5% had been charged off by September 2026, against 3.7% nationally. Measured in dollars, 1.3% of the amount approved was charged off (1.0% nationally).
What a typical Wisconsin SBA loan looks like
| FY2024-FY2026, not cancelled | Wisconsin | United States |
|---|---|---|
| Median loan | $212K | $175K |
| Average loan | $539K | $508K |
| Median starting rate | 9.50% | 10.25% |
| Variable-rate loans | 72.4% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 43.4% | 49.0% |
| Loans of $500K or less | 74.3% | 76.9% |
| Loans of $1M or more | 14.5% | 13.6% |
| Startups (loan opens the business) | 18.2% | 16.1% |
| Startups and businesses 2 years old or less | 35.5% | 32.0% |
| Change of ownership (buying a business) | 18.2% | 10.9% |
| Franchise businesses | 11.8% | 11.0% |
| SBA Express loans | 32.3% | 35.8% |
| Jobs supported (reported at approval) | 30,200 | 1,733,816 |
Most frequent franchise brands among Wisconsin 7(a) loans: The UPS Store (11).
Industries that borrow most in Wisconsin
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 368 | 13.4% | $150K | 9.50% |
| Restaurants and hotels | 368 | 13.4% | $360K | 9.25% |
| Retail | 325 | 11.8% | $245K | 9.50% |
| Other services (repair, personal care) | 275 | 10.0% | $200K | 9.25% |
| Manufacturing | 272 | 9.9% | $350K | 8.75% |
| Health care | 252 | 9.2% | $216K | 9.75% |
| Professional services | 210 | 7.6% | $150K | 9.75% |
| Administrative and support services | 162 | 5.9% | $150K | 9.75% |
Wisconsin 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 | 1,099 | 1,128 | 861 |
| Dollars approved | $525M | $551M | $514M |
| Loans not cancelled | 1,010 | 954 | 783 |
| Median loan | $200K | $230K | $250K |
| Median rate | 10.00% | 9.50% | 8.65% |
| Loans of $150K or less | 46.2% | 42.8% | 40.5% |
| SBA Express share | 33.5% | 29.8% | 33.8% |
FY2026 approvals in Wisconsin changed by −23.7% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
Top SBA 7(a) lenders in Wisconsin
| Lender | Loans | Share of state |
|---|---|---|
| 1. U.S. Bank, National Association | 309 | 11.2% |
| 2. The Huntington National Bank | 184 | 6.7% |
| 3. Old National Bank | 133 | 4.8% |
| 4. Bank First, N.A. | 98 | 3.6% |
| 5. Readycap Lending, LLC | 87 | 3.2% |
| 6. Wisconsin Women's Business Initiative Corporation | 84 | 3.1% |
| 7. Nicolet National Bank | 84 | 3.1% |
| 8. Summit CU | 77 | 2.8% |
| 9. Associated Bank National Association | 75 | 2.7% |
| 10. Byline Bank | 69 | 2.5% |
Where in Wisconsin the loans go
| County | Loans |
|---|---|
| Milwaukee | 429 |
| Waukesha | 313 |
| Dane | 298 |
| Brown | 130 |
| Saint Croix | 103 |
| Outagamie | 92 |
| Racine | 89 |
| Eau Claire | 83 |
| City | Loans |
|---|---|
| Milwaukee | 291 |
| Madison | 148 |
| Green Bay | 83 |
| Appleton | 73 |
| Eau Claire | 71 |
| Waukesha | 66 |
| Brookfield | 59 |
| Hudson | 51 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Wisconsin
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.
| Wisconsin | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 541 | 18,076 |
| 504 dollars | $564M | $20.82B |
| Median 504 loan | $679K | $742K |
| Jobs supported (reported at approval) | 5,341 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Wbd, Inc. | 463 |
| Racine County Economic Development Corporation | 54 |
How older loans performed
Of the 2,033 SBA 7(a) loans approved for Wisconsin businesses in FY2020 and FY2021 (not cancelled), 50 had been charged off by September 30, 2026: 2.5% by count and 1.3% 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 Wisconsin
Wisconsin loans are overseen by the SBA Wisconsin 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 Wisconsin
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 Wisconsin?
Lenders approved 1,099 SBA 7(a) loans for Wisconsin businesses in FY2024, 1,128 in FY2025 and 861 in FY2026, before cancellations. Net of cancelled loans, the three years total 2,747 loans worth $1.48B, plus 541 SBA 504 loans worth $564M.
Which banks make the most SBA loans in Wisconsin?
In FY2024 to FY2026 the most active 7(a) lenders in Wisconsin were U.S. Bank, National Association (309 loans, 11.2%), The Huntington National Bank (184 loans, 6.7%), Old National Bank (133 loans, 4.8%).
What is the typical SBA loan size and rate in Wisconsin?
The median 7(a) loan in Wisconsin was $212K and the average was $539K. The median starting interest rate was 9.50%, 72.4% 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 Wisconsin 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: Indiana, Oregon, Missouri, Connecticut, or see all states.