The SBA publishes every 7(a) and 504 loan it approves — the lender, the state, the county, the industry, the amount, the rate and the jobs behind it. We read 388,338 7(a) approvals and 117,983 504 approvals and turned them into the answer nobody else will give you: who says yes to a business like yours, where, and for how much.
In fiscal year 2025 SBA lenders approved 78,078 7(a) loans worth $37.3 billion, at a median of $166,850 and an average of $477,571. Another 6,762 504 loans worth $7.8 billion were approved, median $747,000. The median initial rate recorded at approval was 10.25%, 87.6% of 7(a) loans were variable-rate, 29.8% of approvals went to businesses SBA classified as new, and borrowers reported 832,969 jobs supported. Every figure on this page comes from SBA's published 7(a) and 504 FOIA files as of 2026-06-30 — approvals only, and the file contains no declines, so no approval rate can be calculated from it.
SBA's lending data comes from its 7(a) and 504 FOIA files on data.sba.gov. Each file has one row per approved loan, listing the approving lender (or the CDC on 504 loans), the borrower's state, county and NAICS industry, the approved amount, the initial interest rate and term, and the number of jobs reported as supported. We publish those rows here only as aggregates by state, industry and lender. We never show individual borrowers. Three facts should shape how you read this data. It records approvals, not disbursements. It contains no declined applications. Fiscal year 2026 is a partial year. Jump straight to SBA lending by state, SBA lending by lender or the industry breakdowns below.
The median 7(a) loan approved in FY2025 was $166,850 — and the average was $477,571, dragged up by a tail of very large deals. Most owners assume SBA money is for buying buildings. It is mostly six-figure working capital for ordinary businesses. On the 504 side, built for property and heavy equipment, the median was $747,000 across 6,762 approvals.
| Loan size | 7(a) loans | Share |
|---|---|---|
| Under $50K | 12,187 | 15.6% |
| $50K-$150K | 19,617 | 25.1% |
| $150K-$350K | 19,973 | 25.6% |
| $350K-$1M | 16,877 | 21.6% |
| $1M+ | 9,424 | 12.1% |
15.6% of 7(a) approvals were under $50,000 and 12.1% were $1 million or more. Both ends are real, and they are served by completely different lenders — which is the whole point of the lender tables below.
No. 29.8% of FY2025 7(a) approvals went to businesses SBA classified as new — startups, or under two years old. That is roughly 23,250 loans to new businesses in a single year, which is worth remembering the next time someone tells you a startup cannot get funded.
The median initial interest rate recorded at approval was 10.25%, with the middle of the market between 8.25% and 12.5%. 87.6% of 7(a) loans were variable-rate, so most SBA borrowers are exposed to the base rate moving. These are historic rates recorded at approval across FY2025, not an offer and not a current quote.
| Fiscal year | 7(a) loans | 7(a) approved | Median 7(a) | 504 loans |
|---|---|---|---|---|
| FY2020 | 42,298 | $22.5 billion | $200,000 | 7,119 |
| FY2021 | 51,856 | $36.5 billion | $323,600 | 9,676 |
| FY2022 | 47,678 | $25.7 billion | $200,000 | 9,254 |
| FY2023 | 57,362 | $27.5 billion | $150,000 | 5,924 |
| FY2024 | 70,242 | $31.1 billion | $150,000 | 5,993 |
| FY2025 | 78,078 | $37.3 billion | $166,850 | 6,762 |
| FY2026 (partial) | 40,824 | $21.8 billion | $200,000 | 4,459 |
Ranked by the number of loans approved in FY2025, not by anyone's opinion. Note how far apart the median loan sizes are — the same "SBA lender" label covers a bank writing $35,000 loans and one writing $1.5 million loans.
| Lender | 7(a) loans | Median size | Total approved |
|---|---|---|---|
| Northeast Bank | 7,815 | $146,800 | $1.3 billion |
| The Huntington National Bank | 7,784 | $101,950 | $2.5 billion |
| Newtek Bank, National Association | 4,828 | $210,000 | $2.0 billion |
| U.S. Bank, National Association | 3,453 | $50,000 | $871.2 million |
| TD Bank, National Association | 3,424 | $50,000 | $495.2 million |
| Readycap Lending, LLC | 3,137 | $143,500 | $1.2 billion |
| Manufacturers and Traders Trust Company | 2,701 | $50,000 | $293.9 million |
| Live Oak Banking Company | 2,280 | $500,000 | $2.9 billion |
| JPMorgan Chase Bank, National Association | 1,914 | $211,500 | $590.5 million |
| BayFirst National Bank | 1,895 | $150,000 | $301.6 million |
| Lendistry SBLC, LLC | 1,849 | $150,000 | $384.8 million |
| Wells Fargo Bank National Association | 1,607 | $20,000 | $539.1 million |
| Celtic Bank Corporation | 1,482 | $150,000 | $592.9 million |
| Zions Bank | 1,217 | $105,000 | $239.5 million |
| United Midwest Savings Bank National Association | 963 | $150,000 | $380.6 million |
See the full lender analysis — including the lenders most active under $150,000, the ones doing million-dollar deals, and the biggest CDCs on the 504 side.
| Industry (SBA NAICS description) | Loans | Median loan |
|---|---|---|
| Full-Service Restaurants | 3,574 | $250,000 |
| Limited-Service Restaurants | 2,584 | $311,800 |
| Residential Remodelers | 1,768 | $100,000 |
| Fitness and Recreational Sports Centers | 1,607 | $250,000 |
| Plumbing, Heating, and Air-Conditioning Contractors | 1,406 | $200,000 |
| All Other Specialty Trade Contractors | 1,260 | $185,600 |
| General Automotive Repair | 1,250 | $176,350 |
| Snack and Nonalcoholic Beverage Bars | 1,241 | $300,000 |
| Landscaping Services | 1,200 | $100,000 |
| Beauty Salons | 1,192 | $75,000 |
| Child Care Services | 1,145 | $350,000 |
| General Freight Trucking, Long-Distance, Truckload | 1,009 | $89,900 |
| Electrical Contractors and Other Wiring Installation Contractors | 1,008 | $150,000 |
| Other Personal Care Services | 911 | $200,000 |
| Offices of Physicians (except Mental Health Specialists) | 865 | $250,000 |
Source: U.S. Small Business Administration, 7(a) and 504 FOIA loan data (data.sba.gov), files as of 30 June 2026, read on 1 September 2026. Figures cover loan APPROVALS, not disbursements, and the files contain no declined applications — so no approval rate can be calculated from them. Fiscal year 2026 is partial (1 October 2025 to 30 June 2026). Aggregated by Goldspur Capital; borrower-level records are not published. Program guidelines shown are our lending partners' published minimums as of September 2026 and can change. They are qualification floors, not an offer.
What lenders approved for businesses like yours — sizes, terms and the banks most active in each trade.
10,583 SBA 7(a) loans approved in FY2025 · median $150,000
8,797 SBA 7(a) loans approved in FY2025 · median $200,000
8,489 SBA 7(a) loans approved in FY2025 · median $250,000
4,713 SBA 7(a) loans approved in FY2025 · median $200,000
4,456 SBA 7(a) loans approved in FY2025 · median $240,000
3,093 SBA 7(a) loans approved in FY2025 · median $150,000
2,895 SBA 7(a) loans approved in FY2025 · median $97,700
2,859 SBA 7(a) loans approved in FY2025 · median $100,900
2,659 SBA 7(a) loans approved in FY2025 · median $200,000
2,624 SBA 7(a) loans approved in FY2025 · median $143,650
2,393 SBA 7(a) loans approved in FY2025 · median $263,000
2,195 SBA 7(a) loans approved in FY2025 · median $256,500
1,326 SBA 7(a) loans approved in FY2025 · median $200,000
1,145 SBA 7(a) loans approved in FY2025 · median $350,000
918 SBA 7(a) loans approved in FY2025 · median $2,204,500
Every state, with the lenders actually approving loans there, the counties taking the money, the industries borrowing, and how loan sizes compare to the national median.
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