SBA Lending Data · Market Report
The quarter in SBA lending
January to March 2025
SBA fiscal 2025, second quarter
Every 7(a) and 504 loan approved in the quarter, drawn from the SBA’s public loan-level release. What was lent, by whom, to which trades, where, and at what price. Written to be read from either side of the table.
Source: U.S. Small Business Administration 7(a) and 504 loan-level FOIA data, snapshot as of 30 June 2026. Independent analysis, not affiliated with or endorsed by the SBA. Figures cover loans approved in the quarter, not disbursed or repaid.
Section one
The quarter in brief
Volume and value moved together. Approvals rose 12.6% against the prior quarter while dollars rose 15.2%. The average approval was $506K, and the $2M-and-above band carried 1,110 loans: 6% of the count, 38% of the dollars.
Pricing. The median 7(a) rate was 10.25%, against 11.25% a year earlier. Most of any move is policy rather than appetite: the median spread over Prime went from 2.75 to 2.75 points. 86% of priced loans were variable rate, so existing borrowers felt the same shift.
Concentration. 1,078 institutions wrote at least one loan. The largest, Live Oak Banking Company, took 7.6% of dollars; the top ten took 30.4%. Metro City Bank was the clearest mover, rising from #76 to #24.
Where it went. Accommodation and Food Services led on dollars with $1.6B across 2,305 loans, 16.2% of the quarter. California was the largest single market at $1.4B.
Section two
Volume and mix
Dollars approved by fiscal quarter. This quarter is shown in ink.
504 is a fraction of the count but writes loans roughly 2.0 times the size, because it funds fixed assets. A 504 deal is structured in two parts, a bank loan alongside a CDC debenture, and only the SBA portion appears here.
Section three
Pricing
Median 7(a) rate against the Prime rate those loans were written on. The shaded gap is the spread, and it is the only part of the price the lender sets.
What it cost, by loan size
The smallest loans paid 1.50 points more than the largest, 10.50% against 9.00%. Underwriting a $75,000 loan costs little less than underwriting a $3M one, and the smallest borrowers carry that in the rate.
For a borrower. A quoted spread materially above Prime + 2.75 is worth a second opinion, particularly above $500K where the median spread was 2.00 points or less. For a lender. 86% of the quarter’s priced paper was variable, so the book reprices with Prime in both directions.
Rates are 7(a) only. The 504 file carries no interest rate, because the CDC debenture and the third-party bank loan are priced separately and neither is published. Spread is measured against WSJ Prime on each loan’s own approval date.
Section four
Lenders
The fifteen largest by dollars approved. Movement is the change in rank against the prior quarter.
| Lender | Loans | Approved | Share | Avg loan | Median rate | Move | |
|---|---|---|---|---|---|---|---|
| 1 | Live Oak Banking CompanyWilmington, NC | 537 | $734.1M | 7.6% | $1.4M | 9.25% | – |
| 2 | The Huntington National BankColumbus, OH | 1,780 | $586.8M | 6.1% | $330K | 9.50% | – |
| 3 | Readycap Lending, LLCBerkeley Heights, NJ | 1,058 | $383.0M | 4.0% | $362K | 10.25% | – |
| 4 | Newtek Bank, National AssociationMiami, FL | 624 | $259.5M | 2.7% | $416K | 10.50% | – |
| 5 | U.S. Bank, National AssociationCincinnati, OH | 881 | $217.1M | 2.3% | $246K | 9.49% | ↑ 2 |
| 6 | Northeast BankLewiston, ME | 1,098 | $180.2M | 1.9% | $164K | 10.25% | – |
| 7 | Bank of America, National AssociationCharlotte, NC | 252 | $150.3M | 1.6% | $596K | 7.23% | ↑ 7 |
| 8 | JPMorgan Chase Bank, National AssociationColumbus, OH | 422 | $147.7M | 1.5% | $350K | 10.85% | ↓ 3 |
| 9 | Harvest Small Business Finance, LLCLaguna Hills, CA | 143 | $131.1M | 1.4% | $917K | 10.25% | ↑ 13 |
| 10 | Byline BankChicago, IL | 115 | $130.7M | 1.4% | $1.1M | 10.25% | ↑ 6 |
| 11 | Lendistry SBLC, LLCLos Angeles, CA | 613 | $125.9M | 1.3% | $205K | 12.00% | ↓ 2 |
| 12 | Wells Fargo Bank National AssociationSioux Falls, SD | 310 | $124.8M | 1.3% | $403K | 12.00% | ↓ 1 |
| 13 | First Internet Bank of IndianaFishers, IN | 81 | $123.4M | 1.3% | $1.5M | 10.25% | ↓ 5 |
| 14 | Celtic Bank CorporationSalt Lake City, UT | 368 | $114.5M | 1.2% | $311K | 10.25% | ↓ 4 |
| 15 | TD Bank, National AssociationWilmington, DE | 752 | $111.2M | 1.2% | $148K | 10.50% | ↓ 2 |
Rank is by dollars, so a lender writing few very large loans can outrank one writing many small ones. Read the count and average alongside it. A median rate is suppressed below 20 priced loans.
Section five
Industries
Share of the quarter’s dollars by NAICS sector, with the year-on-year change in loan count.
Twelve largest of 20 sectors; the full table is in Appendix B. The year-on-year column compares loan counts, not dollars, so one very large approval cannot distort it.
Section six
Geography
Loans are counted where the project is located, not where the lender is headquartered.
Twelve largest of 25 markets; the full table is in Appendix C. California alone took 14.5% of the quarter’s dollars.
Section seven
Loan and borrower profile
By loan size
| Band | Loans | Share | Approved | Median rate | Median term |
|---|---|---|---|---|---|
| Micro ($0-150K) | 7,082 | 37.3% | $427.7M | 10.50% | 10 yrs |
| Small ($150K-500K) | 6,568 | 34.6% | $1.8B | 10.25% | 10 yrs |
| Medium ($500K-2M) | 4,236 | 22.3% | $3.8B | 9.50% | 10 yrs |
| Large ($2M+) | 1,110 | 5.8% | $3.6B | 9.00% | 25 yrs |
By loan term
By business age
| Borrower | Loans | Approved | Average loan |
|---|---|---|---|
| Established (2y+) | 11,745 | $4.8B | $405K |
| Startup | 2,826 | $1.6B | $549K |
| New (<2y) | 2,631 | $1.2B | $454K |
| Change of Ownership | 1,760 | $2.1B | $1.2M |
| Unknown | 34 | $7.9M | $232K |
Business age is harmonised across a coding change at FY2018, when the SBA replaced fine bands with coarse ones. The buckets above are the comparable form.
Appendix A
Top 25 lenders
| Lender | Loans | 7(a) | 504 | Approved | Share | Avg | Rate | |
|---|---|---|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 537 | 537 | 0 | $734.1M | 7.6% | $1.4M | 9.25% |
| 2 | The Huntington National Bank | 1,780 | 1,780 | 0 | $586.8M | 6.1% | $330K | 9.50% |
| 3 | Readycap Lending, LLC | 1,058 | 1,058 | 0 | $383.0M | 4.0% | $362K | 10.25% |
| 4 | Newtek Bank, National Association | 624 | 624 | 0 | $259.5M | 2.7% | $416K | 10.50% |
| 5 | U.S. Bank, National Association | 881 | 881 | 0 | $217.1M | 2.3% | $246K | 9.49% |
| 6 | Northeast Bank | 1,098 | 1,098 | 0 | $180.2M | 1.9% | $164K | 10.25% |
| 7 | Bank of America, National Association | 252 | 252 | 0 | $150.3M | 1.6% | $596K | 7.23% |
| 8 | JPMorgan Chase Bank, National Association | 422 | 422 | 0 | $147.7M | 1.5% | $350K | 10.85% |
| 9 | Harvest Small Business Finance, LLC | 143 | 143 | 0 | $131.1M | 1.4% | $917K | 10.25% |
| 10 | Byline Bank | 115 | 115 | 0 | $130.7M | 1.4% | $1.1M | 10.25% |
| 11 | Lendistry SBLC, LLC | 613 | 613 | 0 | $125.9M | 1.3% | $205K | 12.00% |
| 12 | Wells Fargo Bank National Association | 310 | 310 | 0 | $124.8M | 1.3% | $403K | 12.00% |
| 13 | First Internet Bank of Indiana | 81 | 81 | 0 | $123.4M | 1.3% | $1.5M | 10.25% |
| 14 | Celtic Bank Corporation | 368 | 368 | 0 | $114.5M | 1.2% | $311K | 10.25% |
| 15 | TD Bank, National Association | 752 | 752 | 0 | $111.2M | 1.2% | $148K | 10.50% |
| 16 | GBank | 38 | 38 | 0 | $110.2M | 1.1% | $2.9M | 8.50% |
| 17 | Mortgage Capital Development Corporation | 95 | 12 | 83 | $106.6M | 1.1% | $1.1M | N/A |
| 18 | United Midwest Savings Bank National Association | 231 | 231 | 0 | $100.6M | 1.1% | $436K | 10.25% |
| 19 | First Bank of the Lake | 102 | 102 | 0 | $83.0M | 0.9% | $814K | 10.13% |
| 20 | BayFirst National Bank | 508 | 508 | 0 | $76.8M | 0.8% | $151K | 12.25% |
| 21 | Port 51 Lending LLC | 54 | 54 | 0 | $73.1M | 0.8% | $1.4M | 10.25% |
| 22 | Business Finance Capital | 54 | 1 | 53 | $69.7M | 0.7% | $1.3M | N/A |
| 23 | Pinnacle Bank | 48 | 48 | 0 | $69.2M | 0.7% | $1.4M | 9.50% |
| 24 | Metro City Bank | 28 | 28 | 0 | $68.5M | 0.7% | $2.4M | 8.75% |
| 25 | Beacon Bank and Trust | 68 | 68 | 0 | $66.8M | 0.7% | $982K | 9.75% |
Appendix B
All sectors
| Sector | Loans | Approved | Share | Avg loan | Median rate | YoY loans |
|---|---|---|---|---|---|---|
| Accommodation and Food Services | 2,305 | $1.6B | 16.2% | $678K | 9.75% | +17% |
| Retail Trade | 2,108 | $1.2B | 12.6% | $573K | 10.25% | +20% |
| Health Care and Social Assistance | 1,936 | $1.1B | 11.4% | $569K | 10.00% | +29% |
| Construction | 2,692 | $1.1B | 11.1% | $398K | 10.25% | +14% |
| Professional, Scientific, and Technical Services | 1,957 | $851.5M | 8.9% | $435K | 10.25% | +28% |
| Other Services (except Public Administration) | 1,917 | $794.2M | 8.3% | $414K | 10.25% | +25% |
| Manufacturing | 1,144 | $779.7M | 8.1% | $682K | 10.00% | +25% |
| Wholesale Trade | 742 | $480.1M | 5.0% | $647K | 10.25% | +6% |
| Administrative and Support and Waste Management and Remediation Services | 1,183 | $398.3M | 4.1% | $337K | 10.25% | +26% |
| Arts, Entertainment, and Recreation | 680 | $389.7M | 4.0% | $573K | 10.00% | +15% |
| Transportation and Warehousing | 940 | $305.8M | 3.2% | $325K | 10.25% | +20% |
| Real Estate and Rental and Leasing | 368 | $181.3M | 1.9% | $493K | 10.25% | +4% |
| Educational Services | 284 | $149.0M | 1.6% | $524K | 10.25% | +7% |
| Finance and Insurance | 325 | $140.4M | 1.5% | $432K | 10.25% | +38% |
| Agriculture, Forestry, Fishing and Hunting | 169 | $105.4M | 1.1% | $624K | 9.50% | +18% |
| Information | 174 | $61.4M | 0.6% | $353K | 10.25% | +18% |
| Mining, Quarrying, and Oil and Gas Extraction | 27 | $23.4M | 0.2% | $868K | 10.25% | +4% |
| Utilities | 34 | $11.6M | 0.1% | $341K | 10.25% | +55% |
| Management of Companies and Enterprises | 6 | $2.9M | 0.0% | $484K | N/A | -33% |
| Public Administration | 5 | $480K | 0.0% | $96K | N/A | -69% |
Appendix C
Top 25 markets
| State | Loans | Approved | Share | Avg loan | YoY loans |
|---|---|---|---|---|---|
| California | 2,406 | $1.4B | 14.5% | $580K | +28% |
| Texas | 1,456 | $981.3M | 10.2% | $674K | +34% |
| Florida | 1,347 | $784.9M | 8.2% | $583K | +4% |
| New York | 1,261 | $466.6M | 4.8% | $370K | +26% |
| Ohio | 880 | $356.5M | 3.7% | $405K | -5% |
| Georgia | 519 | $354.7M | 3.7% | $683K | +20% |
| Colorado | 563 | $339.7M | 3.5% | $603K | +48% |
| North Carolina | 433 | $310.8M | 3.2% | $718K | +23% |
| Pennsylvania | 640 | $307.9M | 3.2% | $481K | +21% |
| Illinois | 651 | $304.2M | 3.2% | $467K | +12% |
| Washington | 551 | $283.5M | 3.0% | $515K | +38% |
| New Jersey | 621 | $272.5M | 2.8% | $439K | +21% |
| Michigan | 630 | $236.7M | 2.5% | $376K | -0% |
| Minnesota | 463 | $207.8M | 2.2% | $449K | +13% |
| Arizona | 393 | $195.9M | 2.0% | $498K | +20% |
| Missouri | 287 | $179.3M | 1.9% | $625K | +13% |
| Massachusetts | 553 | $174.8M | 1.8% | $316K | +17% |
| Wisconsin | 314 | $172.1M | 1.8% | $548K | +20% |
| Virginia | 347 | $169.4M | 1.8% | $488K | +18% |
| Utah | 379 | $156.3M | 1.6% | $412K | +57% |
| Indiana | 320 | $151.0M | 1.6% | $472K | +0% |
| Tennessee | 257 | $144.1M | 1.5% | $561K | +37% |
| South Carolina | 213 | $118.2M | 1.2% | $555K | +14% |
| Maryland | 328 | $117.1M | 1.2% | $357K | +17% |
| Oregon | 282 | $114.2M | 1.2% | $405K | +28% |
Appendix D
Largest single approvals
| Amount | Programme | Industry | State | Lender |
|---|---|---|---|---|
| $5,500,000 | 504 | Colleges, Universities, and Professional Schools | CA | Mortgage Capital Development Corporation |
| $5,500,000 | 504 | Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing | MN | Central Minnesota Development Company |
| $5,498,000 | 504 | Industrial and Personal Service Paper Merchant Wholesalers | CA | California Statewide Certified Development Corporation |
| $5,409,000 | 504 | All Other Miscellaneous Fabricated Metal Product Manufacturing | CO | B:Side Capital |
| $5,088,000 | 504 | Hotels (except Casino Hotels) and Motels | WA | Ameritrust CDC |
| $5,000,000 | 7(a) | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | GA | Metro City Bank |
| $5,000,000 | 7(a) | Site Preparation Contractors | MO | OakStar Bank |
| $5,000,000 | 7(a) | Car Washes | TX | Metro City Bank |
| $5,000,000 | 7(a) | Farm Supplies Merchant Wholesalers | FL | Pinnacle Bank |
| $5,000,000 | 7(a) | Full-Service Restaurants | NJ | Hanover Community Bank |
| $5,000,000 | 7(a) | Pharmacies and Drug Retailers | CA | Byline Bank |
| $5,000,000 | 7(a) | Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) | KY | Heritage Bank Inc |
Borrower names are in the public file but are not reproduced here.
Appendix E
Method, definitions and caveats
- What is counted
- Loans approved in January to March 2025 under the SBA 7(a) and 504 programmes. Approval is not disbursement: some of these loans will never draw down. Cancelled loans and loans approved but never disbursed are excluded throughout, because they were never at risk and including them would flatter every figure.
- Interest rates
- Rates are 7(a) only. The 504 file carries no interest rate at all, so 504 is absent from every pricing figure rather than shown as zero. Rates are the initial rate recorded at approval: not the rate today, not an offer, and not inclusive of the SBA guaranty fee, packaging or closing costs, none of which appear in the file.
- Spread over Prime
- Computed against the WSJ Prime Rate in effect on each loan’s own approval date, from a step series of rate changes rather than a quarterly average. In a quarter when Prime moves, an averaged figure misstates the spread for most of the loans in it. Medians, not means, because SBA rates cluster on round numbers.
- Median versus average
- Loan sizes are severely right-skewed. The average approval this quarter was $506K and the median $203K. Where one figure is quoted it is labelled.
- Sectors
- NAICS splits Manufacturing, Retail Trade and Transportation across consecutive two-digit codes. They are merged here, so each appears once rather than several times with its volume divided.
- What this report does not do
- It does not measure performance. Charge-offs on loans approved this quarter have not happened yet and will not be visible for years, so nothing here is a statement about credit quality. It is not a recommendation, an offer, or advice.
- Source
- U.S. Small Business Administration 7(a) and 504 loan-level data published under the Freedom of Information Act, snapshot as of 30 June 2026. Nothing here is modelled, imputed or purchased. Figures are restated by the agency from time to time; a later release may not reproduce them exactly.
SBA Lending Data
Every SBA 7(a) and 504 loan approved since 1991 — by lender, by trade, by place. This report covers January to March 2025. A new one is published each quarter.
sbalendingdata.com
Source: U.S. Small Business Administration 7(a) and 504 loan-level FOIA data. Figures cover loans approved in the quarter, not disbursed or repaid. Cancelled and never-disbursed loans are excluded throughout. Independent analysis, not affiliated with or endorsed by the SBA. Free to share and quote with attribution.