SBA Lending Data · Market Report
The quarter in SBA lending
July to September 2025
SBA fiscal 2025, fourth 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
Fewer loans, but bigger ones. Approvals fell 5.3% against the prior quarter while dollars rose 12.5%. The average approval was $660K, and the $2M-and-above band carried 1,225 loans: 9% of the count, 44% of the dollars.
Pricing. The median 7(a) rate was 10.00%, 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 2.50 points. 85% of priced loans were variable rate, so existing borrowers felt the same shift.
Concentration. 935 institutions wrote at least one loan. The largest, Live Oak Banking Company, took 7.6% of dollars; the top ten took 27.6%. First Bank of the Lake was the clearest mover, rising from #28 to #9.
Where it went. Accommodation and Food Services led on dollars with $1.7B across 1,897 loans, 19.1% of the quarter. California was the largest single market at $1.3B.
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 1.5 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 1.75 points more than the largest, 10.50% against 8.75%. 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 + 2.50 is worth a second opinion, particularly above $500K where the median spread was 2.00 points or less. For a lender. 85% 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 | $699.6M | 7.6% | $1.3M | 9.10% | – |
| 2 | The Huntington National BankColumbus, OH | 998 | $435.8M | 4.8% | $437K | 10.00% | – |
| 3 | U.S. Bank, National AssociationCincinnati, OH | 655 | $232.8M | 2.5% | $355K | 9.49% | ↑ 3 |
| 4 | GBankLas Vegas, NV | 72 | $209.9M | 2.3% | $2.9M | 8.50% | ↑ 7 |
| 5 | Newtek Bank, National AssociationMiami, FL | 600 | $202.1M | 2.2% | $337K | 10.50% | ↓ 1 |
| 6 | First Internet Bank of IndianaFishers, IN | 128 | $166.3M | 1.8% | $1.3M | 10.25% | ↓ 3 |
| 7 | Celtic Bank CorporationSalt Lake City, UT | 345 | $165.5M | 1.8% | $480K | 10.25% | ↑ 1 |
| 8 | Byline BankChicago, IL | 130 | $142.3M | 1.6% | $1.1M | 10.25% | ↑ 2 |
| 9 | First Bank of the LakeOsage Beach, MO | 155 | $140.3M | 1.5% | $905K | 9.75% | ↑ 19 |
| 10 | Wells Fargo Bank National AssociationSioux Falls, SD | 166 | $133.0M | 1.4% | $801K | 7.82% | ↑ 2 |
| 11 | Readycap Lending, LLCBerkeley Heights, NJ | 258 | $126.7M | 1.4% | $491K | 10.25% | ↓ 6 |
| 12 | Mortgage Capital Development CorporationOakland, CA · 111 of 119 are 504 | 119 | $126.2M | 1.4% | $1.1M | N/A | ↓ 5 |
| 13 | US Metro BankGarden Grove, CA | 60 | $122.0M | 1.3% | $2.0M | 8.75% | ↑ 17 |
| 14 | Port 51 Lending LLCNew York, NY | 67 | $115.9M | 1.3% | $1.7M | 9.50% | ↑ 4 |
| 15 | Harvest Small Business Finance, LLCLaguna Hills, CA | 112 | $114.7M | 1.3% | $1.0M | 10.00% | ↓ 1 |
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 14.4% 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) | 4,326 | 31.2% | $269.7M | 10.50% | 10 yrs |
| Small ($150K-500K) | 4,774 | 34.4% | $1.3B | 10.25% | 10 yrs |
| Medium ($500K-2M) | 3,551 | 25.6% | $3.5B | 9.50% | 11 yrs |
| Large ($2M+) | 1,225 | 8.8% | $4.1B | 8.75% | 25 yrs |
By loan term
By business age
| Borrower | Loans | Approved | Average loan |
|---|---|---|---|
| Established (2y+) | 7,884 | $4.3B | $541K |
| Startup | 2,168 | $1.4B | $658K |
| New (<2y) | 2,037 | $1.2B | $582K |
| Change of Ownership | 1,781 | $2.3B | $1.3M |
| Unknown | 6 | $1.8M | $299K |
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 | $699.6M | 7.6% | $1.3M | 9.10% |
| 2 | The Huntington National Bank | 998 | 998 | 0 | $435.8M | 4.8% | $437K | 10.00% |
| 3 | U.S. Bank, National Association | 655 | 655 | 0 | $232.8M | 2.5% | $355K | 9.49% |
| 4 | GBank | 72 | 72 | 0 | $209.9M | 2.3% | $2.9M | 8.50% |
| 5 | Newtek Bank, National Association | 600 | 600 | 0 | $202.1M | 2.2% | $337K | 10.50% |
| 6 | First Internet Bank of Indiana | 128 | 128 | 0 | $166.3M | 1.8% | $1.3M | 10.25% |
| 7 | Celtic Bank Corporation | 345 | 345 | 0 | $165.5M | 1.8% | $480K | 10.25% |
| 8 | Byline Bank | 130 | 130 | 0 | $142.3M | 1.6% | $1.1M | 10.25% |
| 9 | First Bank of the Lake | 155 | 155 | 0 | $140.3M | 1.5% | $905K | 9.75% |
| 10 | Wells Fargo Bank National Association | 166 | 166 | 0 | $133.0M | 1.4% | $801K | 7.82% |
| 11 | Readycap Lending, LLC | 258 | 258 | 0 | $126.7M | 1.4% | $491K | 10.25% |
| 12 | Mortgage Capital Development Corporation | 119 | 8 | 111 | $126.2M | 1.4% | $1.1M | N/A |
| 13 | US Metro Bank | 60 | 60 | 0 | $122.0M | 1.3% | $2.0M | 8.75% |
| 14 | Port 51 Lending LLC | 67 | 67 | 0 | $115.9M | 1.3% | $1.7M | 9.50% |
| 15 | Harvest Small Business Finance, LLC | 112 | 112 | 0 | $114.7M | 1.3% | $1.0M | 10.00% |
| 16 | TD Bank, National Association | 536 | 536 | 0 | $112.7M | 1.2% | $210K | 10.50% |
| 17 | Bank of Hope | 109 | 109 | 0 | $104.2M | 1.1% | $956K | 9.00% |
| 18 | United Midwest Savings Bank National Association | 231 | 231 | 0 | $95.4M | 1.0% | $413K | 10.25% |
| 19 | JPMorgan Chase Bank, National Association | 274 | 274 | 0 | $86.8M | 0.9% | $317K | 10.50% |
| 20 | Bank of America, National Association | 127 | 127 | 0 | $86.6M | 0.9% | $682K | 6.61% |
| 21 | Business Finance Capital | 73 | 0 | 73 | $78.8M | 0.9% | $1.1M | N/A |
| 22 | Enterprise Bank & Trust | 36 | 36 | 0 | $78.6M | 0.9% | $2.2M | 8.25% |
| 23 | California Statewide Certified Development Corporation | 64 | 1 | 63 | $71.2M | 0.8% | $1.1M | N/A |
| 24 | Pathward National Association | 30 | 30 | 0 | $67.6M | 0.7% | $2.3M | 9.75% |
| 25 | FDIC - Community Bank & Trust-West Georgia | 30 | 30 | 0 | $64.6M | 0.7% | $2.2M | 10.25% |
Appendix B
All sectors
| Sector | Loans | Approved | Share | Avg loan | Median rate | YoY loans |
|---|---|---|---|---|---|---|
| Accommodation and Food Services | 1,897 | $1.7B | 19.1% | $920K | 9.75% | -14% |
| Retail Trade | 1,631 | $1.2B | 12.9% | $722K | 9.75% | -25% |
| Health Care and Social Assistance | 1,462 | $1.0B | 11.1% | $692K | 10.00% | -23% |
| Construction | 1,732 | $859.8M | 9.4% | $496K | 10.25% | -27% |
| Other Services (except Public Administration) | 1,464 | $849.4M | 9.3% | $580K | 10.00% | -18% |
| Professional, Scientific, and Technical Services | 1,365 | $700.4M | 7.7% | $513K | 10.25% | -27% |
| Manufacturing | 780 | $669.3M | 7.3% | $858K | 9.75% | -28% |
| Wholesale Trade | 564 | $527.4M | 5.8% | $935K | 10.00% | -35% |
| Arts, Entertainment, and Recreation | 587 | $405.8M | 4.4% | $691K | 10.00% | -13% |
| Transportation and Warehousing | 577 | $310.3M | 3.4% | $538K | 10.25% | -35% |
| Administrative and Support and Waste Management and Remediation Services | 743 | $305.8M | 3.3% | $412K | 10.25% | -25% |
| Real Estate and Rental and Leasing | 282 | $163.3M | 1.8% | $579K | 10.25% | -15% |
| Finance and Insurance | 262 | $129.4M | 1.4% | $494K | 10.25% | -7% |
| Educational Services | 255 | $124.0M | 1.4% | $486K | 10.25% | -12% |
| Agriculture, Forestry, Fishing and Hunting | 103 | $86.3M | 0.9% | $837K | 9.50% | -34% |
| Information | 130 | $47.4M | 0.5% | $365K | 10.25% | -21% |
| Mining, Quarrying, and Oil and Gas Extraction | 14 | $17.1M | 0.2% | $1.2M | N/A | -30% |
| Management of Companies and Enterprises | 12 | $14.1M | 0.1% | $1.2M | N/A | +140% |
| Utilities | 12 | $10.0M | 0.1% | $835K | N/A | -43% |
| Public Administration | 4 | $935K | 0.0% | $234K | N/A | -50% |
Appendix C
Top 25 markets
| State | Loans | Approved | Share | Avg loan | YoY loans |
|---|---|---|---|---|---|
| California | 1,833 | $1.3B | 14.4% | $722K | -21% |
| Texas | 1,064 | $882.2M | 9.6% | $829K | -23% |
| Florida | 1,193 | $826.9M | 9.0% | $693K | -23% |
| New York | 859 | $385.5M | 4.2% | $449K | -30% |
| Georgia | 432 | $369.0M | 4.0% | $854K | -21% |
| Illinois | 491 | $328.9M | 3.6% | $670K | -28% |
| Colorado | 413 | $313.5M | 3.4% | $759K | -16% |
| Pennsylvania | 489 | $307.7M | 3.4% | $629K | -18% |
| Washington | 420 | $304.7M | 3.3% | $726K | -14% |
| New Jersey | 447 | $274.8M | 3.0% | $615K | -27% |
| North Carolina | 353 | $266.8M | 2.9% | $756K | -18% |
| Ohio | 506 | $260.2M | 2.8% | $514K | -37% |
| Arizona | 331 | $254.9M | 2.8% | $770K | -13% |
| Michigan | 391 | $222.0M | 2.4% | $568K | -34% |
| Utah | 306 | $196.1M | 2.1% | $641K | -3% |
| Missouri | 242 | $190.6M | 2.1% | $788K | -7% |
| Virginia | 262 | $187.1M | 2.0% | $714K | -18% |
| Minnesota | 296 | $180.5M | 2.0% | $610K | -31% |
| Oregon | 250 | $174.8M | 1.9% | $699K | -6% |
| Massachusetts | 352 | $141.8M | 1.6% | $403K | -27% |
| Tennessee | 179 | $138.1M | 1.5% | $772K | -12% |
| Wisconsin | 204 | $137.1M | 1.5% | $672K | -39% |
| South Carolina | 184 | $136.0M | 1.5% | $739K | +6% |
| Maryland | 240 | $125.7M | 1.4% | $524K | -9% |
| Indiana | 215 | $124.3M | 1.4% | $578K | -39% |
Appendix D
Largest single approvals
| Amount | Programme | Industry | State | Lender |
|---|---|---|---|---|
| $5,500,000 | 504 | All Other Miscellaneous Fabricated Metal Product Manufacturing | CA | Mortgage Capital Development Corporation |
| $5,500,000 | 504 | Poultry Processing | MN | Twin Cities-Metro Certified Development Company |
| $5,500,000 | 504 | All Other Plastics Product Manufacturing | CA | Southland Economic Development Corporation |
| $5,000,000 | 7(a) | Hotels (except Casino Hotels) and Motels | TX | US Metro Bank |
| $5,000,000 | 7(a) | Gasoline Stations with Convenience Stores | CA | Commonwealth Business Bank |
| $5,000,000 | 7(a) | Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers | IN | Northwest Bank |
| $5,000,000 | 7(a) | RV (Recreational Vehicle) Parks and Campgrounds | TX | Stone Bank |
| $5,000,000 | 7(a) | General Freight Trucking, Local | CT | Readycap Lending, LLC |
| $5,000,000 | 7(a) | Hotels (except Casino Hotels) and Motels | AR | Peoples Bank |
| $5,000,000 | 7(a) | Pharmacies and Drug Retailers | PA | Live Oak Banking Company |
| $5,000,000 | 7(a) | Hotels (except Casino Hotels) and Motels | TN | GBank |
| $5,000,000 | 7(a) | Motorcycle, ATV, and All Other Motor Vehicle Dealers | TX | First Bank of the Lake |
Borrower names are in the public file but are not reproduced here.
Appendix E
Method, definitions and caveats
- What is counted
- Loans approved in July to September 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 $660K and the median $275K. 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 July to September 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.