SBA Lending Data · Market Report
The quarter in SBA lending
October to December 2025
SBA fiscal 2026, first 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 fell 39.9% against the prior quarter while dollars fell 45.9%. The average approval was $594K, and the $2M-and-above band carried 661 loans: 8% of the count, 44% of the dollars.
Pricing. The median 7(a) rate was 9.75%, against 10.50% 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. 716 institutions wrote at least one loan. The largest, Live Oak Banking Company, took 7.2% of dollars; the top ten took 28.6%. Citizens Bank was the clearest mover, rising from #43 to #20.
Where it went. Accommodation and Food Services led on dollars with $845.5M across 1,045 loans, 17.1% of the quarter. California was the largest single market at $797.3M.
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 1.8 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, 10.00% against 8.50%. 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 | 337 | $358.6M | 7.2% | $1.1M | 9.00% | – |
| 2 | The Huntington National BankColumbus, OH | 535 | $244.0M | 4.9% | $456K | 9.50% | – |
| 3 | Newtek Bank, National AssociationMiami, FL | 474 | $146.3M | 3.0% | $309K | 10.00% | ↑ 2 |
| 4 | U.S. Bank, National AssociationCincinnati, OH | 450 | $134.8M | 2.7% | $300K | 8.99% | ↓ 1 |
| 5 | First Internet Bank of IndianaFishers, IN | 81 | $109.9M | 2.2% | $1.4M | 9.50% | ↑ 1 |
| 6 | US Metro BankGarden Grove, CA | 45 | $100.5M | 2.0% | $2.2M | 8.25% | ↑ 7 |
| 7 | Celtic Bank CorporationSalt Lake City, UT | 246 | $92.7M | 1.9% | $377K | 9.75% | – |
| 8 | Harvest Small Business Finance, LLCLaguna Hills, CA | 74 | $84.4M | 1.7% | $1.1M | 9.50% | ↑ 7 |
| 9 | Bank of HopeLos Angeles, CA | 74 | $74.8M | 1.5% | $1.0M | 8.50% | ↑ 8 |
| 10 | Wells Fargo Bank National AssociationSioux Falls, SD | 87 | $72.1M | 1.5% | $828K | 7.70% | – |
| 11 | Readycap Lending, LLCBerkeley Heights, NJ | 267 | $69.1M | 1.4% | $259K | 13.50% | – |
| 12 | Fifth Third BankCincinnati, OH | 74 | $68.5M | 1.4% | $926K | 9.00% | ↑ 17 |
| 13 | United Midwest Savings Bank National AssociationDe Graff, OH | 191 | $66.6M | 1.3% | $348K | 10.00% | ↑ 5 |
| 14 | Beacon Bank and TrustBrookline, MA | 33 | $64.9M | 1.3% | $2.0M | 9.00% | ↑ 20 |
| 15 | Port 51 Lending LLCNew York, NY | 32 | $62.2M | 1.3% | $1.9M | 9.38% | ↓ 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 16.1% 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) | 2,860 | 34.3% | $176.8M | 10.00% | 10 yrs |
| Small ($150K-500K) | 2,939 | 35.2% | $776.1M | 9.75% | 10 yrs |
| Medium ($500K-2M) | 1,880 | 22.5% | $1.8B | 9.00% | 10 yrs |
| Large ($2M+) | 661 | 7.9% | $2.2B | 8.50% | 25 yrs |
By loan term
By business age
| Borrower | Loans | Approved | Average loan |
|---|---|---|---|
| Established (2y+) | 4,896 | $2.2B | $453K |
| Startup | 1,265 | $800.2M | $633K |
| New (<2y) | 1,186 | $658.1M | $555K |
| Change of Ownership | 987 | $1.3B | $1.3M |
| Unknown | 6 | $6.0M | $995K |
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 | 337 | 337 | 0 | $358.6M | 7.2% | $1.1M | 9.00% |
| 2 | The Huntington National Bank | 535 | 535 | 0 | $244.0M | 4.9% | $456K | 9.50% |
| 3 | Newtek Bank, National Association | 474 | 474 | 0 | $146.3M | 3.0% | $309K | 10.00% |
| 4 | U.S. Bank, National Association | 450 | 450 | 0 | $134.8M | 2.7% | $300K | 8.99% |
| 5 | First Internet Bank of Indiana | 81 | 81 | 0 | $109.9M | 2.2% | $1.4M | 9.50% |
| 6 | US Metro Bank | 45 | 45 | 0 | $100.5M | 2.0% | $2.2M | 8.25% |
| 7 | Celtic Bank Corporation | 246 | 246 | 0 | $92.7M | 1.9% | $377K | 9.75% |
| 8 | Harvest Small Business Finance, LLC | 74 | 74 | 0 | $84.4M | 1.7% | $1.1M | 9.50% |
| 9 | Bank of Hope | 74 | 74 | 0 | $74.8M | 1.5% | $1.0M | 8.50% |
| 10 | Wells Fargo Bank National Association | 87 | 87 | 0 | $72.1M | 1.5% | $828K | 7.70% |
| 11 | Readycap Lending, LLC | 267 | 267 | 0 | $69.1M | 1.4% | $259K | 13.50% |
| 12 | Fifth Third Bank | 74 | 74 | 0 | $68.5M | 1.4% | $926K | 9.00% |
| 13 | United Midwest Savings Bank National Association | 191 | 191 | 0 | $66.6M | 1.3% | $348K | 10.00% |
| 14 | Beacon Bank and Trust | 33 | 33 | 0 | $64.9M | 1.3% | $2.0M | 9.00% |
| 15 | Port 51 Lending LLC | 32 | 32 | 0 | $62.2M | 1.3% | $1.9M | 9.38% |
| 16 | Mortgage Capital Development Corporation | 46 | 5 | 41 | $57.7M | 1.2% | $1.3M | N/A |
| 17 | Enterprise Bank & Trust | 38 | 38 | 0 | $52.7M | 1.1% | $1.4M | 8.00% |
| 18 | Manufacturers and Traders Trust Company | 394 | 394 | 0 | $51.1M | 1.0% | $130K | 10.50% |
| 19 | First Bank of the Lake | 64 | 64 | 0 | $48.7M | 1.0% | $760K | 9.75% |
| 20 | Citizens Bank | 50 | 50 | 0 | $44.9M | 0.9% | $899K | 9.75% |
| 21 | GBank | 16 | 16 | 0 | $44.9M | 0.9% | $2.8M | N/A |
| 22 | Pathward National Association | 23 | 23 | 0 | $44.2M | 0.9% | $1.9M | 9.25% |
| 23 | Byline Bank | 47 | 47 | 0 | $43.2M | 0.9% | $919K | 9.75% |
| 24 | Bank of America, National Association | 63 | 63 | 0 | $40.8M | 0.8% | $647K | 6.69% |
| 25 | Zions Bank, A Division of | 136 | 136 | 0 | $39.9M | 0.8% | $294K | 9.00% |
Appendix B
All sectors
| Sector | Loans | Approved | Share | Avg loan | Median rate | YoY loans |
|---|---|---|---|---|---|---|
| Accommodation and Food Services | 1,045 | $845.5M | 17.1% | $809K | 9.25% | -48% |
| Retail Trade | 917 | $648.6M | 13.1% | $707K | 9.50% | -53% |
| Health Care and Social Assistance | 898 | $560.7M | 11.3% | $624K | 9.75% | -48% |
| Construction | 1,102 | $535.2M | 10.8% | $486K | 9.76% | -51% |
| Professional, Scientific, and Technical Services | 904 | $448.7M | 9.1% | $496K | 9.75% | -51% |
| Other Services (except Public Administration) | 865 | $404.7M | 8.2% | $468K | 9.75% | -50% |
| Manufacturing | 444 | $351.3M | 7.1% | $791K | 9.25% | -55% |
| Arts, Entertainment, and Recreation | 380 | $233.4M | 4.7% | $614K | 9.75% | -37% |
| Wholesale Trade | 338 | $231.3M | 4.7% | $684K | 9.75% | -52% |
| Administrative and Support and Waste Management and Remediation Services | 499 | $208.3M | 4.2% | $417K | 9.75% | -48% |
| Real Estate and Rental and Leasing | 198 | $131.4M | 2.6% | $664K | 9.75% | -43% |
| Transportation and Warehousing | 304 | $118.5M | 2.4% | $390K | 10.00% | -64% |
| Finance and Insurance | 128 | $70.9M | 1.4% | $554K | 9.75% | -58% |
| Educational Services | 145 | $53.4M | 1.1% | $368K | 9.75% | -49% |
| Agriculture, Forestry, Fishing and Hunting | 64 | $50.7M | 1.0% | $792K | 9.00% | -40% |
| Information | 89 | $41.8M | 0.8% | $470K | 9.75% | -49% |
| Mining, Quarrying, and Oil and Gas Extraction | 11 | $11.2M | 0.2% | $1.0M | N/A | -65% |
| Management of Companies and Enterprises | 2 | $4.3M | 0.1% | $2.1M | N/A | -88% |
| Utilities | 5 | $1.9M | 0.0% | $382K | N/A | -74% |
| Public Administration | 2 | $971K | 0.0% | $486K | N/A | -67% |
Appendix C
Top 25 markets
| State | Loans | Approved | Share | Avg loan | YoY loans |
|---|---|---|---|---|---|
| California | 1,176 | $797.3M | 16.1% | $678K | -49% |
| Texas | 645 | $502.3M | 10.1% | $779K | -53% |
| Florida | 675 | $446.9M | 9.0% | $662K | -51% |
| New York | 512 | $221.4M | 4.5% | $432K | -52% |
| Georgia | 235 | $196.4M | 4.0% | $836K | -54% |
| Washington | 289 | $186.6M | 3.8% | $646K | -40% |
| Ohio | 297 | $162.8M | 3.3% | $548K | -57% |
| New Jersey | 295 | $162.2M | 3.3% | $550K | -47% |
| Pennsylvania | 276 | $139.4M | 2.8% | $505K | -49% |
| Colorado | 228 | $137.6M | 2.8% | $604K | -47% |
| Illinois | 262 | $134.0M | 2.7% | $512K | -61% |
| North Carolina | 210 | $129.4M | 2.6% | $616K | -44% |
| Arizona | 181 | $123.3M | 2.5% | $681K | -50% |
| Michigan | 224 | $111.1M | 2.2% | $496K | -60% |
| Utah | 193 | $104.2M | 2.1% | $540K | -39% |
| Indiana | 145 | $97.0M | 2.0% | $669K | -53% |
| Wisconsin | 133 | $94.9M | 1.9% | $714K | -48% |
| Minnesota | 149 | $91.1M | 1.8% | $611K | -59% |
| Maryland | 174 | $84.7M | 1.7% | $487K | -33% |
| Missouri | 133 | $81.3M | 1.6% | $611K | -49% |
| Virginia | 181 | $77.1M | 1.6% | $426K | -37% |
| Oregon | 161 | $73.9M | 1.5% | $459K | -36% |
| Massachusetts | 216 | $70.7M | 1.4% | $327K | -52% |
| Tennessee | 108 | $70.1M | 1.4% | $649K | -43% |
| Nevada | 95 | $56.3M | 1.1% | $592K | -56% |
Appendix D
Largest single approvals
| Amount | Programme | Industry | State | Lender |
|---|---|---|---|---|
| $5,500,000 | 504 | Commercial Printing (except Screen and Books) | TX | Capital Certified Development Corporation |
| $5,500,000 | 504 | Machine Shops | CA | Mortgage Capital Development Corporation |
| $5,498,000 | 504 | Sheet Metal Work Manufacturing | NJ | Trenton Business Assistance Corporation |
| $5,483,000 | 504 | Chocolate and Confectionery Manufacturing from Cacao Beans | CA | AMPAC Tri-State CDC, Inc. |
| $5,000,000 | 7(a) | Hotels (except Casino Hotels) and Motels | GA | Hanmi Bank |
| $5,000,000 | 7(a) | Other Miscellaneous Durable Goods Merchant Wholesalers | OH | Northwest Bank |
| $5,000,000 | 7(a) | Child Care Services | NC | Live Oak Banking Company |
| $5,000,000 | 7(a) | Insurance Agencies and Brokerages | FL | Bankwell Bank |
| $5,000,000 | 7(a) | Plastics Pipe and Pipe Fitting Manufacturing | GA | Vallant Bank |
| $5,000,000 | 7(a) | Crude Petroleum Extraction | CA | Harvest Small Business Finance, LLC |
| $5,000,000 | 7(a) | Hotels (except Casino Hotels) and Motels | CA | US Metro Bank |
| $5,000,000 | 7(a) | Hotels (except Casino Hotels) and Motels | OH | American Bank |
Borrower names are in the public file but are not reproduced here.
Appendix E
Method, definitions and caveats
- What is counted
- Loans approved in October to December 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 $594K and the median $240K. 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 October to December 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.