SBA Loans by State: Volume, Average Size and Top Lenders in Each State

Big economies lead, as you would expect. The surprise is Colorado at $1.21 billion, ahead of larger states like Pennsylvania and Michigan.

Loan counts and dollar totals tell different stories. Florida approved more loans than Texas, but Texas borrowers took home more money because their loans were bigger.

North Dakota tops the list at $765,947 per loan on a small number of deals. A few large loans for real estate or business purchases can pull a small state's average up fast.

Hawaii, Maine and Vermont sit at the bottom. Lower averages usually point to a mix with more small working capital loans.

FY2021 was inflated by pandemic relief terms, including fee waivers and bigger guarantees. FY2025 still came in higher, at $37.29 billion, the largest total in SBA's records back to FY1991.

The 504 program funds buildings and heavy equipment, so it favors states with active commercial real estate. Utah ranks fifth at $309.8 million, well above its rank on 7(a) dollars.

Largest SBA 7(a) lenders by dollars approved, FY2025

Source: U.S. Small Business Administration, Office of Capital Access, FYE25 7(a) Lender Activity Report (Lender and Lender_ProjSt tabs). Download as image

SBA 7(a) and 504 approvals by fiscal year, FY2021 to FY2025

Source: U.S. Small Business Administration, Office of Capital Access, FYE25 Monthly & Yearly Activity Report (7(a) and 504, FY1991 to FY2025), Yearly tab. Download as image

Largest SBA 504 Certified Development Companies by dollars approved, FY2025

Source: U.S. Small Business Administration, Office of Capital Access, FYE25 504 CDC Activity Report (CDC and CDC_ProjSt tabs). Download as image

SBA 7(a) dollars approved, FY2025 by state

• 3$2 billion or more
• 9$1 billion to under $2 billion
• 13$500 million to under $1 billion
• 9$200 million to under $500 million
• 17Under $200 million

Which states get the most SBA loans?

California, Texas and Florida, by a wide margin. California borrowers got $4.81 billion in 7(a) loans in FY2025, Texas $4.07 billion and Florida $3.23 billion. New York came fourth at $1.83 billion.

Size explains most of it. More businesses means more borrowers. But the gaps between states are not just population. Texas approved slightly fewer loans than Florida, 6,294 against 6,303, yet lent far more because the average Texas loan was $646,032.

New York shows the opposite pattern. It had 5,300 loans, the fourth most, but an average of only $345,066. That points to a mix weighted toward smaller loans, the kind a restaurant or a shop might take to cover inventory and payroll.

So if you live in a smaller state, do not read a low total as a sign that SBA money is hard to get there. It mostly reflects fewer applicants. Several of the biggest SBA lenders work nationally and approve loans all over the country.

What is the average SBA loan size in my state?

The national average 7(a) loan in FY2025 was $477,571. Your state's figure is in the table above, and the spread is wide: North Dakota averaged $765,947, while Hawaii averaged $231,252.

Treat these as rough signals, not targets. An average blends a small line of credit for a coffee shop with a building purchase for a manufacturer. What it does tell you is the mix of deals in your state. High averages usually mean lots of business acquisitions, real estate and equipment. Low averages point to smaller working capital loans.

The useful question is not what the average is but what your loan is for. A modest loan to buy a delivery van and a large loan to buy an existing business go through very different underwriting, collateral and paperwork. Ask the lender which product fits before you fill in an application.

Who are the top SBA lenders, and does it matter which one you pick?

Two names stand out. Live Oak Banking Company approved $2.85 billion across 2,280 loans in FY2025, the most dollars of any lender, and led in dollars in 19 of the 50 states plus DC. Northeast Bank approved 7,800 loans, the most by count, and led by number of loans in 15 of the 50 states plus DC.

Those two lenders run very different businesses. Live Oak writes fewer, larger loans and works across the country with specific industries. Northeast Bank writes many smaller loans. The Huntington National Bank is the regional giant: in Ohio alone it approved 1,691 loans, and in Michigan 1,060.

It matters which one you pick. Big SBA lenders have done thousands of deals, so they often move faster and know the rules well. A local bank or credit union may know your market and be easier to reach when something goes wrong. Talk to at least two or three. Compare the rate, the fees, the collateral they want and how quickly they say they can close.

How do you find an SBA lender in your state?

Start with the state table above. For every state it lists the top lender by dollars and the top lender by number of loans. Those are often different, and the gap tells you something.

In many states the dollar leader is a national lender like Live Oak, while the count leader is a bank that writes lots of smaller loans. In Oklahoma, BancFirst led on both, with 88 loans. In Arkansas it was Southern Bancorp Bank with 41 loans. In Utah, Mountain America FCU led by dollars with 164 loans, and in Idaho, Idaho Central CU led by dollars with 86 loans. Credit unions and state banks show up more often than people expect.

That matters if you run a small business outside a big city. A lender that already does SBA deals in your state knows local property values, local industries and the SBA district office. Ask any lender you talk to how many SBA loans it closed last year and whether it has preferred lender status, which lets it approve loans without sending each file to SBA for a decision.

For 504 loans, look at the top CDC column. In Wisconsin, WBD, Inc. handled 166 loans. In Utah, Mountain West Small Business Finance handled 182. Calling the busiest CDC in your state is a quick way to learn whether your building purchase fits the program.

7(a) or 504: which SBA loan fits?

The 7(a) program is the general purpose loan. People use it for working capital, equipment, inventory, refinancing debt and buying a business. The 504 program is narrower. It funds buildings, land and large equipment through a Certified Development Company, which partners with a bank.

In FY2025 SBA approved $7.80 billion in 504 loans across 6,762 deals. That figure is only the CDC's share, so the total projects were larger. California led 504 lending at $1.79 billion, and Florida followed at $773.9 million.

If you are buying the building you operate from, ask about 504. The down payment can be lower, and the rate on the CDC portion is usually fixed for the long term. If you need money for anything else, or a mix of things, 7(a) is usually the starting point. Some borrowers use both: a 504 loan for the building and a smaller 7(a) loan for equipment and working capital.

What to do before you apply and before you sign

• Get quotes from at least two lenders, one national SBA lender and one local bank or credit union.
• Ask for the full list of fees in writing: SBA guarantee fee, packaging fee, closing costs and any prepayment penalty.
• Find out whether the rate is fixed or variable, and what index a variable rate follows.
• Ask what collateral they will take, including whether they want a lien on your home.
• Expect a personal guarantee if you are a major owner, and read exactly what it covers.
• Read the default and covenant sections before closing, not after. Those are the clauses that decide what happens in a bad year.
• Ask for the closing documents several days early, so you are not reading a stack of paper at the closing table.
• Check whether the lender will sell or transfer the loan servicing, and who you call if you need a payment change later.

Sources and method

Every number on this page comes from the sources below, each opened and read on or before October 18, 2026. A second, independent review checked every figure against its source and corrected anything that did not match. 51 of 51 state entries were confirmed; any that could not be are marked "Not yet confirmed" and left out of every count and chart.

1. U.S. Small Business Administration, Office of Capital Access, FYE25 Monthly & Yearly Activity Report (7(a) and 504, FY1991 to FY2025), Yearly tab (Issued November 13, 2025; data as of 9/30/2025)
2. U.S. Small Business Administration, Office of Capital Access, FYE25 Congressional District Approvals Report (7(a) and 504 tabs) (Issued November 13, 2025; data as of 9/30/2025)
3. U.S. Small Business Administration, Office of Capital Access, FYE25 7(a) Lender Activity Report (Lender and Lender_ProjSt tabs) (Issued November 13, 2025; data as of 9/30/2025)
4. U.S. Small Business Administration, Office of Capital Access, FYE25 504 CDC Activity Report (CDC and CDC_ProjSt tabs) (Issued November 13, 2025; data as of 9/30/2025)
5. U.S. Small Business Administration (SBA open data), 7(a) & 504 Activity Reports: FY2025 Year End (Issue date November 13, 2025)