Research

SBA lending per capita by state

New Hampshire leads the country in SBA lending per capita, with 700.8 funded SBA loans per 100,000 residents, about 4.9 times Tennessee's 142.5. Adjusting for population reveals where small businesses tap SBA credit most, and where they do not.

By Mario Bailey · Source: SBA FOIA data, as of 2026-03-31 and 2020 U.S. Census

Published June 21, 2026 · Updated July 10, 2026

What we measured. Funded SBA 7(a) and 504 loans divided by 2020 resident population, expressed per 100,000 residents. This adjusts for state size, but not for differences in business density or industry mix, so read it as a relative lens.

Top 15 states by SBA loans per 100,000 residents

New Hampshire 700.8 per 100k · $2K/resident

Utah 649.9 per 100k · $3K/resident

Vermont 576.8 per 100k · $1K/resident

Idaho 555.5 per 100k · $2K/resident

Minnesota 529.7 per 100k · $2K/resident

Rhode Island 506.1 per 100k · $1K/resident

Massachusetts 474.6 per 100k · $1K/resident

Ohio 467 per 100k · $1K/resident

North Dakota 460.9 per 100k · $2K/resident

Maine 459.6 per 100k · $1K/resident

Colorado 459.4 per 100k · $2K/resident

Montana 448.2 per 100k · $2K/resident

Wisconsin 420.4 per 100k · $2K/resident

South Dakota 403.6 per 100k · $2K/resident

Michigan 386 per 100k · $1K/resident

Every state, ranked

#	State	Loans per 100k	SBA $ per resident
1	New Hampshire	700.8	$2K
2	Utah	649.9	$3K
3	Vermont	576.8	$1K
4	Idaho	555.5	$2K
5	Minnesota	529.7	$2K
6	Rhode Island	506.1	$1K
7	Massachusetts	474.6	$1K
8	Ohio	467	$1K
9	North Dakota	460.9	$2K
10	Maine	459.6	$1K
11	Colorado	459.4	$2K
12	Montana	448.2	$2K
13	Wisconsin	420.4	$2K
14	South Dakota	403.6	$2K
15	Michigan	386	$1K
16	Washington	354.1	$2K
17	Oregon	352.3	$2K
18	California	338.4	$2K
19	Wyoming	337.9	$2K
20	Connecticut	336.8	$1K
21	Nebraska	335	$1K
22	Indiana	324.5	$1K
23	New Jersey	319.4	$2K
24	Hawaii	313.8	$633
25	Nevada	310.5	$2K
26	New York	308.8	$1K
27	Missouri	296.9	$1K
28	Florida	296.5	$2K
29	Alaska	294	$2K
30	Arizona	290.6	$2K
31	Illinois	286.8	$1K
32	Delaware	283.8	$1K
33	Georgia	273.5	$2K
34	Kansas	271.2	$1K
35	Puerto Rico	266.3	$430
36	District of Columbia	265.4	$1K
37	Texas	260.6	$2K
38	Iowa	249.6	$1K
39	Pennsylvania	248	$1K
40	Maryland	241.6	$953
41	Mississippi	235	$976
42	New Mexico	226.2	$1K
43	Oklahoma	222.9	$1K
44	North Carolina	200.1	$1K
45	Virginia	195.6	$956
46	Kentucky	189.4	$735
47	South Carolina	178.4	$1K
48	Arkansas	176.8	$984
49	Louisiana	162.6	$834
50	Alabama	154.7	$888
51	West Virginia	152.4	$495
52	Tennessee	142.5	$836

What it means

High per-capita states are not always the biggest economies; they are where small businesses lean most on SBA-backed credit relative to their population. Low per-capita states may have more conventional financing, fewer SBA-active lenders, or a different business mix. See your state's full picture under SBA lending by state.

Method, sources, and disclaimer. Loan counts and dollars are from the public SBA FOIA 7(a) and 504 data (as of 2026-03-31); population is the 2020 U.S. Census. 7(a) covers FY2020 onward and 504 FY2010 onward, so totals reflect those windows. See our methodology. SBA Loan Index is not affiliated with the SBA and is not a lender, broker, or financial advisor.

Cite this analysis

Mario Bailey. (2026). SBA lending per capita by state. SBA Loan Index. https://sbaloanindex.com/studies/sba-lending-per-capita-by-state/

Free to cite and quote with attribution and a link. Members of the press can reach us via our press page.

More SBA data analysis

We publish new studies on SBA lending patterns. Get them by email, no spam.

We use your email only to send lending-trend updates. See our privacy policy.

All research