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Research · Annual report

The State of SBA Lending

A data-driven look at 1,036,074 SBA 7(a) and 504 loans (FY2010–2026): who borrows, where the risk is, how concentrated lending has become, and where the money goes.

By Mario Bailey · Source: SBA FOIA 7(a) & 504 data, as of 2026-03-31

Published · Updated

1,036,074
SBA loans funded FY2010–2026
$497.6B
Total funded volume 11,014,159 jobs supported
25.7%
went to startups new or under ~2 years old
5.6%
trucking 7(a) charge-off vs 0.3% self-storage
27.2%
of 7(a) volume from the top 10 lenders
80.6%
of volume is 7(a) 19.4% is 504

Every figure here is computed from the public SBA data and free to cite with a link. Charge-off rates are 7(a)-only.

SBA lending over time

Across FY2010–2026, the SBA backed 1,036,074 funded 7(a) and 504 loans worth $497.6B and supporting 11,014,159 jobs. Annual volume peaked in FY2025 at $45.1B. The average 7(a) interest rate moved from 6.42% in FY2010 to 9.61% in FY2026.

Total SBA funded volume by fiscal year

Who borrows

SBA lending isn't just for established businesses. 25.7% of all SBA loans (265,843) go to startups or businesses under about two years old. Business acquisitions are the heavyweight: the largest loans in the program, averaging $1.1M, yet among the safest at 1.4% 7(a) charge-off. By volume of loans, restaurants are the single most-financed business type, with 112,895 loans.

Where the risk is

Charge-off risk (7(a) loans) swings dramatically by industry. By our count, trucking charges off roughly 21× as often as self-storage:

What predicts an SBA charge-off →

How the loans are structured

On 7(a) loans the SBA guarantees 74.8% of the amount. The lender carries the rest of the risk. The median 7(a) term runs 10 years, 75.9% of loans are collateralized, and when a 7(a) loan does fail, the median one charges off 50 months after disbursement. How SBA loans actually work →

How concentrated lending is

A small number of lenders do an outsized share of SBA 7(a) lending: the top 10 lenders make 27.2% of all 7(a) volume, led by Live Oak Banking Company. Most of the 3,156 active 7(a) lenders make only a handful of loans a year.

The concentration of SBA lending →

Where the money goes

Top states by funded volume
  1. 1. California $84.0B
  2. 2. Texas $47.1B
  3. 3. Florida $35.3B
  4. 4. New York $21.8B
  5. 5. Georgia $21.7B
Top industries by funded volume
  1. 1. Accommodation and Food Services $90.0B
  2. 2. Retail Trade $67.1B
  3. 3. Health Care and Social Assistance $55.9B
  4. 4. Manufacturing $50.3B
  5. 5. Other Services $38.8B
Method, sources, and disclaimer. All figures are computed from the public SBA FOIA 7(a) and 504 funded-loan data, FY2010–2026 (as of 2026-03-31). Charge-off is reported only on 7(a) loans. See our methodology and data sources. SBA Loan Index is not affiliated with the SBA.
Cite this analysis

Mario Bailey. (2026). The State of SBA Lending. SBA Loan Index. https://sbaloanindex.com/studies/state-of-sba-lending/

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

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