Trends
SBA lending over time
How SBA 7(a) and 504 lending has moved by fiscal year: total volume, average interest rate, the 7(a)/504 mix, and charge-off rate, all from public SBA data.
Total SBA funding by fiscal year
Combined 7(a) and 504 approved dollars.
| Fiscal year | Loans | Total volume | Avg size | Charge-off |
|---|---|---|---|---|
| 2010 | 54,833 | $16.8B | $307,103 | 6.1% |
| 2011 | 61,693 | $24.5B | $396,891 | 4.8% |
| 2012 | 53,845 | $21.9B | $406,070 | 4.6% |
| 2013 | 54,103 | $23.1B | $426,835 | 4.5% |
| 2014 | 57,929 | $23.4B | $403,770 | 5.1% |
| 2015 | 69,248 | $27.9B | $402,637 | 5.6% |
| 2016 | 70,012 | $28.9B | $412,337 | 6.1% |
| 2017 | 68,648 | $30.5B | $443,730 | 6.7% |
| 2018 | 66,228 | $30.1B | $454,886 | 6.8% |
| 2019 | 58,006 | $28.1B | $485,025 | 5.5% |
| 2020 | 49,417 | $28.4B | $574,230 | 3.1% |
| 2021 | 61,532 | $44.8B | $727,343 | 2.1% |
| 2022 | 56,932 | $34.9B | $613,044 | 3.0% |
| 2023 | 63,286 | $33.9B | $536,217 | 2.4% |
| 2024 | 76,235 | $37.8B | $495,690 | 0.6% |
| 2025 | 84,840 | $45.1B | $531,494 | 0.0% |
| 2026 | 29,287 | $17.6B | $599,760 | 0.0% |
Average 7(a) interest rate by fiscal year
The average initial note rate on 7(a) loans, which mostly track the prime rate. It roughly doubled as the Fed raised rates after 2021. See today's rate environment.
7(a) vs 504 lending by fiscal year
7(a) is the general-purpose program; 504 funds owner-occupied real estate and equipment.
| Fiscal year | 7(a) loans | 7(a) volume | 504 loans | 504 volume |
|---|---|---|---|---|
| 2010 | 47,000 | $12.4B | 7,833 | $4.4B |
| 2011 | 53,710 | $19.6B | 7,983 | $4.8B |
| 2012 | 44,374 | $15.2B | 9,471 | $6.7B |
| 2013 | 46,395 | $17.9B | 7,708 | $5.2B |
| 2014 | 52,044 | $19.2B | 5,885 | $4.2B |
| 2015 | 63,461 | $23.6B | 5,787 | $4.3B |
| 2016 | 64,074 | $24.1B | 5,938 | $4.7B |
| 2017 | 62,430 | $25.4B | 6,218 | $5.0B |
| 2018 | 60,354 | $25.4B | 5,874 | $4.8B |
| 2019 | 51,907 | $23.2B | 6,099 | $5.0B |
| 2020 | 42,298 | $22.5B | 7,119 | $5.8B |
| 2021 | 51,856 | $36.5B | 9,676 | $8.2B |
| 2022 | 47,678 | $25.7B | 9,254 | $9.2B |
| 2023 | 57,362 | $27.5B | 5,924 | $6.4B |
| 2024 | 70,242 | $31.1B | 5,993 | $6.7B |
| 2025 | 78,078 | $37.3B | 6,762 | $7.8B |
| 2026 | 26,466 | $14.2B | 2,821 | $3.4B |
Fiscal-year figures are computed from the public SBA FOIA 7(a) and 504 datasets described in our
methodology. Figures cover every
fiscal year in the data (FY2010 onward); the most recent fiscal year is usually partial.
The average interest rate covers 7(a) only (504 pricing is structured differently). Recent years
also include loans whose outcomes are not yet final, so their charge-off rate will rise over time
and is not a lifetime default rate.
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