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<body>
<!-- ── HERO ── -->
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<div class="hero-inner">
<div class="hero-badge">SBA 504 Industry Report</div>
<h1>Dental Practices<br><span>Market Analysis</span></h1>
<p>A comprehensive look at SBA 504 lending activity for Offices of Dentists (NAICS 621210), covering loan volume, geography, lender participation, and portfolio performance from FY2023 through FY2026 (as of 12/31/2025).</p>
<div class="hero-meta">
<div class="hero-meta-item">Data Source<strong>SBA FOIA 504 Data</strong></div>
<div class="hero-meta-item">Period<strong>FY2023 – FY2026 YTD</strong></div>
<div class="hero-meta-item">As Of Date<strong>December 31, 2025</strong></div>
<div class="hero-meta-item">NAICS Code<strong>621210</strong></div>
</div>
</div>
</div>
<!-- ── KPI STRIP ── -->
<div class="kpi-strip">
<div class="kpi-card">
<div class="kpi-label">Total Loans</div>
<div class="kpi-value">276</div>
<div class="kpi-sub">Approved 504 Loans</div>
</div>
<div class="kpi-card">
<div class="kpi-label">SBA 504 Volume</div>
<div class="kpi-value green">$265.8M</div>
<div class="kpi-sub">Gross Approvals</div>
</div>
<div class="kpi-card">
<div class="kpi-label">Avg 504 Loan</div>
<div class="kpi-value">$963K</div>
<div class="kpi-sub">Median: $799K</div>
</div>
<div class="kpi-card">
<div class="kpi-label">Combined Lending</div>
<div class="kpi-value orange">$587.7M</div>
<div class="kpi-sub">SBA + Third Party</div>
</div>
<div class="kpi-card">
<div class="kpi-label">Charge-Off Rate</div>
<div class="kpi-value green">0.0%</div>
<div class="kpi-sub">Zero Defaults</div>
</div>
</div>
<div class="container">
<!-- ── SECTION: Fiscal Year Trend ── -->
<div class="section">
<div class="section-title">Lending Volume by Fiscal Year</div>
<div class="section-subtitle">SBA 504 approvals have remained steady at ~88-90 loans per year</div>
<div class="chart-grid">
<div class="chart-box">
<h3>Number of Loans by Fiscal Year</h3>
<div class="bar-row"><div class="bar-label">FY 2023</div><div class="bar-track"><div class="bar-fill green" style="width:97.8%"></div></div><div class="bar-val">88</div></div>
<div class="bar-row"><div class="bar-label">FY 2024</div><div class="bar-track"><div class="bar-fill green" style="width:97.8%"></div></div><div class="bar-val">88</div></div>
<div class="bar-row"><div class="bar-label">FY 2025</div><div class="bar-track"><div class="bar-fill green" style="width:100%"></div></div><div class="bar-val">90</div></div>
<div class="bar-row"><div class="bar-label">FY 2026 YTD</div><div class="bar-track"><div class="bar-fill orange" style="width:11.1%"></div></div><div class="bar-val">10</div></div>
</div>
<div class="chart-box">
<h3>Dollar Volume by Fiscal Year</h3>
<div class="bar-row"><div class="bar-label">FY 2023</div><div class="bar-track"><div class="bar-fill green" style="width:95.3%"></div></div><div class="bar-val">$85.4M</div></div>
<div class="bar-row"><div class="bar-label">FY 2024</div><div class="bar-track"><div class="bar-fill green" style="width:100%"></div></div><div class="bar-val">$89.5M</div></div>
<div class="bar-row"><div class="bar-label">FY 2025</div><div class="bar-track"><div class="bar-fill green" style="width:92.8%"></div></div><div class="bar-val">$83.0M</div></div>
<div class="bar-row"><div class="bar-label">FY 2026 YTD</div><div class="bar-track"><div class="bar-fill orange" style="width:8.8%"></div></div><div class="bar-val">$7.9M</div></div>
</div>
</div>
<div class="insight-callout">
<h4>Key Takeaway</h4>
<p>Dental practice 504 lending is remarkably consistent — roughly 88–90 loans per year at $83–$90M in volume. This signals a steady, reliable market with predictable demand. FY2026 YTD (10 loans by December) is tracking in line with prior years.</p>
</div>
</div>
<!-- ── SECTION: Loan Size Distribution ── -->
<div class="section">
<div class="section-title">Loan Size Distribution</div>
<div class="section-subtitle">The majority of dental 504 loans cluster between $250K and $2M</div>
<div class="chart-grid">
<div class="chart-box">
<h3>SBA 504 Approval Amount Brackets</h3>
<div class="bar-row"><div class="bar-label">Under $150K</div><div class="bar-track"><div class="bar-fill green" style="width:2.4%"></div></div><div class="bar-val">2</div></div>
<div class="bar-row"><div class="bar-label">$150K–$250K</div><div class="bar-track"><div class="bar-fill green" style="width:24.7%"></div></div><div class="bar-val">21</div></div>
<div class="bar-row"><div class="bar-label">$250K–$500K</div><div class="bar-track"><div class="bar-fill green" style="width:78.8%"></div></div><div class="bar-val">67</div></div>
<div class="bar-row"><div class="bar-label">$500K–$1M</div><div class="bar-track"><div class="bar-fill green" style="width:91.8%"></div></div><div class="bar-val">78</div></div>
<div class="bar-row"><div class="bar-label">$1M–$2M</div><div class="bar-track"><div class="bar-fill orange" style="width:100%"></div></div><div class="bar-val">85</div></div>
<div class="bar-row"><div class="bar-label">$2M–$5M</div><div class="bar-track"><div class="bar-fill orange" style="width:25.9%"></div></div><div class="bar-val">22</div></div>
<div class="bar-row"><div class="bar-label">$5M+</div><div class="bar-track"><div class="bar-fill orange" style="width:1.2%"></div></div><div class="bar-val">1</div></div>
</div>
<div class="chart-box">
<h3>Loan Term & Business Profile</h3>
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<div>
<h3 style="font-size:12px; color:var(--apc-mid-gray); margin-bottom:12px;">Loan Term Length</h3>
<div class="donut-wrapper" style="flex-direction:column; gap:14px;">
<svg width="140" height="140" viewBox="0 0 140 140" class="donut-svg">
<circle cx="70" cy="70" r="54" fill="none" stroke="#f0ede8" stroke-width="16"/>
<circle cx="70" cy="70" r="54" fill="none" stroke="#93b068" stroke-width="16"
stroke-dasharray="305.9 339.3" stroke-dashoffset="84.8" transform="rotate(-90 70 70)"/>
<circle cx="70" cy="70" r="54" fill="none" stroke="#d6935b" stroke-width="16"
stroke-dasharray="24.3 339.3" stroke-dashoffset="390.7" transform="rotate(-90 70 70)"/>
<circle cx="70" cy="70" r="54" fill="none" stroke="#7a7a72" stroke-width="16"
stroke-dasharray="8.5 339.3" stroke-dashoffset="415" transform="rotate(-90 70 70)"/>
<text x="70" y="67" text-anchor="middle" font-family="Inter" font-size="20" font-weight="700" fill="#2d2d2d">90%</text>
<text x="70" y="82" text-anchor="middle" font-family="Inter" font-size="10" fill="#7a7a72">25-Year</text>
</svg>
<div class="donut-legend">
<div class="donut-legend-item"><div class="donut-legend-swatch" style="background:#93b068"></div>25-Year (249)</div>
<div class="donut-legend-item"><div class="donut-legend-swatch" style="background:#d6935b"></div>20-Year (20)</div>
<div class="donut-legend-item"><div class="donut-legend-swatch" style="background:#7a7a72"></div>10-Year (7)</div>
</div>
</div>
</div>
<div>
<h3 style="font-size:12px; color:var(--apc-mid-gray); margin-bottom:12px;">Business Maturity</h3>
<div class="donut-wrapper" style="flex-direction:column; gap:14px;">
<svg width="140" height="140" viewBox="0 0 140 140" class="donut-svg">
<circle cx="70" cy="70" r="54" fill="none" stroke="#f0ede8" stroke-width="16"/>
<circle cx="70" cy="70" r="54" fill="none" stroke="#93b068" stroke-width="16"
stroke-dasharray="305.0 339.3" stroke-dashoffset="84.8" transform="rotate(-90 70 70)"/>
<circle cx="70" cy="70" r="54" fill="none" stroke="#d6935b" stroke-width="16"
stroke-dasharray="25.8 339.3" stroke-dashoffset="389.8" transform="rotate(-90 70 70)"/>
<text x="70" y="67" text-anchor="middle" font-family="Inter" font-size="20" font-weight="700" fill="#2d2d2d">90%</text>
<text x="70" y="82" text-anchor="middle" font-family="Inter" font-size="10" fill="#7a7a72">Existing</text>
</svg>
<div class="donut-legend">
<div class="donut-legend-item"><div class="donut-legend-swatch" style="background:#93b068"></div>Existing 2+ Yrs (248)</div>
<div class="donut-legend-item"><div class="donut-legend-swatch" style="background:#d6935b"></div>Startup (21)</div>
<div class="donut-legend-item"><div class="donut-legend-swatch" style="background:#7a7a72"></div>Other (7)</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="insight-callout">
<h4>Key Takeaway</h4>
<p>The sweet spot for dental 504 loans is $250K–$2M (83% of all loans), with $1M–$2M being the single largest bracket. 90% are 25-year terms on real estate — and 90% are established practices (2+ years old). This is a mature, stable borrower profile ideal for SBA 504 lending.</p>
</div>
</div>
<!-- ── SECTION: Geography ── -->
<div class="section">
<div class="section-title">Geographic Distribution</div>
<div class="section-subtitle">California dominates with 29% of all dental 504 loans nationally</div>
<div class="chart-grid">
<div class="chart-box">
<h3>Top 15 States by Loan Count</h3>
<div class="bar-row"><div class="bar-label">California</div><div class="bar-track"><div class="bar-fill green" style="width:100%"></div></div><div class="bar-val">79</div></div>
<div class="bar-row"><div class="bar-label">Florida</div><div class="bar-track"><div class="bar-fill green" style="width:38%"></div></div><div class="bar-val">30</div></div>
<div class="bar-row"><div class="bar-label">Utah</div><div class="bar-track"><div class="bar-fill green" style="width:22.8%"></div></div><div class="bar-val">18</div></div>
<div class="bar-row"><div class="bar-label">Minnesota</div><div class="bar-track"><div class="bar-fill green" style="width:16.5%"></div></div><div class="bar-val">13</div></div>
<div class="bar-row"><div class="bar-label">New York</div><div class="bar-track"><div class="bar-fill green" style="width:13.9%"></div></div><div class="bar-val">11</div></div>
<div class="bar-row"><div class="bar-label">Washington</div><div class="bar-track"><div class="bar-fill green" style="width:12.7%"></div></div><div class="bar-val">10</div></div>
<div class="bar-row"><div class="bar-label">Wisconsin</div><div class="bar-track"><div class="bar-fill orange" style="width:10.1%"></div></div><div class="bar-val">8</div></div>
<div class="bar-row"><div class="bar-label">Texas</div><div class="bar-track"><div class="bar-fill orange" style="width:8.9%"></div></div><div class="bar-val">7</div></div>
<div class="bar-row"><div class="bar-label">Alabama</div><div class="bar-track"><div class="bar-fill orange" style="width:7.6%"></div></div><div class="bar-val">6</div></div>
<div class="bar-row"><div class="bar-label">Arizona</div><div class="bar-track"><div class="bar-fill orange" style="width:7.6%"></div></div><div class="bar-val">6</div></div>
<div class="bar-row"><div class="bar-label">Idaho</div><div class="bar-track"><div class="bar-fill orange" style="width:7.6%"></div></div><div class="bar-val">6</div></div>
<div class="bar-row"><div class="bar-label">South Dakota</div><div class="bar-track"><div class="bar-fill orange" style="width:6.3%"></div></div><div class="bar-val">5</div></div>
<div class="bar-row"><div class="bar-label">Georgia</div><div class="bar-track"><div class="bar-fill orange" style="width:6.3%"></div></div><div class="bar-val">5</div></div>
<div class="bar-row"><div class="bar-label">Indiana</div><div class="bar-track"><div class="bar-fill orange" style="width:6.3%"></div></div><div class="bar-val">5</div></div>
<div class="bar-row"><div class="bar-label">Nevada</div><div class="bar-track"><div class="bar-fill orange" style="width:6.3%"></div></div><div class="bar-val">5</div></div>
</div>
<div class="chart-box">
<h3>Top 15 States by Dollar Volume</h3>
<div class="bar-row"><div class="bar-label">California</div><div class="bar-track"><div class="bar-fill green" style="width:100%"></div></div><div class="bar-val">$83.0M</div></div>
<div class="bar-row"><div class="bar-label">Florida</div><div class="bar-track"><div class="bar-fill green" style="width:33.8%"></div></div><div class="bar-val">$28.0M</div></div>
<div class="bar-row"><div class="bar-label">Minnesota</div><div class="bar-track"><div class="bar-fill green" style="width:18.6%"></div></div><div class="bar-val">$15.4M</div></div>
<div class="bar-row"><div class="bar-label">Utah</div><div class="bar-track"><div class="bar-fill green" style="width:17.2%"></div></div><div class="bar-val">$14.2M</div></div>
<div class="bar-row"><div class="bar-label">Texas</div><div class="bar-track"><div class="bar-fill green" style="width:14.1%"></div></div><div class="bar-val">$11.7M</div></div>
<div class="bar-row"><div class="bar-label">Washington</div><div class="bar-track"><div class="bar-fill green" style="width:14.0%"></div></div><div class="bar-val">$11.6M</div></div>
<div class="bar-row"><div class="bar-label">New York</div><div class="bar-track"><div class="bar-fill orange" style="width:11.0%"></div></div><div class="bar-val">$9.1M</div></div>
<div class="bar-row"><div class="bar-label">Alabama</div><div class="bar-track"><div class="bar-fill orange" style="width:8.1%"></div></div><div class="bar-val">$6.7M</div></div>
<div class="bar-row"><div class="bar-label">Wisconsin</div><div class="bar-track"><div class="bar-fill orange" style="width:7.9%"></div></div><div class="bar-val">$6.6M</div></div>
<div class="bar-row"><div class="bar-label">Arizona</div><div class="bar-track"><div class="bar-fill orange" style="width:7.1%"></div></div><div class="bar-val">$5.9M</div></div>
<div class="bar-row"><div class="bar-label">Idaho</div><div class="bar-track"><div class="bar-fill orange" style="width:6.5%"></div></div><div class="bar-val">$5.4M</div></div>
<div class="bar-row"><div class="bar-label">Indiana</div><div class="bar-track"><div class="bar-fill orange" style="width:6.3%"></div></div><div class="bar-val">$5.2M</div></div>
<div class="bar-row"><div class="bar-label">South Dakota</div><div class="bar-track"><div class="bar-fill orange" style="width:6.1%"></div></div><div class="bar-val">$5.1M</div></div>
<div class="bar-row"><div class="bar-label">Georgia</div><div class="bar-track"><div class="bar-fill orange" style="width:5.3%"></div></div><div class="bar-val">$4.4M</div></div>
</div>
</div>
<div class="chart-box full" style="margin-top:30px;">
<h3>Top Counties</h3>
<table class="data-table">
<thead><tr><th>County</th><th>State</th><th class="num">Loans</th></tr></thead>
<tbody>
<tr><td>Los Angeles</td><td>CA</td><td class="num">24</td></tr>
<tr><td>Orange</td><td>CA</td><td class="num">10</td></tr>
<tr><td>San Diego</td><td>CA</td><td class="num">8</td></tr>
<tr><td>Maricopa</td><td>AZ</td><td class="num">6</td></tr>
<tr><td>San Bernardino</td><td>CA</td><td class="num">5</td></tr>
<tr><td>Hillsborough</td><td>FL</td><td class="num">5</td></tr>
<tr><td>Miami-Dade</td><td>FL</td><td class="num">4</td></tr>
<tr><td>Davis</td><td>UT</td><td class="num">4</td></tr>
<tr><td>Kern</td><td>CA</td><td class="num">4</td></tr>
<tr><td>Clark</td><td>WA</td><td class="num">4</td></tr>
<tr><td>Utah</td><td>UT</td><td class="num">4</td></tr>
<tr><td>Santa Clara</td><td>CA</td><td class="num">4</td></tr>
</tbody>
</table>
</div>
<div class="insight-callout">
<h4>Key Takeaway</h4>
<p>California is the clear heavyweight — 29% of all dental 504 loans and 31% of dollar volume. Southern California metros (LA, Orange, San Diego, San Bernardino) alone account for 47 loans. Florida is a distant but solid second. Notable for the Southeast: Georgia has 5 loans, and Alabama punches above its weight with 6 loans and $6.7M in volume.</p>
</div>
</div>
<!-- ── SECTION: CDCs ── -->
<div class="section">
<div class="section-title">Top Certified Development Companies (CDCs)</div>
<div class="section-subtitle">Which CDCs are originating the most dental practice 504 loans</div>
<div class="chart-box full">
<table class="data-table">
<thead><tr><th>CDC Name</th><th class="num">Loans</th><th class="num">Total Volume</th><th class="num">Avg Loan</th></tr></thead>
<tbody>
<tr><td>Business Finance Capital</td><td class="num">25</td><td class="num">$23,303,000</td><td class="num">$932,120</td></tr>
<tr><td>California Statewide Certified</td><td class="num">21</td><td class="num">$17,573,000</td><td class="num">$837,286</td></tr>
<tr><td>Florida Business Development Corp</td><td class="num">20</td><td class="num">$17,546,000</td><td class="num">$877,300</td></tr>
<tr><td>Mortgage Capital Development Corp</td><td class="num">20</td><td class="num">$24,390,000</td><td class="num">$1,219,500</td></tr>
<tr><td>Mountain West Small Business Finance</td><td class="num">14</td><td class="num">$9,321,000</td><td class="num">$665,786</td></tr>
<tr><td>Florida First Capital Finance</td><td class="num">13</td><td class="num">$11,605,000</td><td class="num">$892,692</td></tr>
<tr><td>Empire State Certified Development</td><td class="num">10</td><td class="num">$9,248,000</td><td class="num">$924,800</td></tr>
<tr><td>WBD, Inc.</td><td class="num">8</td><td class="num">$6,583,000</td><td class="num">$822,875</td></tr>
<tr><td>Twin Cities-Metro Certified Dev</td><td class="num">6</td><td class="num">$8,006,000</td><td class="num">$1,334,333</td></tr>
<tr><td>Evergreen Business Capital</td><td class="num">6</td><td class="num">$7,436,000</td><td class="num">$1,239,333</td></tr>
</tbody>
</table>
</div>
<div class="insight-callout">
<h4>Key Takeaway</h4>
<p>Business Finance Capital leads in loan count (25 loans), but Mortgage Capital Development Corp leads in volume ($24.4M) with a significantly higher average loan size of $1.22M. Twin Cities-Metro and Evergreen also skew toward larger deals. The Florida CDCs (Florida Business Development + Florida First Capital) collectively account for 33 dental loans — showing strong CDC penetration in that market.</p>
</div>
</div>
<!-- ── SECTION: Third Party Lenders ── -->
<div class="section">
<div class="section-title">Top Third Party Lenders</div>
<div class="section-subtitle">Banks partnering on the conventional first-lien portion of dental 504 projects</div>
<div class="chart-grid">
<div class="chart-box full">
<table class="data-table">
<thead><tr><th>Lender</th><th class="num">Loans</th><th class="num">504 Volume</th></tr></thead>
<tbody>
<tr><td>JPMorgan Chase Bank, N.A.</td><td class="num">15</td><td class="num">$14,594,000</td></tr>
<tr><td>First-Citizens Bank & Trust</td><td class="num">13</td><td class="num">$12,623,000</td></tr>
<tr><td>Zions Bank</td><td class="num">8</td><td class="num">$6,069,000</td></tr>
<tr><td>Meadows Bank</td><td class="num">7</td><td class="num">$6,536,000</td></tr>
<tr><td>Bank of America, N.A.</td><td class="num">7</td><td class="num">$8,864,000</td></tr>
<tr><td>Cache Valley Bank</td><td class="num">6</td><td class="num">$3,627,000</td></tr>
<tr><td>California Bank of Commerce</td><td class="num">5</td><td class="num">$3,163,000</td></tr>
<tr><td>CalPrivate Bank</td><td class="num">5</td><td class="num">$3,672,000</td></tr>
<tr><td>City National Bank</td><td class="num">5</td><td class="num">$4,434,000</td></tr>
<tr><td>Seacoast National Bank</td><td class="num">4</td><td class="num">$4,551,000</td></tr>
</tbody>
</table>
</div>
</div>
<div class="insight-callout">
<h4>Key Takeaway</h4>
<p>JPMorgan Chase and First-Citizens lead in dental 504 lending partnerships. Notably, regional and community banks are very active — Meadows Bank, Cache Valley Bank, CalPrivate Bank, and Seacoast National all appear in the top 10. Bank of America has the highest average deal size among the leaders at $1.27M per loan. This is a market where community bank relationships matter.</p>
</div>
</div>
<!-- ── SECTION: Loan Status & Performance ── -->
<div class="section">
<div class="section-title">Portfolio Performance & Status</div>
<div class="section-subtitle">Dental practices show exceptional credit performance with zero charge-offs</div>
<div class="chart-grid">
<div class="chart-box">
<h3>Loan Status Breakdown</h3>
<div style="margin-top:10px;">
<div class="bar-row"><div class="bar-label">Exempt</div><div class="bar-track"><div class="bar-fill green" style="width:100%"></div></div><div class="bar-val">147 (53%)</div></div>
<div class="bar-row"><div class="bar-label">Not Funded</div><div class="bar-track"><div class="bar-fill orange" style="width:74.8%"></div></div><div class="bar-val">110 (40%)</div></div>
<div class="bar-row"><div class="bar-label">Cancelled</div><div class="bar-track"><div class="bar-fill" style="width:10.9%; background:var(--apc-mid-gray)"></div></div><div class="bar-val">16 (6%)</div></div>
<div class="bar-row"><div class="bar-label">Paid in Full</div><div class="bar-track"><div class="bar-fill" style="width:2%; background:var(--apc-green-dark)"></div></div><div class="bar-val">3 (1%)</div></div>
</div>
</div>
<div class="chart-box">
<!-- ── FOOTER ── -->
<div class="footer">
<strong>APC</strong> | SBA 504 Dental Practice Industry Analysis | Data as of 12/31/2025 | Source: SBA FOIA 504 Loan Data
</div>
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