SBA 504 Loans: 2025
With Fiscal Year 2025 coming to a close we review some of the growth stats of the SBA 504 industry over the past year.
While still below industry peak in 2022, the SBA 504 program showed solid growth in 2025 compared to 2024.
SBA 504 Industry Annual Approvals
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| Debenture Approvals | $8,218,105,540 | $9,207,996,290 | $6,419,378,000 | $6,664,906,000 | $7,804,172,000 |
| Estimated Total Support Dollars | $18,677,512,591 | $20,927,264,295 | $14,589,495,455 | $15,147,513,636 | $17,736,754,545 |
| # of Loans | 9676 | 9254 | 5924 | 5993 | 6762 |
Fastest Growing CDCs
Below we break down the fastest growing CDCs over the past year. We rank these by CDC size. Large CDCs with more than $100 million in approvals last year, Medium CDCs with between $40-$100million in approvals last year, and Small CDCs with between $15-$40million in approvals last year.
Top 1 Year Growth Large CDCs ( <$100 million in approvals)
| % Growth | 2024 | 2025 | Change | |
| Advantage Certified Development | 58.17% | $69,251,000 | $109,531,000 | $40,280,000 |
| Granite State Economic Development | 47.60% | $106,997,000 | $157,925,000 | $50,928,000 |
| Mountain West Small Business Finance | 43.89% | $225,538,000 | $324,528,000 | $98,990,000 |
| Minnesota Business Finance Corp | 36.89% | $73,686,000 | $100,869,000 | $27,183,000 |
| SomerCor 504, Inc. | 36.23% | $119,121,000 | $162,279,000 | $43,158,000 |
| Mortgage Capital Development Corp | 29.77% | $644,557,000 | $836,421,000 | $191,864,000 |
| California Statewide Certified | 29.74% | $290,727,000 | $377,183,000 | $86,456,000 |
| Trenton Business Assistance Corp | 26.48% | $132,115,000 | $167,094,000 | $34,979,000 |
| B:Side Capital | 11.82% | $104,834,000 | $117,230,000 | $12,396,000 |
| Florida First Capital Finance | 10.24% | $387,334,000 | $426,988,000 | $39,654,000 |
| Business Finance Capital | 6.53% | $361,422,000 | $385,021,000 | $23,599,000 |
Top 1 Year Growth Medium CDCs ($40 - $100million)
| % Change | 2024 | 2025 | Change | |
| Rappahannock Economic Development | 150.89% | $16,214,000 | $40,679,000 | $24,465,000 |
| Community Certified Development | 111.69% | $19,063,000 | $40,354,000 | $21,291,000 |
| South Eastern Economic Development | 105.70% | $25,567,000 | $52,592,000 | $27,025,000 |
| Cascade Capital Corporation | 93.59% | $10,546,000 | $20,416,000 | $9,870,000 |
| Carolina Business Capital, Inc | 88.93% | $17,502,000 | $33,066,000 | $15,564,000 |
| Intermountain Business Lending | 73.96% | $28,405,000 | $49,414,000 | $21,009,000 |
| Great Lakes Commercial Finance | 67.66% | $36,660,000 | $61,463,000 | $24,803,000 |
| Dakota Business Finance | 51.94% | $37,006,000 | $56,227,000 | $19,221,000 |
| Bay Area Employment Development | 51.09% | $52,735,000 | $79,679,000 | $26,944,000 |
| Dakota Business Lending | 50.68% | $28,148,000 | $42,413,000 | $14,265,000 |
| Greater East Texas Certified Development | 47.05% | $51,568,000 | $75,829,000 | $24,261,000 |
| Twin Cities-Metro Certified Development | 37.79% | $49,972,000 | $68,857,000 | $18,885,000 |
| AMPAC Tri-State CDC, Inc. | 34.51% | $54,942,000 | $73,900,000 | $18,958,000 |
| CDC Small Business Finance Corp | 28.78% | $73,359,000 | $94,469,000 | $21,110,000 |
| Rural Missouri, Inc. | 27.35% | $62,442,000 | $79,518,000 | $17,076,000 |
| Capital Matrix, Inc. | 24.93% | $52,041,000 | $65,014,000 | $12,973,000 |
| Nevada State Development Corp | 24.63% | $43,406,000 | $54,098,000 | $10,692,000 |
| Southland Economic Developmen | 24.18% | $65,867,000 | $81,793,000 | $15,926,000 |
| Bay Colony Development Corp | 23.23% | $72,762,000 | $89,668,000 | $16,906,000 |
| North Texas Certified Developm | 13.13% | $51,220,000 | $57,943,000 | $6,723,000 |
| Business Expansion Funding Corp | 12.41% | $78,111,000 | $87,801,000 | $9,690,000 |
| Cen Cal Business Finance Group | 11.05% | $37,174,000 | $41,282,000 | $4,108,000 |
| Northwest Business Development | 9.12% | $49,769,000 | $54,308,000 | $4,539,000 |
Top 1 Year Growth Small CDCs ($15 - $40million)
| % Change | 2024 | 2025 | Change | |
| Rappahannock Economic Development | 150.89% | $16,214,000 | $40,679,000 | $24,465,000 |
| Community Certified Development | 111.69% | $19,063,000 | $40,354,000 | $21,291,000 |
| South Eastern Economic Development | 105.70% | $25,567,000 | $52,592,000 | $27,025,000 |
| Cascade Capital Corporation | 93.59% | $10,546,000 | $20,416,000 | $9,870,000 |
| Carolina Business Capital, Inc | 88.93% | $17,502,000 | $33,066,000 | $15,564,000 |
| Intermountain Business Lending | 73.96% | $28,405,000 | $49,414,000 | $21,009,000 |
| Great Lakes Commercial Finance | 67.66% | $36,660,000 | $61,463,000 | $24,803,000 |
| Dakota Business Finance | 51.94% | $37,006,000 | $56,227,000 | $19,221,000 |
| Bay Area Employment Development | 51.09% | $52,735,000 | $79,679,000 | $26,944,000 |
| Dakota Business Lending | 50.68% | $28,148,000 | $42,413,000 | $14,265,000 |
| Greater East Texas Certified Development | 47.05% | $51,568,000 | $75,829,000 | $24,261,000 |
| Twin Cities-Metro Certified Development | 37.79% | $49,972,000 | $68,857,000 | $18,885,000 |
| AMPAC Tri-State CDC, Inc. | 34.51% | $54,942,000 | $73,900,000 | $18,958,000 |
| CDC Small Business Finance Corp | 28.78% | $73,359,000 | $94,469,000 | $21,110,000 |
| Rural Missouri, Inc. | 27.35% | $62,442,000 | $79,518,000 | $17,076,000 |
| Capital Matrix, Inc. | 24.93% | $52,041,000 | $65,014,000 | $12,973,000 |
| Nevada State Development Corp | 24.63% | $43,406,000 | $54,098,000 | $10,692,000 |
| Southland Economic Developmen | 24.18% | $65,867,000 | $81,793,000 | $15,926,000 |
| Bay Colony Development Corp | 23.23% | $72,762,000 | $89,668,000 | $16,906,000 |
| North Texas Certified Developm | 13.13% | $51,220,000 | $57,943,000 | $6,723,000 |
| Business Expansion Funding Corp | 12.41% | $78,111,000 | $87,801,000 | $9,690,000 |
| Cen Cal Business Finance Group | 11.05% | $37,174,000 | $41,282,000 | $4,108,000 |
| Northwest Business Development | 9.12% | $49,769,000 | $54,308,000 | $4,539,000 |
