SBA Industry Insights

In the chart below we look at the major sectors making up SBA 504 lending.  Each sector combines multiple NAICS Industry codes.  These sectors represented 89% of all SBA 504 lending in 2025. 

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SBA 504 Top 12 Industries — FY2025 Total dollar volume by sector (Gross Approval + TPL) Top 12 volume $16.5B   Leader Accommodation   Loans approved 6,762 Accommodation $2.96B Health Care & Social Assistance $2.19B Manufacturing $2.01B Retail Trade $1.92B Food Services & Drinking Places $1.54B Construction $1.41B Wholesale Trade $1.10B Arts, Entertainment & Recreation $1.06B Professional, Scientific & Technical $0.87B Transportation & Warehousing $0.60B Real Estate, Rental & Leasing $0.48B Educational Services $0.37B   NAICS 72 subsectors   All other sectors Source: SBA 504 FOIA data, FY2023–present (as of 12/31/2025). Top 12 sectors shown represent 89% of FY2025 total volume ($18.6B). “Other Services (miscellaneous)” excluded.

SBA 504 financing jumped 17% in FY2025 — $18.6B in total project volume.

Construction led the pack with 34% growth. Manufacturing was close behind at 20%.

The top 12 industries below account for roughly 89% of all activity.

A few questions I’ve been thinking about:

→ Is this growth pulling forward demand, or is it a real shift?
→ How much of it is rate expectations vs actual expansion?
→ What’s the FY2026 number going to look like?

Curious what you’re seeing. If your industry’s on this list — does the volume surprise you?