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County15th of 17 in Connecticut by approvalsFIPS 09011
SBA loans in New London County, Connecticut
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in New London County, Connecticut, received 49 SBA loan approvals worth $23.7M in FY2021 to FY2025 (46 7(a), 3 504).
That is 8.5 approvals per 1,000 business establishments (5,751 establishments in 2021), below the Connecticut figure of 48.8 and below the national 41.0.
It ranks 15th of 17 Connecticut counties with approvals. In FY2025 there were 5.
23 lenders had approvals here; the most active were Manufacturers and Traders Trust Company (6), Liberty Bank (6) and TD Bank, National Association (4). The most common industry was beverage manufacturing.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in New London County
By number of approvals to businesses in the county, FY2021–FY2025; 23 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Manufacturers and Traders Trust CompanyBuffalo, NY | 6 | $1.1M | 12.2% | |
| 2 | Liberty BankMiddletown, CT | 6 | $1.1M | 12.2% | |
| 3 | TD Bank, National AssociationWilmington, DE | 4 | $2.1M | 8.2% | |
| 4 | Webster Bank National AssociationWaterbury, CT | 3 | $3.2M | 6.1% | |
| 5 | Newtek Bank, National AssociationMiami, FL | 3 | $1.3M | 6.1% | |
| 6 | Northeast BankLewiston, ME | 3 | $315K | 6.1% | |
| 7 | Newtek Small Business Finance, Inc.Lake Success, NY | 2 | — | 4.1% | |
| 8 | Chelsea Groton BankNorwich, CT | 2 | — | 4.1% | |
| 9 | Community Investment CorporationHamden, CT · CDC | 2 | — | 4.1% | |
| 10 | Westfield BankWestfield, MA | 2 | — | 4.1% | |
| 11 | Bank of America, National AssociationCharlotte, NC | 2 | — | 4.1% | |
| 12 | The Huntington National BankColumbus, OH | 2 | — | 4.1% | |
| 13 | Jewett City Savings BankJewett City, CT | 2 | — | 4.1% | |
| 14 | Ascend BankGuilford, CT | 1 | — | 2.0% | |
| 15 | Byline BankChicago, IL | 1 | — | 2.0% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Beverage ManufacturingNAICS 3121 | 4 | 8.2% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 4 | 8.2% | |
| 3 | Drinking Places (Alcoholic Beverages)NAICS 7224 | 4 | 8.2% | |
| 4 | Personal Care ServicesNAICS 8121 | 4 | 8.2% | |
| 5 | Beer, Wine, and Liquor StoresNAICS 4453 | 3 | 6.1% | |
| 6 | Other Support ServicesNAICS 5619 | 2 | 4.1% | |
| 7 | Building Material and Supplies DealersNAICS 4441 | 2 | 4.1% | |
| 8 | Other Amusement and Recreation IndustriesNAICS 7139 | 2 | 4.1% | |
| 9 | Professional and Commercial Equipment and Supplies Merchant WholesalersNAICS 4234 | 2 | 4.1% | |
| 10 | Other Specialty Trade ContractorsNAICS 2389 | 2 | 4.1% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 10 | 20.4% | |
| 2 | Accommodation and Food Services | 10 | 20.4% | |
| 3 | Construction | 6 | 12.2% | |
| 4 | Other Services (except Public Administration) | 5 | 10.2% | |
| 5 | Manufacturing | 4 | 8.2% | |
| 6 | Wholesale Trade | 4 | 8.2% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 3 | 6.1% | |
| 8 | Arts, Entertainment, and Recreation | 2 | 4.1% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 0 | — | — | 0 | — | 0 | 0 |
| FY2025 | 5 | $865K | $150K | 0 | — | 5 | 29 |
| FY2024 | 7 | $2.3M | $100K | 1 | — | 8 | 41 |
| FY2023 | 9 | $2.1M | $250K | 0 | — | 9 | 159 |
| FY2022 | 11 | $9.3M | $200K | 2 | — | 13 | 143 |
| FY2021 | 14 | $8.1M | $250K | 0 | — | 14 | 143 |
| FY2020 | 17 | $5.2M | $100K | 1 | — | 18 | 190 |
| FY2019 | 14 | $2.6M | $73K | 0 | — | 14 | 166 |
| FY2018 | 24 | $6.4M | $73K | 1 | — | 25 | 181 |
| FY2017 | 27 | $15.9M | $150K | 2 | — | 29 | 242 |
| FY2016 | 26 | $8.2M | $100K | 4 | $956K | 30 | 438 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 116 approvals.
Against Connecticut and the country
| FY2021–FY2025 | New London County | Connecticut | United States |
|---|---|---|---|
| Approvals | 49 | 4,358 | 342,825 |
| Approvals per 1,000 establishments (county: CBP 2021) | 8.5 | 48.8 | 41.0 |
| Median 7(a) approval | $227K | $148K | $190K |
| Median 504 approval | $346K | $494K | $657K |
| Average approval | $483K | $435K | $573K |
| 504 share of approvals | 6.1% | 10.1% | 11.0% |
| Jobs supported per approval, as reported | 10.5 | 9.2 | 10.5 |
| Share of state approvals | 1.1% | 100.0% | — |
Approval sizes
- $50,000 or less18.4%9
- $50,001 to $150,00022.4%11
- $150,001 to $350,00028.6%14
- $350,001 to $1 million18.4%9
- $1 million to $2 million6.1%3
- Over $2 million6.1%3
Age of the businesses
- Existing, more than 2 years old55.1%27
- New business, 2 years or less18.4%9
- Startup, loan funds will open the business22.4%11
- Change of ownership4.1%2
Questions and answers
Which lenders make the most SBA loans in New London County?
By approvals in FY2021 to FY2025: Manufacturers and Traders Trust Company (6), Liberty Bank (6), TD Bank, National Association (4), Webster Bank National Association (3), Newtek Bank, National Association (3). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in New London County?
The median 7(a) approval was $227K and the median 504 approval $346K; the Connecticut 7(a) median was $148K.
Which industries get the most SBA loans in New London County?
Beverage Manufacturing (4); Restaurants and Other Eating Places (4); Drinking Places (Alcoholic Beverages) (4); Personal Care Services (4); Beer, Wine, and Liquor Stores (3).
Is SBA lending in New London County rising?
Approvals in the three latest complete fiscal years total 22, against 45 in the three before: falling (-51%).
How does New London County compare with the rest of Connecticut?
8.5 approvals per 1,000 establishments against 48.8 statewide, and 49 of the state's 4,358 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error