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County1st of 3 in U.S. Virgin Islands by approvals
SBA loans in Saint Thomas, U.S. Virgin Islands
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 Saint Thomas, U.S. Virgin Islands, received 45 SBA loan approvals worth $19.2M in FY2021 to FY2025 (44 7(a), 1 504).
The Census Bureau publishes no establishment count for it, so approvals cannot be set against the number of businesses.
It ranks 1st of 3 U.S. Virgin Islands counties with approvals. In FY2025 there were 9, down 47% on FY2024.
11 lenders had approvals here; the most active were Merchants Commercial Bank (15), Banco Popular de Puerto Rico (12) and Oriental Bank (8). The most common industry was restaurants and other eating places.
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 Saint Thomas
By number of approvals to businesses in the county, FY2021–FY2025; 11 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Merchants Commercial BankCharlotte Amalie, VI | 15 | $4.2M | 33.3% | |
| 2 | Banco Popular de Puerto RicoSan Juan, PR | 12 | $1.9M | 26.7% | |
| 3 | Oriental BankSan Juan, PR | 8 | $955K | 17.8% | |
| 4 | Celtic Bank CorporationSalt Lake City, UT | 2 | — | 4.4% | |
| 5 | FirstBank Puerto RicoSanturce, PR | 2 | — | 4.4% | |
| 6 | Live Oak Banking CompanyWilmington, NC | 1 | — | 2.2% | |
| 7 | Byline BankChicago, IL | 1 | — | 2.2% | |
| 8 | FDIC - Community Bank & Trust-West GeorgiaLagrange, GA | 1 | — | 2.2% | |
| 9 | Corp. Financiamiento Empresarial del Comercio y Comunidades (COFECC)San Juan, PR · CDC | 1 | — | 2.2% | |
| 10 | United Midwest Savings Bank National AssociationDe Graff, OH | 1 | — | 2.2% | |
| 11 | Stone BankMountain View, AR | 1 | — | 2.2% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 5 | 11.1% | |
| 2 | Automotive Equipment Rental and LeasingNAICS 5321 | 3 | 6.7% | |
| 3 | Offices of PhysiciansNAICS 6211 | 3 | 6.7% | |
| 4 | Other Amusement and Recreation IndustriesNAICS 7139 | 2 | 4.4% | |
| 5 | Scenic and Sightseeing Transportation, WaterNAICS 4872 | 2 | 4.4% | |
| 6 | Offices of Other Health PractitionersNAICS 6213 | 2 | 4.4% | |
| 7 | Clothing and Clothing Accessories RetailersNAICS 4581 | 2 | 4.4% | |
| 8 | Other Miscellaneous RetailersNAICS 4599 | 2 | 4.4% | |
| 9 | Consumer Goods RentalNAICS 5322 | 2 | 4.4% | |
| 10 | Traveler AccommodationNAICS 7211 | 1 | 2.2% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 9 | 20.0% | |
| 2 | Accommodation and Food Services | 8 | 17.8% | |
| 3 | Health Care and Social Assistance | 6 | 13.3% | |
| 4 | Transportation and Warehousing | 5 | 11.1% | |
| 5 | Real Estate and Rental and Leasing | 5 | 11.1% | |
| 6 | Other Services (except Public Administration) | 3 | 6.7% | |
| 7 | Manufacturing | 2 | 4.4% | |
| 8 | Arts, Entertainment, and Recreation | 2 | 4.4% |
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* | 6 | $802K | $123K | 0 | — | 6 | 18 |
| FY2025 | 9 | $3.9M | $200K | 0 | — | 9 | 40 |
| FY2024 | 16 | $5.6M | $95K | 1 | — | 17 | 113 |
| FY2023 | 6 | $4.5M | $500K | 0 | — | 6 | 88 |
| FY2022 | 11 | $4.3M | $100K | 0 | — | 11 | 151 |
| FY2021 | 2 | — | — | 0 | — | 2 | 6 |
| FY2020 | 3 | $695K | $225K | 0 | — | 3 | 56 |
| FY2019 | 3 | $1.7M | $350K | 0 | — | 3 | 59 |
| FY2018 | 2 | — | — | 0 | — | 2 | 56 |
| FY2017 | 0 | — | — | 0 | — | 0 | 0 |
| FY2016 | 2 | — | — | 0 | — | 2 | 3 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 10 approvals.
Against U.S. Virgin Islands and the country
| FY2021–FY2025 | Saint Thomas | U.S. Virgin Islands | United States |
|---|---|---|---|
| Approvals | 45 | 80 | 342,825 |
| Approvals per 1,000 establishments | — | — | 41.0 |
| Median 7(a) approval | $150K | $204K | $190K |
| Median 504 approval | — | — | $657K |
| Average approval | $427K | $684K | $573K |
| 504 share of approvals | 2.2% | 1.3% | 11.0% |
| Jobs supported per approval, as reported | 8.8 | 14.4 | 10.5 |
| Share of state approvals | 56.3% | 100.0% | — |
Approval sizes
- $50,000 or less24.4%11
- $50,001 to $150,00026.7%12
- $150,001 to $350,00022.2%10
- $350,001 to $1 million15.6%7
- $1 million to $2 million4.4%2
- Over $2 million6.7%3
Age of the businesses
- Existing, more than 2 years old53.3%24
- New business, 2 years or less15.6%7
- Startup, loan funds will open the business24.4%11
- Change of ownership6.7%3
Questions and answers
Which lenders make the most SBA loans in Saint Thomas?
By approvals in FY2021 to FY2025: Merchants Commercial Bank (15), Banco Popular de Puerto Rico (12), Oriental Bank (8), Celtic Bank Corporation (2), FirstBank Puerto Rico (2). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Saint Thomas?
The median 7(a) approval was $150K; the U.S. Virgin Islands 7(a) median was $204K.
Which industries get the most SBA loans in Saint Thomas?
Restaurants and Other Eating Places (5); Automotive Equipment Rental and Leasing (3); Offices of Physicians (3); Other Amusement and Recreation Industries (2); Scenic and Sightseeing Transportation, Water (2).
Is SBA lending in Saint Thomas rising?
Approvals in the three latest complete fiscal years total 32, against 16 in the three before: rising (+100%).
How does Saint Thomas compare with the rest of U.S. Virgin Islands?
It had 45 of the state's 80 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