Industries › Construction
NAICS 23Sector12.4% of all approvals
SBA loans for construction
7(a) and 504 approvals to businesses SBA classifies under NAICS 23, with the lenders and states behind them.
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.
SBA approved 42,595 loans to businesses in construction (NAICS 23) in FY2021 to FY2025, worth $17.2bn: 39,262 under 7(a) and 3,333 under 504.
That is 12.4% of all approvals. Set against the 814,557 establishments the Census Bureau counts in the industry, it comes to 52.3 approvals per 1,000 establishments; across all industries the figure is 41.0.
In FY2025 there were 11,264 approvals, up 8% on FY2024. The median 7(a) approval was $150K, against $190K for all industries, and 6.6% of approvals went to franchise businesses.
Of 7(a) loans approved in FY2010 to FY2021 and disbursed, SBA records 7.4% as charged off, close to the 6.6% for all industries.
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.
Volume 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* | 5,436 | $2.14bn | $150K | 443 | $376M | 5,879 | 49,660 |
| FY2025 | 10,583 | $3.93bn | $150K | 681 | $625M | 11,264 | 91,132 |
| FY2024 | 9,873 | $3.27bn | $125K | 588 | $468M | 10,461 | 84,374 |
| FY2023 | 7,665 | $2.58bn | $117K | 483 | $377M | 8,148 | 72,219 |
| FY2022 | 5,823 | $2.15bn | $115K | 696 | $574M | 6,519 | 63,767 |
| FY2021 | 5,318 | $2.61bn | $150K | 885 | $604M | 6,203 | 65,506 |
| FY2020 | 5,019 | $1.74bn | $100K | 681 | $421M | 5,700 | 52,159 |
| FY2019 | 6,001 | $1.53bn | $90K | 536 | $303M | 6,537 | 50,170 |
| FY2018 | 6,984 | $1.59bn | $75K | 508 | $285M | 7,492 | 55,195 |
| FY2017 | 6,880 | $1.45bn | $75K | 480 | $250M | 7,360 | 56,187 |
| FY2016 | 6,744 | $1.36bn | $50K | 444 | $214M | 7,188 | 58,043 |
SBA records the NAICS code in force when a loan was approved. The 2022 NAICS revision renumbered parts of retail trade and information, so some lines of business appear under one code before FY2023 and another after. FY2016–FY2020 approvals under this code: 34,277.
Within this sector
| NAICS | Subsector | Approvals, FY2021–FY2025 | Share |
|---|---|---|---|
| 238 | Specialty Trade Contractors | 29,442 | 69.1% |
| 236 | Construction of Buildings | 11,444 | 26.9% |
| 237 | Heavy and Civil Engineering Construction | 1,709 | 4.0% |
Lenders most active in this industry
By number of approvals, FY2021–FY2025; 1,315 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The Huntington National BankColumbus, OH | 5,698 | $1.18bn | 13.4% | |
| 2 | U.S. Bank, National AssociationCincinnati, OH | 3,059 | $353M | 7.2% | |
| 3 | TD Bank, National AssociationWilmington, DE | 2,726 | $337M | 6.4% | |
| 4 | JPMorgan Chase Bank, National AssociationColumbus, OH | 1,687 | $385M | 4.0% | |
| 5 | Northeast BankLewiston, ME | 1,560 | $280M | 3.7% | |
| 6 | Manufacturers and Traders Trust CompanyBuffalo, NY | 1,452 | $173M | 3.4% | |
| 7 | BayFirst National BankSaint Petersburg, FL | 1,234 | $219M | 2.9% | |
| 8 | Wells Fargo Bank National AssociationSioux Falls, SD | 1,138 | $234M | 2.7% | |
| 9 | Readycap Lending, LLCBerkeley Heights, NJ | 982 | $283M | 2.3% | |
| 10 | United Midwest Savings Bank National AssociationDe Graff, OH | 921 | $178M | 2.2% | |
| 11 | Newtek Bank, National AssociationMiami, FL | 756 | $414M | 1.8% | |
| 12 | Live Oak Banking CompanyWilmington, NC | 682 | $783M | 1.6% | |
| 13 | PNC Bank, National AssociationWilmington, DE | 543 | $71.9M | 1.3% | |
| 14 | Columbia BankLake Oswego, OR | 495 | $94.7M | 1.2% | |
| 15 | KeyBank National AssociationCleveland, OH | 484 | $127M | 1.1% | |
| 16 | Bank of America, National AssociationCharlotte, NC | 474 | $187M | 1.1% | |
| 17 | Newtek Small Business Finance, Inc.Lake Success, NY | 459 | $378M | 1.1% | |
| 18 | Zions Bank, A Division ofSalt Lake City, UT | 420 | $105M | 1.0% | |
| 19 | Celtic Bank CorporationSalt Lake City, UT | 368 | $107M | 0.9% | |
| 20 | Lendistry SBLC, LLCLos Angeles, CA | 314 | $78.3M | 0.7% |
States
| # | State of the business | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | California | 4,574 | $2.45bn | 10.7% | |
| 2 | Florida | 3,475 | $1.81bn | 8.2% | |
| 3 | Ohio | 2,922 | $642M | 6.9% | |
| 4 | New York | 2,724 | $851M | 6.4% | |
| 5 | Texas | 2,501 | $1.21bn | 5.9% | |
| 6 | Michigan | 1,790 | $476M | 4.2% | |
| 7 | Pennsylvania | 1,582 | $511M | 3.7% | |
| 8 | Massachusetts | 1,472 | $389M | 3.5% | |
| 9 | New Jersey | 1,378 | $448M | 3.2% | |
| 10 | Colorado | 1,351 | $758M | 3.2% | |
| 11 | Illinois | 1,319 | $484M | 3.1% | |
| 12 | Washington | 1,258 | $490M | 3.0% | |
| 13 | Minnesota | 1,181 | $484M | 2.8% | |
| 14 | Arizona | 891 | $504M | 2.1% | |
| 15 | Utah | 880 | $463M | 2.1% |
Franchise brands
6.6% of approvals carried a franchise code.
| # | Brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Mighty Dog Roofing | 139 | 0.3% | |
| 2 | Everline Coatings and Services | 87 | 0.2% | |
| 3 | Sam the Concrete Man | 86 | 0.2% | |
| 4 | Ace Handyman Services | 83 | 0.2% | |
| 5 | Koala Insulation | 81 | 0.2% | |
| 6 | Mr. Electric | 73 | 0.2% | |
| 7 | iFoam | 68 | 0.2% | |
| 8 | CertaPro Painters | 66 | 0.2% | |
| 9 | Aire Serv | 65 | 0.2% | |
| 10 | The Brothers that just do Gutters | 61 | 0.1% |
Approval sizes
- $50,000 or less28.2%11,992
- $50,001 to $150,00025.8%11,007
- $150,001 to $350,00019.7%8,391
- $350,001 to $1 million16.5%7,007
- $1 million to $2 million5.7%2,445
- Over $2 million4.1%1,753
Age of the businesses
- Existing, more than 2 years old69.2%29,459
- New business, 2 years or less14.9%6,328
- Startup, loan funds will open the business9.1%3,892
- Change of ownership6.7%2,867
- Not answered0.1%49
Charge-offs against all industries
| Loans approved FY2010–FY2021 | This industry, 7(a) | All 7(a) | This industry, 504 | All 504 |
|---|---|---|---|---|
| Approvals in these years | 67,244 | 639,905 | 6,238 | 85,591 |
| Cancelled or never disbursed | 8,053 | 79,313 | 809 | 12,514 |
| Disbursed loans | 59,191 | 560,592 | 5,429 | 73,077 |
| Paid in full | 47,238 | 435,813 | 2,493 | 35,491 |
| Charged off | 4,390 | 36,891 | 36 | 905 |
| Still outstanding (status exempt from disclosure) | 7,563 | 87,888 | 2,900 | 36,681 |
| Charged off, share of disbursed loans | 7.4% | 6.6% | 0.7% | 1.2% |
| Dollars charged off, share of disbursed dollars | 3.8% | 2.5% | 0.4% | 0.9% |
| Dollars charged off | $549M | $5.70bn | $10.3M | $499M |
Against all industries
| FY2021–FY2025 | NAICS 23 | All industries |
|---|---|---|
| Median 7(a) approval | $150K | $190K |
| Median 504 approval | $561K | $657K |
| Average approval | $404K | $573K |
| Approvals per 1,000 establishments | 52.3 | 41.0 |
| Approvals to franchise businesses | 6.6% | 11.2% |
| Jobs supported per approval, as reported | 8.9 | 10.5 |
Questions and answers
Which lenders make the most SBA loans for construction?
By approvals in FY2021 to FY2025: The Huntington National Bank (5,698), U.S. Bank, National Association (3,059), TD Bank, National Association (2,726), JPMorgan Chase Bank, National Association (1,687), Northeast Bank (1,560). 1,315 lenders had at least one.
How large are typical SBA loans for construction?
The median 7(a) approval was $150K and the median 504 approval $561K; the average across both programs was $404K.
What share of SBA loans for construction are charged off?
Of 7(a) loans approved in FY2010 to FY2021 and disbursed, 7.4% are recorded as charged off, against 6.6% for all industries; for 504 loans, 0.7% against 1.2%.
Which states have the most SBA loans for construction?
California (4,574), Florida (3,475), Ohio (2,922), New York (2,724), Texas (2,501).
Is SBA lending for construction rising?
Approvals in the three latest complete fiscal years total 29,873, against 18,422 in the three before: rising (+62%).
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