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California
1,270,600
Florida
983,346
Texas
938,534
New York
734,817
Illinois
620,050
Georgia
553,322
Ohio
351,995
Pennsylvania
342,421
New Jersey
302,438
Michigan
291,533
North Carolina
258,994
Missouri
233,144
Tennessee
229,731
Minnesota
225,357
Virginia
221,084
Louisiana
217,331
Massachusetts
217,230
Washington
195,234
Colorado
192,264
Maryland
190,719
Wisconsin
187,819
Indiana
186,169
Iowa
171,724
Alabama
169,562
Arizona
169,247
Oklahoma
154,906
South Carolina
150,218
Mississippi
138,394
Kentucky
128,433
Kansas
126,404
Nevada
118,239
Connecticut
117,892
Oregon
115,873
Nebraska
114,181
Arkansas
102,041
Utah
84,019
South Dakota
64,078
Idaho
52,390
North Dakota
51,521
Maine
47,407
Montana
47,065
Hawaii
44,566
New Mexico
41,166
New Hampshire
40,930
Rhode Island
33,805
West Virginia
33,317
District of Columbia
29,522
Delaware
27,733
Wyoming
25,655
Alaska
23,694
Vermont
21,700

SBA Loan List by State 2024

SBA Loan List by State 2024

State
Total
California1,270,600
Florida983,346
Texas938,534
New York734,817
Illinois620,050
Georgia553,322
Ohio351,995
Pennsylvania342,421
New Jersey302,438
Michigan291,533

New Jersey

SBA loans and the Paycheck Protection Program have been frequently accessed in the past few years, with the number one state being New Jersey. While there are many factors, the COVID pandemic has placed many small businesses in peril, along with their medium and large-sized counterparts. New Jersey is the top state for loan approval rates, as nearly a quarter of their requests have been approved. New Jersey is nicknamed the "Garden" state, and has a unique cocktail of high credit scores, while also being close to some of America's largest metropolises and population.

New York

Naturally, New York is a close second. In fact, one of the reasons why New Jersey took the number one place is its proximity to New York and Philadelphia, being in the middle of both states. This has given NJ a natural advantage, meaning that workers can take a train ride or vehicle commute to larger cities to earn more on their annual salary, especially when compared to their counterparts that are doing the same job with similar experience.

New York comes in at 19% approval, giving the Empire State one of the highest approvals per capita. This means that New York businesses, on average, are seen to have better credit scores and more established, predictable income. While there are debates over this, New York and California consistently post the highest cost of living in the country.

California

California has an approval rate of 14.2%, which may not sound too high, but is only 3 places from the top. California enjoys booming healthcare and technological centers, with it being home to Silicon Valley. This has given California the most expensive real estate prices in the country, as there has been a massive influx of domestic and international immigrants into the state, especially on work visas, to chase the new "American Dream". While this may seem like a good thing, it is actually extremely risky on the loan approval front. Silicon Valley and start-ups are extremely risky and do not have a predictable income, making them a nightmare for established programs and corporations to lend or fund.

Texas

Texas has a relatively high rate, but much lower than New York or California. Coming in at a 10% approval rate, SBA loans are frequently applied within the state due to unique economic conditions. Although Texas has a lower rate than its comparable flourishing metropolitan states, it is the state with the most SBA loans, in terms of volume. This means that although Texans may not necessarily have the greatest credit scores, money is being invested into the state to power an extremely influential economy.

Mississippi

Mississippi has the second lowest median income in the country, at $44,700. Although the cost of living is greatly reduced here, many still default on their loans, as this state has had the lowest credit score since the middle of 2020. The average credit score in Mississippi is 662, due to its high mortgage delinquency rate.

SBA Loan List by State 2024

Download Table Data

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State
$150k Or Less
$150k To 350k
$1m To 2m
$2m To 5m
$350k To 1m
$5m To 10m
Total
California1,139,98575,58410,1104,06440,2025661,270,600
Florida923,31037,6613,7061,35817,107179983,346
Texas862,35044,8485,6562,38022,917312938,534
New York660,70742,0596,1302,62822,769415734,817
Illinois579,23622,8773,5791,44212,647229620,050
Georgia527,49015,8261,8517157,314112553,322
Ohio319,34918,4902,7571,16910,011183351,995
Pennsylvania303,88621,9363,1481,35611,875191342,421
New Jersey269,90418,6602,5201,04010,146150302,438
Michigan261,73217,2162,4051,0068,988165291,533
North Carolina236,16614,2601,4595996,41881258,994
Missouri216,7949,4891,1985365,02693233,144
Tennessee213,8629,4491,1414274,76474229,731
Minnesota205,62811,0821,6417366,127119225,357
Virginia197,81613,7921,7407186,90299221,084
Louisiana203,6637,8901,0984294,16874217,331
Massachusetts189,75715,7812,1768728,486137217,230
Washington171,48113,9871,7728077,060111195,234
Colorado172,52111,9321,3765565,78086192,264
Maryland171,74110,8951,5146025,88577190,719
Wisconsin170,4669,9021,4086115,32594187,819
Indiana169,5699,3871,3595875,17184186,169
Iowa163,4294,7636643192,49848171,724
Alabama158,6506,5587943083,19942169,562
Arizona153,4539,4111,1284684,72845169,247
Oklahoma144,9095,8286963013,12738154,906
South Carolina139,4766,7027172303,05832150,218
Mississippi132,8923,4103891401,54517138,394
Kentucky119,2555,3236883052,80354128,433
Kansas118,2024,6196773582,50934126,404
Nevada109,9784,9726262192,41824118,239
Connecticut105,0007,5809813853,89843117,892
Oregon102,4178,1218894043,98748115,873
Nebraska108,3773,4204161731,75733114,181
Arkansas96,1843,6083921301,70917102,041
Utah74,7255,5047002612,7883684,019
South Dakota61,3831,58420091812864,078
Idaho47,9742,7622661261,2471352,390
North Dakota48,2991,9012681229151551,521
Maine43,2222,6092721051,1752347,407
Montana43,9212,03219271839947,065
Hawaii39,5862,9543861541,4661844,566
New Mexico36,6822,7473011391,2791741,166
New Hampshire35,8523,0353421301,5561440,930
Rhode Island30,0132,211304971,1641633,805
West Virginia29,9522,0022351121,007933,317
District of Columbia25,1232,3614171701,4351429,522
Delaware24,7371,803196888941427,733
Wyoming23,5161,32313136639925,655
Alaska21,0311,621186677741523,694
Vermont19,4311,34515677683821,700
showing: 51 rows

SBA Loan List by State 2024

Sources