July 1–September 30, 2026 · SBA data through September 30, 2026
Recorded SBA 7(a) acquisition approvals rose 20.0% in the July–September quarter from a year earlier, from 2,001 to 2,402. Total approved dollars rose 31.7% to $3.24 billion. The stronger quarter did not reverse the full-year decline in approval count.
A stronger quarter in a quieter fiscal year
| Measure | FY2025 Q4 | FY2026 Q3 | FY2026 Q4 |
|---|---|---|---|
| Approvals | 2,001 | 1,721 | 2,402 |
| Total approved | $2,462,168,700 | $2,014,002,700 | $3,243,437,900 |
| Median approved amount | $795,000 | $712,000 | $860,200 |
| Median starting rate | 9.50% | 8.75% | 8.75% |
The median approved amount reached $860,200, up 8.2% from the same quarter a year earlier. The median reported starting rate fell from 9.50% to 8.75% and matched the preceding quarter. All 2,402 approvals in the latest quarter had a reported starting rate. The year-over-year comparison uses the same calendar months. The change from April–June can also reflect seasonality.
Across the full fiscal year, the file recorded 7,184 approvals, down from 7,532 in FY2025. The fourth quarter accounted for about one-third of FY2026 approvals. That is why the quarterly and full-year figures tell different stories.
Where the additional approvals appeared
California led the quarter by count and rose by 55 approvals year over year. Ohio added 47. Together they accounted for 102 of the 401 net additional approvals nationwide. Florida stayed almost flat despite ranking third for the quarter.
| Project state | FY2025 Q4 | FY2026 Q4 | Change |
|---|---|---|---|
| California | 181 | 236 | +55 |
| Texas | 168 | 201 | +33 |
| Florida | 196 | 197 | +1 |
| Ohio | 63 | 110 | +47 |
| Washington | 93 | 107 | +14 |
Which industries had the most approvals
Full-service restaurants led by approval count. Gas stations with convenience stores had the largest gain among industries with at least 20 approvals in both quarters. Landscaping services rose from 23 to 39, and fitness and recreational sports centers from 21 to 34. Hotels and motels excluding casinos fell from 95 to 85 despite the national increase.
| Industry | FY2025 Q4 | FY2026 Q4 | Change |
|---|---|---|---|
| Full-Service Restaurants | 114 | 120 | +6 |
| Hotels (except Casino Hotels) and Motels | 95 | 85 | -10 |
| Limited-Service Restaurants | 82 | 81 | -1 |
| Gasoline Stations with Convenience Stores | 56 | 76 | +20 |
| Beer, Wine, and Liquor Retailers | 82 | 74 | -8 |
Which lender names were most active
Live Oak moved ahead of Huntington by quarterly approval count. Pathward’s increase from 9 to 61 illustrates how a low starting count can make a lender’s change look especially large. Open a lender profile to see its longer history, loan-size mix, and where the projects were located.
| Lender | FY2025 Q4 | FY2026 Q4 | Change |
|---|---|---|---|
| Live Oak Banking Company | 170 | 272 | +102 |
| The Huntington National Bank | 223 | 244 | +21 |
| Byline Bank | 49 | 72 | +23 |
| First Internet Bank of Indiana | 73 | 67 | -6 |
| Pathward National Association | 9 | 61 | +52 |
Source and scope
We used the SBA’s public 7(a) FOIA files through September 30, 2026 and grouped records by their approval dates. Fiscal Q4 is July–September and Q3 is April–June. The counts include records marked “Change of Ownership” that meet the index’s data rules. All periods use the same snapshot, so later SBA revisions may change historical counts. Dollars are nominal gross approvals. The file does not show closing activity, deal prices, or approval rates.