Almost $20 Billion is Approved in FY24 Under 7(a) and 504 Loan Programs

May 7, 2024

Delaney Sexton
Contributing Editor

Almost $20 Billion is Approved in FY24 Under 7(a) and 504 Loan Programs

So far in fiscal year 2024, the number of approved 7(a) loans is 38,658. Small dollar loans make up a majority of approved loans since 56.2% of 7(a) loans are $150,000 or less.

Almost $16.2 billion in 7(a) loans has been approved. The average 7(a) loan size was $419,035. Almost 36% of all 7(a) dollars were approved for loans in the $500,000 to $2 million range, and 35.4% are $2 million or more.

Under the 504 program, 3,418 loans have been approved. Almost half of those loans were approved under the $500,000 to $2 million segment.

More than $3.72 billion has been approved through the 504 loan program. 90% of the approved dollar amount was for loans ranging from $500,000 to $2 million or more. The average loan size under this program is $1,090,526.

Source:
7(a) & 504 Summary Report