Main Street Monday: Coleman Report SBA 504 Top 100

November 24, 2025

by Bob Coleman
Founder & Publisher

Main Street Monday: Coleman Report SBA 504 Top 100

SBA’s 504 program posted a strong year. Fiscal 2025 volume came in at $7.8 billion, a 17% jump over FY24. The program has now logged three straight years of growth—though it’s still shy of the $9.2 billion record set in 2022 during the post-COVID surge.

The top five CDC lenders held their positions again this year. And once again, the California and Florida CDCs accounted for nearly one-third of all 504 dollars approved nationwide.

TMC Financing continues to set the pace posting a 30% increase in approvals, finishing FY25 with $836 million funded—comfortably holding the No. 1 spot.

At the edge of the leaderboard, the competition was tight. Only $3 million separated Trenton Business Assistance from cracking the Top 10, swapping places with Small Business Growth of Springfield, Illinois, which now sits at No. 11.

This was also a breakout year for many CDCs. Fourteen recorded triple-digit growth, and the biggest mover inside the Top 10 was Mountain West Small Business Finance, which posted a 44% jump in approvals.

Further down the rankings, 11 CDCs joined the Top 100 for the first time in 2025. The standout: Racine County EDC, which leapt from No. 113 to No. 70 on the strength of $21 million in approvals.

The merger of Black Hills Community EDC and First District Development Company pushed the newly formed Ally Dakota Development into the rankings at No. 91 with $11.5 million.