SBA loans by state
SBA loans in Connecticut: 850 approvals in FY 2026, median $100,000
18% of variable loans were priced at the SBA maximum. Loans were small: the median was $100,000, against $220,000 nationally.
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Connecticut: 7(a) loans approved last year
850
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Connecticut: median rate at approval, $50,001 to $250,000 | 9.75% |
| Connecticut: median 7(a) loan last year | $100,000 |
| Payment over 10 years, SBA fee added to the loan | $1,344/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Connecticut, FY 2026: 850 SBA 7(a) approvals for $298.4 million (23rd of the 50 states and DC, SBA file of September 30, 2026). 18% of variable loans were priced at the SBA maximum. Loans were small: the median was $100,000, against $220,000 nationally. M&T Bank alone made 35% of the loans. 61% of loans went through SBA Express. Business purchases were rare, 8% of loans. 44% of approvals were revolving lines of credit. The state stood out for loans to finish carpentry contractors. Few loans ran past 15 years: 6%. Only 13% of the loans came from lenders based in Connecticut. Businesses under two years old took 21% of loans. Start-ups took only 13% of approvals. Borrowers were small teams, 7.8 jobs per loan. Today’s cap on a $100,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| M&T Bank | 298 | $45,000 | 10.50% | New York |
| Newtek Bank | 60 | $187,500 | 9.75% | Florida |
| Liberty Bank | 55 | $100,000 | 10.75% | Connecticut (in-state) |
| Santander Bank | 54 | $150,000 | 8.50% | Delaware |
| TD Bank | 52 | $50,000 | 9.75% | Delaware |
Among the most loans at the legal maximum
18% of Connecticut’s variable loans sat exactly at SBA’s cap, 3rd highest among the 50 states and DC. Of the five busiest lenders, Newtek Bank priced 48% of its Connecticut variable loans at the cap. Ask any lender quoting the cap what a lower margin would require.
Among the smallest SBA loans in the country
A median of $100,000 makes Connecticut’s loans 4th lowest among the 50 states and DC in size. 35% were for $50,000 or less, the band where SBA lets the rate reach prime plus 6.5 (13.50% today) and charges 2% on an 85% guaranty.
M&T Bank dominates
M&T Bank alone made 35% of Connecticut’s SBA loans, a share for one lender 4th highest among the 50 states and DC, with a median loan of $45,000. The five busiest together made 61%.
Express is the main route
61% of Connecticut’s loans were SBA Express, 4th highest among the 50 states and DC. Among the busiest lenders, M&T Bank, Santander Bank and TD Bank made mostly Express loans. Most of these are small loans decided by the bank itself, on a 50% guaranty.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 297 | 10.75% | 13.50% |
| $50,001 to $250,000 | 307 | 9.75% | 13.00% |
| $250,001 to $350,000 | 66 | 9.50% | 11.50% |
| over $350,000 | 180 | 8.75% | 10.00% |
Acquisitions are rare
Only 8% of Connecticut’s loans financed the purchase of a business, 5th lowest among the 50 states and DC. Expansion and working capital for current owners made up the bulk.
A market for credit lines
Revolving lines were 44% of Connecticut’s approvals, 3rd highest among the 50 states and DC. A business that needs cash for seasonal swings or receivables can ask for a line rather than a term loan; the cap on the rate is the same.
More common here than nationally: finish carpentry contractors
10 Connecticut loans went to finish carpentry contractors, 3.2 times the national share for that trade. The most frequent trades overall were full-service restaurants, limited-service restaurants and landscaping services. Contractors borrow for trucks, tools and working capital more than for property, so their loans stay near 10 years and the margin steps for smaller loans matter most to them.
Short terms dominate
Only 6% of Connecticut’s loans ran 15 years or more (13% nationally); the median term was 10 years. Loans under 15 years can be repaid early with no SBA fee.
Counties with the most approvals: Capitol (229), Western Ct (174) and South Central Ct (134). Trades: full-service restaurants (38), limited-service restaurants (31), landscaping services (27), plumbing, heating, and air-conditioning contractors (23) and residential remodelers (21).
All states compared.