SBA loans by state
SBA loans in Washington: 1,846 approvals in FY 2026, median $200,000
Only 5% of variable loans sat at the SBA maximum. The state stood out for loans to convenience retailers.
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Your loan against approvals in your state
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Washington: 7(a) loans approved last year
1,846
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Washington: median rate at approval, $50,001 to $250,000 | 9.50% |
| Washington: median 7(a) loan last year | $200,000 |
| Payment over 10 years, SBA fee added to the loan | $2,702/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.
Washington, FY 2026: 1,846 SBA 7(a) approvals for $1.1 billion (8th of the 50 states and DC, SBA file of September 30, 2026). Only 5% of variable loans sat at the SBA maximum. The state stood out for loans to convenience retailers. Start-ups took only 9% of approvals. Only 120 lenders were active. 504 lending was light, 96 approvals. Credit unions made 9% of loans. 17% of loans financed the purchase of a business. No lender dominated: the busiest made 13% of loans. 43% of loans went through SBA Express. Mid-size loans had a median rate of 9.50%, below the national 9.75%. Franchises took only 10% of loans. 33% of approvals were revolving lines of credit. A few large loans pushed the average to $606,027. Today’s cap on a $200,000 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 |
|---|---|---|---|---|
| Columbia Bank | 235 | $50,000 | 11.75% | Oregon |
| U.S. Bank | 166 | $50,000 | 9.00% | Ohio |
| Newtek Bank | 103 | $150,000 | 9.75% | Florida |
| KeyBank | 99 | $271,500 | 9.00% | Ohio |
| Banner Bank | 87 | $100,000 | 8.25% | Washington (in-state) |
Almost nobody pays the maximum
Just 5% of Washington’s variable loans were at the SBA ceiling, 7th lowest among the 50 states and DC. Lenders here compete below the cap, so the median for your loan size, in the table above, is the better benchmark.
More common here than nationally: convenience retailers
33 Washington loans went to convenience retailers, 3.9 times the national share for that trade. The most frequent trades overall were full-service restaurants, limited-service restaurants and gasoline stations with convenience stores. Shops and service outlets are often bought as going concerns or franchise units, with loans small enough that the variable cap may reach prime plus 6 points.
Lending to going concerns
Washington ranks 5th lowest among the 50 states and DC for start-up lending, with 9% of loans to businesses not yet open; 57% went to firms more than two years old.
Fewer lenders per loan than most states
120 lenders made all 1,846 of Washington’s loans. For that many loans, its number of lenders is the 5th lowest among the 50 states and DC. The national SBA lenders that work by phone widen the choice.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 555 | 11.75% | 13.50% |
| $50,001 to $250,000 | 477 | 9.50% | 13.00% |
| $250,001 to $350,000 | 169 | 9.50% | 11.50% |
| over $350,000 | 645 | 8.50% | 10.00% |
504 lending is light
Washington had 96 504 approvals ($115.2 million), 5.2 for every 100 7(a) loans against 10.8 nationally. The busiest certified development companies were Evergreen Business Capital (39), Northwest Business Development Association (23) and Ameritrust CDC (21).
Credit unions take part
Credit unions made 9% of Washington’s SBA loans, against 3% nationally. A member business can ask its credit union first; the SBA rules and caps are the same.
Many loans buy an existing business
Changes of ownership were 17% of Washington’s approvals (13% nationally). SBA’s rules for buying a business govern them: the buyer’s equity, the valuation of the business and the debt service coverage are checked under their own rules, and a seller note can count toward equity only on stated terms.
No dominant lender
The busiest lender, Columbia Bank, made only 13% of Washington’s approvals; 120 lenders shared the rest. With that many lenders active, a second and third quote are easy to get.
Counties with the most approvals: King (575), Pierce (246) and Snohomish (223). Trades: full-service restaurants (125), limited-service restaurants (70), gasoline stations with convenience stores (57), residential remodelers (53) and fitness and recreational sports centers (44).
All states compared.