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Top SBA 504 Lenders for Industrial Property
Ranked from SBA's own loan-level data, not a survey: 3,689 funded industrial SBA 504 loans approved between FY2021 and FY2026, and the banks that wrote the first mortgage on them.
First-mortgage lenders on industrial 504 deals
An SBA 504 purchase is two loans. A bank or credit union writes the first mortgage, typically around half the project, and a Certified Development Company writes the SBA-backed second. The table below ranks the first-mortgage lenders, because that is the institution an industrial borrower is actually shopping.
Figures are first-mortgage dollars (SBA's ThirdPartyDollars field) across 3,689 funded industrial 504 loans approved in FY2021–FY2026.
| # | Lender | First-mortgage $ | Loans | Avg loan |
|---|---|---|---|---|
| 1 | Bank of America, N.A. | $272.4M | 124 | $2,197k |
| 2 | First-Citizens Bank & Trust Company | $229.8M | 99 | $2,321k |
| 3 | JPMorgan Chase Bank, N.A. | $192.7M | 113 | $1,705k |
| 4 | Wells Fargo Bank N.A. | $162.0M | 59 | $2,746k |
| 5 | U.S. Bank, N.A. | $88.7M | 42 | $2,112k |
| 6 | Harvest Commercial Capital, LLC | $79.3M | 48 | $1,651k |
| 7 | Zions Bank | $76.7M | 51 | $1,505k |
| 8 | KeyBank N.A. | $72.8M | 37 | $1,968k |
| 9 | City National Bank | $71.0M | 29 | $2,450k |
| 10 | Old National Bank | $69.5M | 36 | $1,930k |
| 11 | Byline Bank | $67.3M | 34 | $1,978k |
| 12 | Fifth Third Bank | $63.8M | 33 | $1,934k |
| 13 | BMO Bank, N.A. | $62.0M | 24 | $2,583k |
| 14 | Poppy Bank | $59.0M | 23 | $2,564k |
| 15 | CalPrivate Bank | $54.0M | 38 | $1,421k |
| 16 | First Dakota National Bank | $51.8M | 7 | $7,405k |
| 17 | Columbia Bank | $50.2M | 26 | $1,931k |
| 18 | Bell Bank | $48.7M | 11 | $4,431k |
| 19 | American Commercial Bank and Trust N.A. | $46.9M | 24 | $1,952k |
| 20 | Truist Bank | $46.6M | 21 | $2,221k |
Two things worth reading off this table. Concentration is low: 918 different institutions wrote a first mortgage on an industrial 504 deal in this window, and the largest wrote 124 loans across six fiscal years. No bank owns this market, so there is no single obvious call. And among these twenty, average loan size ranges from about $1.4M to $7.4M — a 5.2x spread, and a better guide to whether a given lender will look at your deal than its rank is. Across all 918 lenders the spread is wider still, because the tail is mostly banks that wrote a single local deal.
The CDCs writing the SBA second
The other half of a 504 is the CDC. These are ranked by 504 debenture dollars on the same set of loans.
| # | CDC | Debenture $ | Loans |
|---|---|---|---|
| 1 | Mortgage Capital Development Corporation | $373.0M | 223 |
| 2 | Business Finance Capital | $309.2M | 183 |
| 3 | Small Business Growth Corporation | $266.3M | 203 |
| 4 | WBD, Inc. | $223.7M | 194 |
| 5 | California Statewide Certified Development Corporation | $194.5M | 124 |
| 6 | CDC Small Business Finance Corp. | $193.4M | 131 |
| 7 | Empire State Certified Development Corporation | $180.7M | 110 |
| 8 | Florida First Capital Finance Corporation, Inc. | $159.8M | 130 |
| 9 | SomerCor 504, Inc. | $133.1M | 92 |
| 10 | Mountain West Small Business Finance | $129.9M | 110 |
Industrial 504 volume by fiscal year
| Fiscal year | Funded loans | First-mortgage $ |
|---|---|---|
| FY2021 | 1132 | $1.68B |
| FY2022 | 999 | $1.57B |
| FY2023 | 598 | $1.12B |
| FY2024 | 446 | $763.0M |
| FY2025 | 407 | $731.8M |
| FY2026 (partial) | 107 | $230.9M |
Read FY2026 with care. This extract is as-of 30 June 2026 and a federal fiscal year closes on 30 September, so FY2026 holds at most three quarters here and is additionally subject to reporting lag. It is shown for completeness. No year-over-year conclusion should be drawn from it, and none is drawn here.
Where industrial 504 deals get done
| State | Funded loans |
|---|---|
| CA | 806 |
| IL | 295 |
| FL | 236 |
| WI | 212 |
| MN | 195 |
| TX | 148 |
| UT | 130 |
| IN | 111 |
| NY | 102 |
| MA | 99 |
| MI | 96 |
| OH | 95 |
Methodology, in full
Everything here is reproducible. The source is the U.S. Small Business Administration's loan-level 7(a) & 504 FOIA extract, published at data.sba.gov and updated quarterly. The file used is FOIA_504_FY2010_Present, as-of 30 June 2026.
- Industry filter. NaicsCode beginning with 3 (manufacturing, sectors 31–33) or in 484 (truck transportation), 488 (support activities for transportation), 492 (couriers) or 493 (warehousing and storage).
- Window. ApprovalFY FY2021–FY2026.
- Funded only. Rows with LoanStatus of CANCLD or NOT FUNDED are excluded — 1,476 industrial rows in this window were approvals that never funded, and counting them would overstate every lender on this page.
- Lender field. ThirdPartyLender_Name and ThirdPartyDollars. SBA's data dictionary defines BankName and CDC_Name as the party a loan is "currently assigned to", so those fields credit whoever holds a loan today rather than whoever wrote it. ThirdPartyLender_Name carries no such qualifier.
- Name consolidation. One institution can appear under several recorded spellings. Names are grouped after upper-casing, expanding "National Association" to N.A., and stripping punctuation and legal suffixes — which merges, for example, "Bank of America, National Association", "BANK OF AMERICA N.A." and "Bank of America, N.A." into one row. That rule alone does not catch bare brand names, so three are mapped explicitly: BMO → BMO BANK, FIFTH THIRD BANCORP → FIFTH THIRD BANK, US BANK → U S BANK. Two entities are deliberately not merged: "Bank of America California, National Association" was a separately chartered bank, not a spelling variant, and keeps its own row. Separately, SBA's file contains truncated strings — "Zions Bank, A Division of" ends mid-clause in the source — which are relabelled for display only and are not merged with anything.
- The CDC table uses GrossApproval, which in the 504 file is the SBA debenture (the second), not total project cost.
- Reproducing this. The script that derives every figure on this page from the raw CSV — filter, alias map and all — ships with the site as data-sources/build_sba504_dataset.py. Running it against the same extract reproduces this page's dataset exactly.
The one limitation that matters most. The SBA file contains no property-type field. NaicsCode describes the borrower's industry, not what the loan bought, so a manufacturer's 504 loan is highly likely to be secured by its facility but the file never says so outright. SBA 504 is a fixed-asset programme — the proceeds buy real estate or long-lived equipment — which makes an industrial-NAICS filter a sound proxy for industrial property lending. It remains a proxy, and it is stated here rather than buried.
Source data: U.S. Small Business Administration, public domain. This analysis is not endorsed by or affiliated with the SBA.