Over the last five years the top 5 states with the most SBA loans per capita did not include New York, Florida or even California. With $653 in SBA loans closed per capita, the top state was actually Colorado with 5,433 SBA loans closed. And for any SBA lenders looking to relocate to the beach, it looks like there could be an opportunity in Hawaii. Hawaii came in last place with just 510 SBA loans closed over the past 5 years totaling just $87 per capita.
Utilizing publicly available SBA loan data, we sliced and diced the data to rank all 50 states for their SBA lending on a per capita basis using our SBA Loan Data Analyzer. Here were the results:
SBA Loans per Capita by State 2018 - 2022
| State |
# of Loans Approved |
SBA Loan Dollars per Capita |
| Colorado |
5,433 |
$653 |
| Utah |
3,736 |
$615 |
| Georgia |
6,552 |
$523 |
| Minnesota |
7,054 |
$520 |
| Washington |
6,034 |
$506 |
| California |
25,090 |
$461 |
| Idaho |
1,874 |
$459 |
| Texas |
16,146 |
$441 |
| Oregon |
3,386 |
$434 |
| Wisconsin |
4,853 |
$414 |
| Arizona |
4,307 |
$411 |
| Florida |
14,001 |
$404 |
| Alaska |
400 |
$390 |
| New Jersey |
6,742 |
$386 |
| Montana |
885 |
$368 |
| Ohio |
13,785 |
$364 |
| New Hampshire |
1,827 |
$362 |
| Nevada |
1,901 |
$354 |
| Wyoming |
384 |
$347 |
| North Carolina |
4,696 |
$345 |
| Michigan |
9,271 |
$342 |
| Indiana |
4,886 |
$329 |
| Missouri |
4,029 |
$328 |
| Illinois |
7,479 |
$325 |
| South Carolina |
2,272 |
$321 |
| Oklahoma |
2,352 |
$311 |
| Kansas |
1,865 |
$305 |
| Nebraska |
1,350 |
$297 |
| North Dakota |
641 |
$292 |
| New Mexico |
964 |
$291 |
| Rhode Island |
849 |
$279 |
| Connecticut |
2,589 |
$273 |
| South Dakota |
618 |
$273 |
| Vermont |
759 |
$265 |
| Pennsylvania |
7,080 |
$258 |
| Delaware |
645 |
$252 |
| Mississippi |
1,475 |
$248 |
| Arkansas |
1,334 |
$245 |
| Louisiana |
1,619 |
$241 |
| New York |
12,547 |
$238 |
| Virginia |
3,411 |
$234 |
| Maryland |
3,339 |
$232 |
| Massachusetts |
5,693 |
$222 |
| Tennessee |
2,202 |
$219 |
| Maine |
1,119 |
$218 |
| Iowa |
1,575 |
$215 |
| Alabama |
1,372 |
$192 |
| Kentucky |
1,869 |
$184 |
| West Virginia |
753 |
$150 |
| Hawaii |
510 |
$87 |
If you have any questions about how we produced this data set, or if you have any suggestions for other data sets we might be able to provide please let us know!
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