Industry data
Financing for engineering firms: what the loan data shows
968 SBA 7(a) loans went to engineering firms recently, at a median of $239,250. The lenders that make them, the terms they write, and what underwriters look at.
968 SBA 7(a) loans went to engineering firms in the most recent fiscal years, at a median of $239,250 over 10 years. 18.3% went to new or under-two-year-old businesses, and the most active lender was The Huntington National Bank.
What a engineering firm loan actually looks like
These are approvals, not advertised ranges. Computed from SBA 7(a) loan-level FOIA data released 2026-06-30.
| Measure | Engineering firms | All 7(a) borrowers |
|---|---|---|
| Loans approved, fiscal years 2023 to 2026, using data released June 2026 | 968 | 214,102 |
| Median loan | $239,250 | $150,000 |
| 25th - 75th percentile | $100,000 - $500,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.25% | 10.25% |
| Share to new businesses | 18.3% | 33.6% |
| Charge-off rate, FY2010-19 | 4.4% | 7.1% |
What stands out
Reading these figures against all 7(a) borrowers:
- Loans here run larger than average. The median of $239,250 is 60% above the $150,000 national median. Expect lenders in this market to be geared toward bigger deals, and expect a small request to get less attention.
- This is a hard market for new businesses. Only 18% of these loans went to startups, against 34% nationally. If you are pre-revenue, work from the startup table below rather than the main list.
- Lending here is fragmented. The top three lenders made only 19% of these loans between them, so no single institution owns this market. That is good news: it means shopping genuinely pays.
- This market has performed well. Its FY2010-2019 charge-off rate of 4.4% is below the 7.1% overall figure, which is part of why lenders compete for it.
Which lenders actually fund engineering firms
Ranked by loans approved in this niche. The median, startup share and rate describe each lender's own loans to engineering firms, not its national averages — which is how you spot a genuine specialist.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| The Huntington National Bank | 78 | $200,000 | 17% | 10.25% |
| Newtek Bank | 57 | $250,000 | 18% | 11.00% |
| JPMorgan Chase Bank | 51 | $250,000 | 8% | 10.69% |
| U.S. Bank | 39 | $150,000 | 46% | 9.36% |
| BayFirst National Bank | 36 | $150,000 | 0% | 12.25% |
| TD Bank | 36 | $65,000 | 25% | 10.50% |
| Wells Fargo Bank | 33 | $25,000 | 76% | 12.50% |
| Bank of America | 31 | $356,000 | 16% | 6.82% |
| Live Oak Banking Company | 30 | $500,000 | 0% | 9.25% |
| Readycap Lending, LLC | 26 | $89,250 | 4% | 11.25% |
Where these businesses borrow
Most active states for engineering firms: California (151), Florida (106), Texas (80), New York (55), Michigan (48), Ohio (37).
Which financing fits
| Product | Fit for this sector | Typical cost |
|---|---|---|
| SBA 7(a) | The dominant vehicle in this niche | 10.0% - 14.0% APR |
| Equipment financing | For the hard assets, often cheaper separately | 7.0% - 30.0% APR |
| Line of credit | For seasonality and payroll timing | 9.0% - 60.0% APR |
| SBA microloan | If you need under $50,000 | 8.0% - 13.0% APR |
| Business acquisition loan | If you are buying an existing operation | 10.0% - 14.0% APR |
Before you apply
- Check coverage first. Run the payment through the affordability calculator at 1.25x.
- Shortlist from the lender table, favouring ones whose median loan here is close to what you need.
- Assemble the documents — see the checklist.
- If you are buying rather than starting, read business acquisition loans first; the injection rules and diligence are different.