SBA 504 lenders, state by state
Which CDCs and first-mortgage banks actually closed SBA 504 projects in each state, and which pairs work together most often.
A 504 needs two lenders who both say yes and then coordinate two closings. Finding them is the hardest practical part of the program, and it is the part nobody publishes data on. These pages do.
The most active CDCs nationally
| # | CDC | 504 loans | Median CDC portion | Main states |
|---|---|---|---|---|
| 1 | Mortgage Capital Development Corporation | 1,822 | $990,000 | CA, AZ, NV |
| 2 | Florida Business Development Corporation | 1,351 | $647,000 | FL, GA, AL |
| 3 | Florida First Capital Finance Corporation, Inc | 1,141 | $806,000 | FL, GA, AL |
| 4 | Business Finance Capital | 1,018 | $947,000 | CA, HI, AZ |
| 5 | California Statewide Certified Development Corporation | 954 | $903,000 | CA, AZ, NV |
| 6 | Mountain West Small Business Finance | 841 | $759,000 | UT, CO, ID |
| 7 | Empire State Certified Development Corporation | 743 | $777,000 | NY, PA, NJ |
| 8 | WBD, Inc | 620 | $665,500 | WI, MN, MI |
| 9 | Small Business Growth Corporation | 615 | $675,000 | IL, IN, IA |
| 10 | Granite State Economic Development Corporation | 613 | $402,000 | MA, NH, ME |
| 11 | Capital Certified Development Corporation | 467 | $1,159,000 | TX, NM, AR |
| 12 | B:Side Capital | 420 | $584,000 | CO, UT, NM |
| 13 | SomerCor 504, Inc | 362 | $601,000 | IL, WI, IN |
| 14 | Bay Colony Development Corporation | 339 | $472,000 | MA, NH, RI |
| 15 | CDC Small Business Finance Corp | 328 | $763,000 | CA, AZ, NV |
| 16 | New England Certified Development Corporation | 322 | $522,000 | CT, MA, RI |
| 17 | Trenton Business Assistance Corporation | 320 | $1,233,500 | NJ, NY, PA |
| 18 | Midwest Business Finance Corporation | 311 | $574,000 | MN, ND, WI |
| 19 | Business Finance Group, Inc | 280 | $611,000 | VA, MD, WV |
| 20 | Evergreen Business Capital | 270 | $673,000 | WA, AK, OR |
Find your state
California
4,617 projects, median $2,010,000. Top CDC: Mortgage Capital Development Corporation.
Florida
2,254 projects, median $1,578,325. Top CDC: Florida Business Development Corporation.
Texas
1,074 projects, median $2,873,000. Top CDC: Capital Certified Development Corporation.
Illinois
981 projects, median $1,366,000. Top CDC: Small Business Growth Corporation.
Utah
818 projects, median $1,697,607. Top CDC: Mountain West Small Business Finance.
Minnesota
773 projects, median $1,310,500. Top CDC: Midwest Business Finance Corporation.
Massachusetts
756 projects, median $1,163,000. Top CDC: Bay Colony Development Corporation.
New York
695 projects, median $1,702,500. Top CDC: Empire State Certified Development Corporation.
Arizona
695 projects, median $1,762,000. Top CDC: Mortgage Capital Development Corporation.
Georgia
669 projects, median $2,176,000. Top CDC: Florida Business Development Corporation.
Wisconsin
668 projects, median $1,481,750. Top CDC: WBD, Inc.
Colorado
556 projects, median $1,387,146. Top CDC: B:Side Capital.
Michigan
469 projects, median $1,348,792. Top CDC: Michigan Certified Development Corporation.
Ohio
432 projects, median $1,493,468. Top CDC: Alloy Development Co., Inc.
Pennsylvania
416 projects, median $1,485,750. Top CDC: Empire State Certified Development Corporation.
Indiana
392 projects, median $1,398,025. Top CDC: Indiana Statewide Certified Development Corporation.
Virginia
389 projects, median $1,134,000. Top CDC: Business Finance Group, Inc.
Washington
377 projects, median $1,725,507. Top CDC: Evergreen Business Capital.
Nevada
349 projects, median $1,936,000. Top CDC: Nevada State Development Corporation.
Connecticut
326 projects, median $1,274,252. Top CDC: New England Certified Development Corporation.
New Jersey
313 projects, median $2,550,000. Top CDC: Trenton Business Assistance Corporation.
Idaho
304 projects, median $1,254,000. Top CDC: Capital Matrix, Inc.
North Carolina
281 projects, median $2,256,000. Top CDC: Business Expansion Funding Corporation.
Missouri
276 projects, median $1,527,270. Top CDC: Rural Missouri, Inc.
South Dakota
269 projects, median $1,161,000. Top CDC: Dakota Business Finance.
New Hampshire
245 projects, median $795,000. Top CDC: Granite State Economic Development Corporation.
Oregon
211 projects, median $1,756,000. Top CDC: Mortgage Capital Development Corporation.
Alabama
202 projects, median $1,631,782. Top CDC: Southern Development Council.
Iowa
198 projects, median $1,083,532. Top CDC: Iowa Business Growth Company.
North Dakota
180 projects, median $1,175,151. Top CDC: Dakota Business Lending.
Maine
179 projects, median $1,062,000. Top CDC: Granite State Economic Development Corporation.
Rhode Island
156 projects, median $816,750. Top CDC: Ocean State Business Development Authority.
Montana
154 projects, median $1,171,250. Top CDC: Capital Matrix, Inc.
South Carolina
134 projects, median $2,534,500. Top CDC: Provident Business Financial Services, Inc.
Maryland
112 projects, median $2,069,500. Top CDC: Business Finance Group, Inc.
Kansas
110 projects, median $1,648,500. Top CDC: Rural Missouri, Inc.
Oklahoma
105 projects, median $1,394,000. Top CDC: Rural Enterprises of Oklahoma, Inc.
New Mexico
101 projects, median $1,465,563. Top CDC: Capital Certified Development Corporation.
Nebraska
98 projects, median $1,893,136. Top CDC: Nebraska Economic Development Corporation.
Tennessee
84 projects, median $2,647,054. Top CDC: Brightbridge, Inc.
Kentucky
75 projects, median $1,130,000. Top CDC: Alloy Development Co., Inc.
Wyoming
71 projects, median $1,197,000. Top CDC: Mountain West Small Business Finance.
Alaska
70 projects, median $1,327,209. Top CDC: Evergreen Business Capital.
Arkansas
67 projects, median $1,331,000. Top CDC: Rural Missouri, Inc.
Louisiana
66 projects, median $2,113,000. Top CDC: Louisiana Capital Certified Development Company, Inc.
Hawaii
59 projects, median $1,640,000. Top CDC: HEDCO Local Development Corporation.
Vermont
49 projects, median $877,500. Top CDC: Granite State Economic Development Corporation.
Mississippi
28 projects, median $3,032,500. Top CDC: Three Rivers Local Development Company, Inc.
District of Columbia
18 projects, median $2,185,250. Top CDC: Chesapeake Business Finance Corporation.
West Virginia
17 projects, median $1,083,500. Top CDC: Business Finance Group, Inc.
Delaware
16 projects, median $1,963,250. Top CDC: Delaware Community Development Corporation.
What this data covers
- It covers SBA 504 projects approved fiscal years 2023 to 2026, using data released June 2026, from the SBA's loan-level FOIA release. Every record names the CDC and, where reported, the third-party first-mortgage lender and its dollar amount.
- It does not cover conventional commercial mortgages, which are the main alternative and are not published anywhere at loan level.
- Only states with at least 15 recent projects are listed, because below that the medians are noise.
Is a 504 even the right product?
Only if you are buying, building, or renovating property your business will occupy, or buying long-life equipment. It cannot fund working capital or inventory. If your project has a working capital component, compare against an SBA 7(a), which can blend both into one loan.