Largest SBA 504 Lenders: Certified Development Companies, Fiscal 2025

Twelve of the 174 certified development companies approved 51.0% of all SBA 504 loan dollars in fiscal 2025, according to SBA data, while the median company approved 13 loans. The largest, Mortgage Capital Development Corporation of Oakland, CA, approved $836 million across 548 loans, 10.7% of the program, according to the SBA.

In all, according to SBA data, the SBA approved 6,762 loans worth $7.8 billion under the 504 program in the federal fiscal year from October 1, 2024, to September 30, 2025. Fiscal 2025 is the latest year the SBA's loan-level data covers in full.

The 50 largest SBA 504 lenders

Ranked by the dollars of 504 loans each certified development company approved in fiscal 2025, as the SBA credits them in its CDC report for the year. "Project states" and "Loans outside home state" come from the SBA's loan-level data: the states where the financed projects are, and the share of the company's loans for a project outside the state it is based in.

Rank	Certified development company	Headquarters	504 loans approved	Dollars approved	Share of 504 dollars	Average loan	Project states	Loans outside home state	Source
1	Mortgage Capital Development Corporation	Oakland, CA	548	$836 million	10.7%	$1.53 million	11	39%	SBA
2	Florida Business Development Corporation	Tampa, FL	418	$441 million	5.6%	$1.05 million	4	18%	SBA
3	Florida First Capital Finance Corporation, Inc.	Tallahassee, FL	349	$427 million	5.5%	$1.22 million	3	5%	SBA
4	Business Finance Capital	Los Angeles, CA	303	$385 million	4.9%	$1.27 million	2	0%	SBA
5	California Statewide Certified Development Corporation	Davis, CA	308	$377 million	4.8%	$1.22 million	5	14%	SBA
6	Mountain West Small Business Finance	Salt Lake City, UT	264	$325 million	4.2%	$1.23 million	6	31%	SBA
7	Empire State Certified Development Corporation	Latham, NY	230	$272 million	3.5%	$1.18 million	3	27%	SBA
8	Capital Certified Development Corporation	Austin, TX	150	$230 million	2.9%	$1.53 million	4	9%	SBA
9	WBD, Inc.	Madison, WI	184	$190 million	2.4%	$1.04 million	2	10%	SBA
10	Trenton Business Assistance Corporation	Princeton, NJ	94	$167 million	2.1%	$1.78 million	3	41%	SBA
11	Small Business Growth Corporation	Springfield, IL	178	$165 million	2.1%	$925,000	6	6%	SBA
12	SomerCor 504, Inc.	Chicago, IL	121	$162 million	2.1%	$1.34 million	4	6%	SBA
13	Granite State Economic Development Corporation	Portsmouth, NH	194	$158 million	2.0%	$814,000	5	75%	SBA
14	B:Side Capital	Denver, CO	126	$117 million	1.5%	$930,000	3	17%	SBA
15	Advantage Certified Development Corporation	Long Beach, CA	55	$110 million	1.4%	$1.99 million	1	0%	SBA
16	Minnesota Business Finance Corporation ◊	St. Cloud, MN	97	$101 million	1.3%	$1.04 million	5	12%	SBA
17	CDC Small Business Finance Corp.	San Diego, CA	79	$94 million	1.2%	$1.20 million	4	25%	SBA
18	Bay Colony Development Corporation	Waltham, MA	111	$90 million	1.1%	$808,000	5	27%	SBA
19	Business Expansion Funding Corporation	Charlotte, NC	59	$88 million	1.1%	$1.49 million	2	3%	SBA
20	LiftFund, Inc.	San Antonio, TX	51	$82 million	1.0%	$1.61 million	1	0%	SBA
21	Southland Economic Development Corporation	Santa Ana, CA	53	$82 million	1.0%	$1.54 million	2	2%	SBA
22	Business Finance Group, Inc.	Fairfax, VA	88	$81 million	1.0%	$921,000	5	25%	SBA
23	Bay Area Employment Development Company	Concord, CA	66	$80 million	1.0%	$1.21 million	1	0%	SBA
24	Rural Missouri, Inc.	Jefferson City, MO	61	$80 million	1.0%	$1.30 million	5	44%	SBA
25	New England Certified Development Corporation	Wakefield, MA	91	$79 million	1.0%	$872,000	4	65%	SBA
26	Evergreen Business Capital	Seattle, WA	77	$76 million	1.0%	$990,000	3	40%	SBA
27	Greater East Texas Certified Development Company	Tyler, TX	36	$76 million	1.0%	$2.11 million	1	0%	SBA
28	AMPAC Tri-State CDC, Inc.	Ontario, CA	61	$74 million	0.9%	$1.21 million	5	8%	SBA
29	Twin Cities-Metro Certified Development Company	Vadnais Heights, MN	55	$69 million	0.9%	$1.25 million	1	0%	SBA
30	Capital Matrix, Inc.	Boise, ID	78	$65 million	0.8%	$834,000	5	42%	SBA
31	Michigan Certified Development Corporation	East Lansing, MI	67	$62 million	0.8%	$919,000	3	3%	SBA
32	Great Lakes Commercial Finance	Grandville, MI	58	$61 million	0.8%	$1.06 million	1	0%	SBA
33	Capital Partners Certified Development Company	Atlanta, GA	49	$59 million	0.8%	$1.21 million	1	0%	SBA
34	North Texas Certified Development Corporation	Plano, TX	37	$58 million	0.7%	$1.57 million	2	3%	SBA
35	Capital Access Group, Inc.	San Francisco, CA	55	$57 million	0.7%	$1.04 million	1	0%	SBA
36	Dakota Business Finance	Sioux Falls, SD	66	$56 million	0.7%	$852,000	4	21%	SBA
37	Northwest Business Development Association	Spokane Valley, WA	51	$54 million	0.7%	$1.06 million	3	27%	SBA
38	Nevada State Development Corporation	Las Vegas, NV	53	$54 million	0.7%	$1.02 million	3	6%	SBA
39	Indiana Statewide Certified Development Corporation	Indianapolis, IN	54	$54 million	0.7%	$1.00 million	4	6%	SBA
40	Alloy Development Co., Inc.	Cincinnati, OH	37	$50 million	0.6%	$1.35 million	2	14%	SBA
41	Intermountain Business Lending, Inc.	Ogden, UT	50	$49 million	0.6%	$988,000	2	8%	SBA
42	504 Capital Corporation	Chesapeake, VA	45	$43 million	0.5%	$953,000	3	22%	SBA
43	Dakota Business Lending	Fargo, ND	48	$42 million	0.5%	$884,000	4	46%	SBA
44	Cen Cal Business Finance Group	Fresno, CA	38	$41 million	0.5%	$1.09 million	1	0%	SBA
45	South Eastern Economic Development Company of Pennsylvania	Exton, PA	36	$41 million	0.5%	$1.14 million	1	0%	SBA
46	Small Business Access Partners, Inc.	Gainesville, GA	30	$41 million	0.5%	$1.36 million	1	0%	SBA
47	Rappahannock Economic Development Corporation	Fredericksburg, VA	37	$41 million	0.5%	$1.10 million	3	32%	SBA
48	Community Certified Development Corporation	Houston, TX	25	$40 million	0.5%	$1.61 million	2	24%	SBA
49	Sunshine State Economic Development Corporation	Clearwater, FL	34	$38 million	0.5%	$1.12 million	1	0%	SBA
50	Brightbridge, Inc.	Chattanooga, TN	20	$37 million	0.5%	$1.83 million	2	5%	SBA

Download this table (CSV), free. The full dataset, every certified development company that approved a 504 loan in the year with its SBA location ID, loans by project state, refinancing and median loan, is one email away.

◊ Minnesota Business Finance Corporation: its loans are listed in the SBA's loan-level data, as of June 30, 2026, under the name Midwest Business Finance Corporation. The row shows the approvals the SBA credited to it for the year, and they equal those loans exactly.

Who makes an SBA 504 loan

According to the SBA, a 504 loan finances fixed assets such as real estate and equipment, and each project combines a loan from a certified development company, a nonprofit the SBA certifies and backs with a debenture the SBA guarantees; a first-lien loan from a third-party lender, such as a bank; and the borrower's own equity. The rankings on this page are of the certified development companies, which make the SBA-backed part of each loan.

The median company approved 13 loans in fiscal 2025, and the median company's approvals came to $12 million, according to SBA data. Still, 67 of the 174 companies financed projects in more than one state, and across the program 17% of loans financed a project outside the company's home state, according to the SBA's loan-level data. According to the same data, Mortgage Capital Development Corporation financed projects in eleven states, with 39% of its loans outside its home state.

According to the SBA's loan-level data, 554 of the year's loans, 8.2%, were made under the program's debt-refinancing processing methods rather than to buy or build new assets.

Why the third-party lenders are not ranked

The SBA also publishes a 504 report by third-party lender, which credits 6,614 of the year's loans to 1,319 lenders, with $10.6 billion of their own first-lien loans, according to SBA data. It cannot be checked the way the certified development companies can. The loan-level data records each loan's third-party lender as typed text, with no identifier: 13 lenders appear there under more than one spelling. Grouped by a normalized name and state, the loan-level data gives the same number of loans as the report for two of the 25 largest third-party lenders. For eleven it shows more loans than the report, and for eleven fewer, and one is not found under the report's name at all. A ranking that cannot be reconciled to the SBA's own loan records is not published here.

What this means for technology buyers

A 504 loan closes with several parties: the certified development company, the third-party lender and the borrower each hold a piece, and the SBA's forms and servicing requirements apply to the company's piece for the life of the loan. A company that approves hundreds of loans a year, across several states and many partner banks, depends on its origination and servicing systems far more than one that closes a handful. These guides compare the options side by side:

• Commercial loan origination systems: the application, underwriting and closing workflow for business loans.
• Loan servicing platforms for specialty finance: servicing and reporting for loan books such as SBA portfolios.
• Underwriting workflow automation for commercial banks: automating the credit memo and approval steps a third-party lender runs.
• CRM for commercial banking teams: managing the referral relationships between lenders and development companies.

Planning the change before choosing the vendor? The Retail Bank Business Capability Model maps what a bank does, including the small business lending a 504 partnership sits in.

More from Finantrix Atlas

• Largest SBA 7(a) lenders
• Largest US commercial real estate lenders
• Largest US commercial and industrial lenders
• Largest community banks in the US

How this list was built

Certified development companies are ranked on the 504 loans the SBA credits to them in its 504 CDC Activity Report for fiscal 2025, which covers approvals from October 1, 2024, to September 30, 2025, as of September 30, 2025. Loan counts and dollars are gross approvals: the amount of each company's loan when the SBA approved it. According to SBA data, the report's rows add up exactly to the program total in the SBA's Yearly Activity Report, 6,762 loans and $7.8 billion.

The SBA also publishes every 504 loan individually in its 7(a) and 504 FOIA data, as of June 30, 2026, with the location ID of the certified development company that made it. Every company in the report was matched to one location ID, by name and state or, where the name differs, by the one unclaimed ID with the same loans and dollars. Each company's loans and dollars in the loan-level data equal its row in the report exactly, to the cent, and no location ID is left over. Every match and the rule that made it is in the full dataset.

Limits

• 504 only. The SBA's 7(a) loans are ranked on a separate page. Disaster loans and other SBA programs are not counted.
• The company's loan, not the project. Dollars are the certified development company's portion. The third-party lender's first-lien loan and the borrower's equity are not in the ranking; according to the SBA's loan-level data, the third-party lenders' loans on the year's projects came to $10.9 billion.
• Approvals, not disbursements. A loan is counted in the year it was approved. According to the SBA's loan-level data, 232 of the year's approvals, 3.4%, had been canceled by June 30, 2026; they are counted here, as the SBA counts them.
• Companies as the SBA names them. A company is counted under the name and headquarters in the SBA's report for the year.
• One fiscal year. The data covers October 1, 2024, to September 30, 2025. This page moves to the next year once the SBA's loan-level data covers it in full.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

Twelve of the 174 certified development companies approved 51.0% of SBA 504 loan dollars in fiscal 2025, according to a Finantrix Atlas analysis of SBA data.

Mortgage Capital Development Corporation approved $836 million in SBA 504 loans in fiscal 2025, more than any other certified development company, according to Finantrix Atlas, from SBA data.

Suggested citation: Finantrix Atlas, "Largest SBA 504 Lenders: Certified Development Companies," fiscal 2025, from the US Small Business Administration's 504 CDC Activity Report and 504 FOIA data. https://www.finantrix.com/articles/sba-504-lenders

Embed the chart:

<a href="https://www.finantrix.com/articles/sba-504-lenders"><img src="https://www.finantrix.com/atlas/sba-504-lenders.png" alt="The largest SBA 504 lenders by dollars approved, from SBA data, by Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/sba-504-lenders">Finantrix Atlas</a>, from SBA data.</p>

Frequently asked questions

Q: Who is the largest SBA 504 lender? A: Mortgage Capital Development Corporation, which approved $836 million in 504 loans in fiscal 2025, 10.7% of the program, according to SBA data.

Q: What is a certified development company? A: A nonprofit the SBA certifies to make 504 loans, according to the SBA. It makes the 504 portion of a project's financing, backed by an SBA-guaranteed debenture, alongside a first-lien loan from a third-party lender. 174 of them approved a 504 loan in fiscal 2025, according to SBA data.

Q: How many SBA 504 loans were approved in fiscal 2025? A: 6,762, worth $7.8 billion, according to the SBA. The average loan was $1.15 million, according to SBA data.

Q: Which banks make the most SBA 504 loans? A: The SBA publishes a third-party lender report, but its figures do not reconcile with the SBA's own loan-level data, which records the lender's name as typed text. Grouped by name and state, the two agree on the number of loans for two of the 25 largest lenders, so this page does not rank them.

Q: Can a certified development company lend outside its home state? A: Yes. According to the SBA's loan-level data, 67 of the 174 companies financed projects in more than one state in fiscal 2025, and 17% of all 504 loans financed a project outside the company's home state.