AdvisorSmith Finds the Average Small Business Loan Amount

NEW YORK - April 22, 2021 - PRLog -- AdvisorSmith, a leading resource for small business and insurance content, released its newest study that found the average loan amount for small businesses in the U.S.

To find the average amount, AdvisorSmith used data from the Federal Reserve's Small Business Loan Survey. The survey applied to businesses with up to $5 million in annual sales and contained data reported by 105 lenders. The loans included in the survey were commercial and industrial loans to U.S. nonfarm small businesses at the end of 2020.

To determine the average small business loan balance, AdvisorSmith calculated the average loan balance for term loans by taking the total loan balance divided by the number of outstanding loans.

AdvisorSmith found that the average small business loan amount for U.S. small businesses was $71,072 in 2020. The average loan amount varied widely based on the type of business borrower, the type of bank or lender, and the loan terms, with averages ranging from $5,000 to $2.2 million.

The study also found the average loan balance by loan type, alternative lenders, and Small Business Administration (SBA) loans.

To view the complete study and see the average for all loans, please visit https://advisorsmith.com/data/average-small-business-loan-amount/.

About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.