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The rules

What Are the Maximum Loan Amounts for SBA 504 Loans?

The SBA caps its own portion of a 504 loan: generally $5 million, or $5.5 million for small manufacturers and certain energy projects. There is no cap on the bank's first-mortgage portion, so total project size is effectively unlimited. A project of $10 million or more can still use a 504 structure.

The three numbers

LimitFigureSource
SBA portion, standard project$5 million13 CFR 120.931
SBA portion, small manufacturer or qualifying energy project$5.5 million per project13 CFR 120.931
Aggregate SBA portions, energy projects$16.5 million13 CFR 120.931
Total projectNo SBA limitThe SBA caps only its own share
Minimum projectNo SBA minimumLenders set their own floors

Why the total is unlimited

The SBA's 40% is capped; the bank's 50% isn't. On a $12.5 million project the SBA portion hits its $5 million ceiling exactly. Above that, the SBA share simply becomes a smaller percentage and the bank or your equity covers the difference. A $20 million building can carry a $5 million debenture behind a larger first mortgage. Businesses talk themselves out of the program over this more than any other misunderstanding.

Who gets the higher cap

Small manufacturers (NAICS sectors 31–33, with the majority of employees in the U.S.) and qualifying energy projects, those that reduce energy consumption by at least 10% or generate renewable energy, get $5.5 million per project. Energy projects can also stack up to $16.5 million in aggregate SBA portions across several projects.

What sets the actual number

Below the cap, three things: the project cost, the structure (40% standard, 35% for a start-up or special-purpose property, 30% for both), and the job requirement. Each $95,000 of SBA funding needs one job created or retained, or $150,000 for small manufacturers, unless the project meets a community-development or public-policy goal instead.

Questions

Is there a minimum?
Not from the SBA. Some lenders set floors; NSDC will tell you honestly whether a small project makes sense with the fee load.
Can I have more than one 504 loan?
Yes, subject to the aggregate limits and the same eligibility on each project.

Verified against 13 CFR 120.931 and SOP 50 10 8 in September 2026. This page is for general informational purposes only.