# SBA loans for online sellers

**Short answer:** Code 454111 is not in the 2022 NAICS edition, which files online sellers under retail codes for what they sell. Under code 454111, SBA approved 196 loans from October 2019 to June 2026, with a median of $99,250. Source: SBA 7(a) loan file, June 30, 2026.

Canonical page: https://www.sbaexpress.loans/industries/electronic-shopping/
Data as of: 2026-06-30

These figures come from SBA's public loan file for the 7(a) program, which includes SBA Express. They cover NAICS 454111, Electronic Shopping. The loans were approved from October 1, 2023 to June 30, 2026. The file lists approvals only, so it shows what lenders funded, not who applied or who was turned down.

## The 2022 NAICS change

Code 454111 is not in the 2022 NAICS edition.

The 2022 NAICS edition has no code for online sellers as a group. Lenders file each business under the retail code for what it sells, so loans under code 454111 are not a count of lending to these businesses, and their number by year says nothing about the trade.

## What lenders check

Each lender sets its own checklist. SBA sets the basic eligibility tests.

A lender reviewing a loan to online sellers looks at the business's numbers and these items for the trade:

- Share of sales through one marketplace, since a suspended seller account or a fee change can cut revenue overnight
- Whether the seller holds its own stock or uses dropshipping, and how returns and supplier delays are handled
- Sales tax collection across states and the marketplace's role in it, since loan proceeds cannot pay past-due sales taxes

What SBA sets and what the lender sets

Under SOP 50 10 8.1, SBA sets no minimum credit score; the lender applies its own credit standards. To qualify, a business must be an operating, for-profit business located in the United States that is small under SBA size standards and can show a need for the credit. Source: SOP 50 10 8.1: Sec. B, Ch. 2, Para. C.2; SBA Procedural Notice 5000-876777; 13 CFR § 120.100.

## Common uses of the money

Businesses like these use SBA loans for:

- Inventory ahead of the fourth quarter, when marketplace demand peaks
- Sample orders and supplier deposits to add new products to the catalog
- Shipping supplies, label printers and a prep-center contract to send stock to marketplace warehouses

## The cash cycle

Marketplaces pay out on a cycle after delivery and can hold funds during an account review, while suppliers are paid before stock ships. Sales growth therefore raises the cash needed to restock.

## Collateral

Collateral is mostly inventory, including stock at marketplace warehouses, along with marketplace receivables, and a suspended seller account weakens both.

SBA collateral and guarantee rules

On an SBA Express loan of $50,000 or less, collateral is not required. Above that, the lender may use its own collateral policies for similar non-SBA loans. Under SOP 50 10 8.1, a loan request must not be declined solely because collateral is inadequate.

Every owner of 20% or more of the business must give an unlimited personal guarantee. Source: SOP 50 10 8.1: App. 19, Para. B.3; App. 19, Para. A (p. 404); Sec. A, Ch. 5, Para. A.1 (p. 93); 13 CFR § 120.160(a).

## How much they borrow

Half of these loans were between $25,000 and $247,500.

Share of 59 loans by size, Oct 2023 to Jun 2026

- $50,000 or less: 54%
- $50,001 to $150,000: 17%
- $150,001 to $350,000: 25%
- $350,001 to $500,000: Fewer than 5
- $500,001 to $1,000,000: 0%
- $1,000,001 to $2,000,000: 0%
- Over $2,000,000: Fewer than 5

Bars show each band's share of the loans. Fewer than 5 marks a band whose count we do not publish.

The median loan was $50,000, smaller than the $150,300 median for all SBA 7(a) loans. Half of the loans fell between $25,000 and $247,500. The most common size band was $50,000 or less.

By business age, 61% had operated for more than 2 years and 36% for 2 years or less. 0% paid for a change of ownership.

## What they paid

The median loan priced at Prime plus 3 percentage points, 0.25 points above the median for all SBA 7(a) loans (Prime plus 2.75 percentage points).

11.50%: Median rate at approval

Prime + 3: Median spread over Prime

Prime + 2.75: All industries, median spread

The median rate at approval was 11.50% on loans approved October 1, 2023 to June 30, 2026. Rates in SBA's file are the initial rates when the loans were approved. On a variable-rate loan the rate then moves with Prime, so these are not today's rates.

SBA's maximum rate today

SBA caps a variable rate by loan size. For a loan of $50,000 or less, the cap is Prime plus 6.5 percentage points. The typical loan here, $50,000, is in that range. With Prime at 7.00% as of Nov 10, 2026, the maximum is 13.50% today. Source: SOP 50 10 8.1: App. 18, Para. A.2 (p. 395); 13 CFR § 120.214(d)(1).

## How the money comes

97% of the loans went through SBA Express and 91.5% were lines of credit. The median term was 10 years.

96.6%: Through SBA Express

91.5%: Lines of credit

10 years: Median term

Across all industries, 36% of loans went through SBA Express and 28% were lines of credit. Express counts here include Export Express.

SBA Express in brief

An SBA Express loan can be as large as $500,000, and SBA guarantees 50% of it. On an Express loan, the lender makes the credit decision without prior SBA review. SBA's procedures also say only a lender with SBA Express authority can make one. An SBA Express line of credit can run 10 years, including any term-out period. Source: SOP 50 10 8.1: Sec. B, Ch. 2, Para. B.1 (p. 126); App. 16, Para. B.2; Sec. B, Ch. 2, Para. C.2; Sec. B, Ch. 2 (p. 125); App. 17, Para. B.3.

The median term was 10 years (120 months). For working capital, SBA's maximum term is 10 years. For equipment, it is 10 years, or up to 15 years if the IRS asset class useful life supports it. Source: SOP 50 10 8.1: App. 17, Para. A.1 (p. 390); App. 17, Para. A.2 (p. 390).

## Who lends

TD Bank made the most loans from October 2019 to June 2026, 153 of 196 (78%).

**Largest lenders by loans, Oct 2019 to Jun 2026**

| Lender | Type | Loans | Share of loans |
| --- | --- | --- | --- |
| [TD Bank](https://www.sbaexpress.loans/sba-express-lenders/td-bank/) | Bank | 153 | 78.1% |
| [BayFirst National Bank](https://www.sbaexpress.loans/sba-express-lenders/bayfirst-national-bank/) | Bank | 27 | 13.8% |

Lenders are ranked by loans and listed only when they made 5 or more. Janover Capital LLC does not represent these lenders, and a lender's past loans do not describe its current credit policy.

See every lender on the [SBA Express lenders](https://www.sbaexpress.loans/sba-express-lenders/) page.

## Where the loans are

New York had the most loans, 22 of 59 (37%).

**Top states by loans, Oct 2023 to Jun 2026**

| State | Loans | Share of loans |
| --- | --- | --- |
| [New York](https://www.sbaexpress.loans/new-york-small-business-loans/) | 22 | 37.3% |
| [Florida](https://www.sbaexpress.loans/florida-small-business-loans/) | 14 | 23.7% |
| [New Jersey](https://www.sbaexpress.loans/new-jersey-small-business-loans/) | 11 | 18.6% |

Location is the state of the business, not of the lender.

Compare every state on [SBA loans by state](https://www.sbaexpress.loans/sba-loans-by-state/).

## How often these loans went bad

Fewer than 5 of 39 seasoned loans were charged off, against 3.6% of all SBA 7(a) loans.

39: Seasoned loans

Fewer than 5: Charged off

3.6%: All industries, by loans

Fewer than 5 of the 39 loans approved October 1, 2019 to September 30, 2022 were charged off by June 30, 2026. We show no rate, because a rate beside a group of known size would give the count away.

How we measure this

A seasoned loan is one approved October 1, 2019 to September 30, 2022. Newer loans have not had time to go bad, so they are left out. Charged off means the lender wrote the loan off as a loss, shown as status CHGOFF in SBA's file on June 30, 2026. The rate is charged-off loans divided by seasoned loans. This describes what happened to approved loans. It says nothing about whether an application will be approved.

## A payment example

**Payment on a typical loan**

| Item | Example |
| --- | --- |
| Loan amount | $50,000, the median |
| Term | 10 years (120 months), the median |
| Rate | 11.50%, the median at approval |
| Monthly payment | $703 |
| Total interest over the term | $34,357 |

The example uses the median loan and the median term. The rate is the median at approval for these businesses. It covers principal and interest only, and it assumes the loan runs the full term. It leaves out fees, including the SBA guaranty fee.

On a variable-rate loan, a 1 percentage point move in Prime changes this payment by about $29 a month. Prime is 7.00% as of Nov 10, 2026. For a payment at today's rate, use the [SBA Express payment calculator](https://www.sbaexpress.loans/sba-express-payment-calculator/).

How to read this

Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Industry is the NAICS code recorded on each loan. This page covers NAICS 454111, Electronic Shopping. Express share counts SBA Express and Export Express loans. Lines of credit are loans the file marks as revolving. The median rate is the initial rate on loans with a rate on file. The spread is that rate minus Prime on the approval date, for variable-rate loans only. [How we build these pages](https://www.sbaexpress.loans/method/).

## Sources

- [SBA 7(a) loan file, June 30, 2026](https://data.sba.gov/dataset/7a-504-foia)
- [SOP 50 10 8.1: App. 19, Para. A (p. 404); Sec. B, Ch. 2, Para. C.2 (Para. C begins p. 127); App. 19, Para. B.3 (Para. B begins p. 408); App. 16, Para. B.2 (Para. B begins p. 388); Sec. B, Ch. 2 (p. 125); App. 17, Para. B.3 (Para. B begins p. 391); Sec. B, Ch. 2, Para. B.1 (p. 126); Sec. A, Ch. 5, Para. A.1 (p. 93); App. 17, Para. A.2 (p. 390); App. 17, Para. A.1 (p. 390); SBA Procedural Notice 5000-876777; 13 CFR § 120.160(a)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [13 CFR § 120.100](https://www.ecfr.gov/current/title-13/section-120.100)
- [SOP 50 10 8.1: App. 18, Para. A.2 (p. 395); 13 CFR § 120.214(d)(1)](https://www.ecfr.gov/current/title-13/section-120.214)