Chevron resales: SBA acquisition loan data
Since FY2018, SBA lenders have approved 32 7(a) loans to buy an existing business operating under a Chevron brand or supply agreement (classified mostly as Gasoline Stations with Convenience Stores), totaling $83.2M. The median loan was $2,416,000, 274% higher than the $645,250 median for all SBA-financed acquisitions. 3 of these loans were approved in the last two fiscal years.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of Chevron resale loans landed between $1,272,500 and $3,918,750.
- Lender experience exists. Celtic Bank Corporation alone has financed 6 Chevron resales.
- Guaranty. The SBA guaranteed 75% of the dollars lent here.
- What the file leaves out. The SBA file does not record the terms of the brand or supply agreement.
Financing a Chevron resale
The median SBA 7(a) loan for a Chevron resale was $2,416,000 across 32 loans (FY2018 to FY2026). Celtic Bank Corporation, UniBank and Mountain Pacific Bank have financed the most Chevron resales. Too few of these loans are old enough to measure a charge-off rate; the average for all SBA acquisition loans is 3.5%.
Chevron acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 5 | $10.2M | $2,272,000 | |
| FY2019 | 1 | $1.4M | $1,430,000 | |
| FY2020 | 7 | $12.9M | $1,873,000 | |
| FY2021 | 5 | $11.6M | $2,145,200 | |
| FY2022 | 5 | $13.1M | $3,815,000 | |
| FY2023 | 4 | $17.1M | $4,318,500 | |
| FY2024 | 2 | $4.7M | $2,354,000 | |
| FY2025 | 2 | $10M | $5,000,000 | |
| FY2026 | 1 | $2.2M | $2,172,000 |
How often do these acquisition loans fail?
Fewer than 20 Chevron acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Lenders financing Chevron resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Celtic Bank Corporation | 6 | 18.8% | $18.8M | |
| 2 | UniBank | 4 | 12.5% | $9.8M | |
| 3 | Mountain Pacific Bank | 2 | 6.3% | $8.2M | |
| 4 | PCB Bank | 2 | 6.3% | $7.2M | |
| 5 | VelocitySBA, LLC | 2 | 6.3% | $6.9M | |
| 6 | Open Bank | 2 | 6.3% | $5.4M | |
| 7 | Commonwealth Business Bank | 2 | 6.3% | $1.7M | |
| 8 | Hanmi Bank | 1 | 3.1% | $4.7M | |
| 9 | East West Bank | 1 | 3.1% | $4.6M | |
| 10 | Readycap Lending, LLC | 1 | 3.1% | $3.9M |
States where Chevron units are bought
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Washington | 13 | 40.6% | $37.2M | |
| 2 | California | 13 | 40.6% | $30.2M | |
| 3 | Oregon | 3 | 9.4% | $11.2M | |
| 4 | Georgia | 2 | 6.3% | $2.5M | |
| 5 | Arizona | 1 | 3.1% | $2.1M |
Seller note standby terms and third-party consents are reviewed before closing.
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Questions buyers ask
How much do buyers borrow to buy a business operating under a Chevron brand or supply agreement?
The median SBA 7(a) loan for a Chevron resale was $2,416,000 across 32 loans (FY2018 to FY2026). The middle half of loans ran from $1,272,500 to $3,918,750. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Chevron acquisitions?
Celtic Bank Corporation has made the most SBA acquisition loans for Chevron (6, 19% of the total). UniBank, Mountain Pacific Bank, PCB Bank follow.
What interest rate and term do Chevron acquisition loans carry?
The average initial rate at approval was 6.54% (a blend of fixed and variable loans across several rate environments, so treat it as context, not a quote). The median term was 25 years.
Is a Chevron resale riskier than other SBA-financed acquisitions?
Too few Chevron acquisition loans are old enough to measure. The benchmark for all SBA acquisition loans is 3.5% charged off in the FY2018 to FY2021 cohort.
Where are Chevron units being bought with SBA loans?
Washington (13), California (13), Oregon (3), Georgia (2), Arizona (1). State counts follow where the brand has units and where SBA lending is most active generally; see the state pages for the overall picture.
Terms signed in the LOI shape the purchase agreement that follows.
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Related
- All Gasoline Stations with Convenience Stores acquisitions
- Washington acquisitions
- California acquisitions
- Oregon acquisitions
- Celtic Bank Corporation
- UniBank
- Mountain Pacific Bank
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Chevron - Retail Supply Contract" (franchise code S2078). Figures are aggregates of public SBA data and are not provided or endorsed by the brand owner or supplier.