RhinoShield resales: SBA acquisition loan data
Since FY2018, SBA lenders have approved 6 7(a) loans to buy an existing business operating under a RhinoShield brand or supply agreement (classified mostly as Painting and Wall Covering Contractors), totaling $7.1M. The median loan was $1,268,350, 97% higher than the $645,250 median for all SBA-financed acquisitions.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of RhinoShield resale loans landed between $400,075 and $1,394,575.
- Lender experience exists. Merchants Bank of Indiana alone has financed 5 RhinoShield resales.
- Guaranty. The SBA guaranteed 80% 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 RhinoShield resale
The median SBA 7(a) loan for a RhinoShield resale was $1,268,350 across 6 loans (FY2018 to FY2026). Merchants Bank of Indiana and Manufacturers and Traders Trust Company have financed the most RhinoShield 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%.
RhinoShield acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 4 | $2.8M | $650,150 | |
| FY2021 | 1 | $2.9M | $2,875,400 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 1 | $1.4M | $1,397,300 | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 0 | $0 | - |
How often do these acquisition loans fail?
Fewer than 20 RhinoShield 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 RhinoShield resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Merchants Bank of Indiana | 5 | 83.3% | $5.7M | |
| 2 | Manufacturers and Traders Trust Company | 1 | 16.7% | $1.4M |
States where RhinoShield units are bought
The purchase agreement decides what you bought, not the loan approval.
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How lenders classify RhinoShield
Lenders code each loan to a NAICS industry. For RhinoShield the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Painting and Wall Covering Contractors | 5 | 83.3% | $5.7M | |
| 2 | Automotive Parts and Accessories Retailers | 1 | 16.7% | $1.4M |
Questions buyers ask
How much do buyers borrow to buy a business operating under a RhinoShield brand or supply agreement?
The median SBA 7(a) loan for a RhinoShield resale was $1,268,350 across 6 loans (FY2018 to FY2026). The middle half of loans ran from $400,075 to $1,394,575. 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 RhinoShield acquisitions?
Merchants Bank of Indiana has made the most SBA acquisition loans for RhinoShield (5, 83% of the total). Manufacturers and Traders Trust Company follow.
What interest rate and term do RhinoShield acquisition loans carry?
The average initial rate at approval was 6.42% (a blend of fixed and variable loans across several rate environments, so treat it as context, not a quote). The median term was 10 years.
Is a RhinoShield resale riskier than other SBA-financed acquisitions?
Too few RhinoShield 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 RhinoShield units being bought with SBA loans?
Ohio (5), Delaware (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.
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Related
- All Painting and Wall Covering Contractors acquisitions
- Ohio acquisitions
- Delaware acquisitions
- Merchants Bank of Indiana
- Manufacturers and Traders Trust Company
- All franchise brands
Brand name as recorded by lenders in the SBA file: "RhinoShield - Dealership/Supply Agreement" (franchise code S4351). Figures are aggregates of public SBA data and are not provided or endorsed by the brand owner or supplier.