Buying a Wetzel's Pretzels franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 9 7(a) loans to buy an existing Wetzel's Pretzels (classified mostly as Snack and Nonalcoholic Beverage Bars), totaling $7.9M. The median loan was $733,000, 14% higher than the $645,250 median for all SBA-financed acquisitions. 4 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 Wetzel's Pretzels resale loans landed between $327,000 and $1,155,400.
- Lender experience exists. United Business Bank alone has financed 3 Wetzel's Pretzels resales.
- Guaranty. The SBA guaranteed 77% of the dollars lent here.
- What the file leaves out. The SBA file does not record franchisor transfer terms or fees.
Financing a Wetzel's Pretzels resale
The median SBA 7(a) loan for a Wetzel's Pretzels resale was $733,000 across 9 loans (FY2018 to FY2026). United Business Bank, Live Oak Banking Company and Idaho Central CU have financed the most Wetzel's Pretzels 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%.
Wetzel's Pretzels acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 0 | $0 | - | |
| FY2021 | 1 | $1.3M | $1,262,700 | |
| FY2022 | 2 | $1.4M | $703,500 | |
| FY2023 | 1 | $160K | $160,000 | |
| FY2024 | 1 | $605K | $605,000 | |
| FY2025 | 1 | $733K | $733,000 | |
| FY2026 | 3 | $3.7M | $1,155,400 |
How often do these acquisition loans fail?
Fewer than 20 Wetzel's Pretzels 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 Wetzel's Pretzels resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | United Business Bank | 3 | 33.3% | $2M | |
| 2 | Live Oak Banking Company | 1 | 11.1% | $2.3M | |
| 3 | Idaho Central CU | 1 | 11.1% | $1.3M | |
| 4 | Bank of America, National Association | 1 | 11.1% | $1.2M | |
| 5 | Beacon Bank and Trust | 1 | 11.1% | $733K | |
| 6 | CRF Small Business Loan Company, LLC | 1 | 11.1% | $249K | |
| 7 | ConnectOne Bank | 1 | 11.1% | $160K |
States where Wetzel's Pretzels units are bought
Seller note standby terms and third-party consents are reviewed before closing.
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How lenders classify Wetzel's Pretzels
Lenders code each loan to a NAICS industry. For Wetzel's Pretzels the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Snack and Nonalcoholic Beverage Bars | 4 | 44.4% | $3.6M | |
| 2 | All Other Specialty Food Retailers | 2 | 22.2% | $1.6M | |
| 3 | Limited-Service Restaurants | 2 | 22.2% | $409K | |
| 4 | Mobile Food Services | 1 | 11.1% | $2.3M |
Questions buyers ask
How much do buyers borrow to buy a Wetzel's Pretzels franchise?
The median SBA 7(a) loan for a Wetzel's Pretzels resale was $733,000 across 9 loans (FY2018 to FY2026). The middle half of loans ran from $327,000 to $1,155,400. 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 Wetzel's Pretzels acquisitions?
United Business Bank has made the most SBA acquisition loans for Wetzel's Pretzels (3, 33% of the total). Live Oak Banking Company, Idaho Central CU, Bank of America, National Association follow.
What interest rate and term do Wetzel's Pretzels acquisition loans carry?
The average initial rate at approval was 8.45% (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 Wetzel's Pretzels resale riskier than other SBA-financed acquisitions?
Too few Wetzel's Pretzels 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 Wetzel's Pretzels units being bought with SBA loans?
California (3), Nevada (2), Idaho (1), Texas (1), Maryland (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.
That draft favors the seller. We review it for the buyer, line by line.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
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Related
- All Snack and Nonalcoholic Beverage Bars acquisitions
- California acquisitions
- Nevada acquisitions
- Idaho acquisitions
- United Business Bank
- Live Oak Banking Company
- Idaho Central CU
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Wetzel's Pretzels" (franchise code S1916). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.