BankFirst Financial Services: SBA business acquisition lending record
BankFirst Financial Services (home state MS) approved 62 SBA 7(a) loans to buy existing businesses since FY2018, totaling $24.6M. The median loan was $221,800. It ranks number 143 of 280 lenders by count and made 0.1% of all SBA acquisition loans nationally.
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What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $129,450 and $498,825. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Mississippi is the largest state (52% of loans). Loans appear in only 4 states, which points to a regional lender.
- Industry concentration. Full-Service Restaurants is 10% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 302 SBA 7(a) loans of any purpose since FY2020, totaling $104M. 82% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 8% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Of its loans from FY2019 to FY2021: 10.7% charged off, 204% higher than the 3.5% national average.
BankFirst Financial Services acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 6 | $1.1M | $211,400 | |
| FY2020 | 9 | $2.3M | $166,400 | |
| FY2021 | 13 | $6.1M | $282,200 | |
| FY2022 | 7 | $4.4M | $524,100 | |
| FY2023 | 22 | $8.5M | $192,300 | |
| FY2024 | 5 | $2.2M | $475,000 | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 0 | $0 | - |
How often do these acquisition loans fail?
Of the 28 BankFirst Financial Services acquisition loans approved from FY2019 to FY2021 (the seasoned cohort, every loan at least about five years old), 3 have been charged off by the SBA, a rate of 10.7% by loan count and 3.2% by dollars. 12 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the FY2018 to FY2021 cohort is 3.5%, so BankFirst Financial Services is 204% higher than the acquisition-loan average. 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.
Seller note standby terms and third-party consents are reviewed before closing.
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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Mississippi | 32 | 51.6% | $16.4M | |
| 2 | Alabama | 15 | 24.2% | $3.2M | |
| 3 | Louisiana | 12 | 19.4% | $3.3M | |
| 4 | Tennessee | 3 | 4.8% | $1.7M |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Full-Service Restaurants | 6 | 9.7% | $1.5M | |
| 2 | Limited-Service Restaurants | 5 | 8.1% | $1.4M | |
| 3 | General Automotive Repair | 4 | 6.5% | $619K | |
| 4 | Beer, Wine, and Liquor Retailers | 3 | 4.8% | $1.6M | |
| 5 | Child Care Services | 3 | 4.8% | $1.3M | |
| 6 | Fitness and Recreational Sports Centers | 3 | 4.8% | $770K | |
| 7 | Site Preparation Contractors | 2 | 3.2% | $1.4M | |
| 8 | Electronics and Appliance Retailers | 2 | 3.2% | $1.1M | |
| 9 | Other Building Material Dealers | 2 | 3.2% | $968K |
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Dickey's Barbecue Pit | 3 | 4.8% | $889K |
Questions buyers ask
Does BankFirst Financial Services make SBA acquisition loans?
Yes. BankFirst Financial Services approved 62 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 143 of 280 lenders with 25 or more such loans. The SBA file shows past approvals only; it cannot tell you whether the lender will approve a particular buyer or deal.
How large are BankFirst Financial Services's acquisition loans?
The median was $221,800, with the middle half between $129,450 and $498,825. The national median is $645,250, so this lender's typical loan is 66% lower than the national figure.
Which states does BankFirst Financial Services lend in?
Mississippi (32), Alabama (15), Louisiana (12), Tennessee (3). Its loans appear in 4 states, so it is closer to a regional lender.
Which industries does BankFirst Financial Services finance?
Full-Service Restaurants (6), Limited-Service Restaurants (5), General Automotive Repair (4), Beer, Wine, and Liquor Retailers (3), Child Care Services (3). The top industry is 10% of its acquisition loans.
How have BankFirst Financial Services's acquisition loans performed?
Of 28 loans approved FY2019 to FY2021: 10.7% charged off, 204% higher than the 3.5% national acquisition average. Charge-offs reflect the borrowers and industries a lender serves as well as its underwriting.
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
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Related
- Mississippi acquisitions
- Alabama acquisitions
- Louisiana acquisitions
- Full-Service Restaurants
- Limited-Service Restaurants
- General Automotive Repair
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by BankFirst Financial Services.