Bankwell Bank: SBA business acquisition lending record
Bankwell Bank (home state CT) approved 93 SBA 7(a) loans to buy existing businesses since FY2018, totaling $194M. The median loan was $1,833,000. It ranks number 106 of 280 lenders by count and made 0.2% of all SBA acquisition loans nationally.
Terms signed in the LOI shape the purchase agreement that follows.
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What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $1,075,000 and $2,829,000. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Texas is the largest state (32% of loans). Loans appear in at least 15 states, which points to a national lender.
- Industry concentration. Insurance Agencies and Brokerages is 48% of its acquisition loans. This is a specialist pattern.
- Overall 7(a) volume. 211 SBA 7(a) loans of any purpose since FY2020, totaling $309M. 95% 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 FY2018 to FY2021: none charged off, against the 3.5% national average.
Bankwell Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $1.8M | $1,833,000 | |
| FY2019 | 10 | $16.9M | $1,590,000 | |
| FY2020 | 7 | $15.7M | $1,990,000 | |
| FY2021 | 11 | $24.8M | $1,543,000 | |
| FY2022 | 1 | $2.8M | $2,775,000 | |
| FY2023 | 1 | $5M | $5,000,000 | |
| FY2024 | 2 | $3M | $1,487,500 | |
| FY2025 | 13 | $23.5M | $1,435,000 | |
| FY2026 | 47 | $100M | $1,770,000 |
How often do these acquisition loans fail?
Of the 29 Bankwell Bank acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), none have been charged off by the SBA. 21 have already been paid in full.
For comparison, Bankwell Bank has none charged off, against the 3.5% average across all SBA 7(a) acquisition loans in the same cohort. 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.
The purchase agreement decides what you bought, not the loan approval.
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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Texas | 30 | 32.3% | $63M | |
| 2 | Florida | 17 | 18.3% | $41.2M | |
| 3 | California | 6 | 6.5% | $13.1M | |
| 4 | New Jersey | 6 | 6.5% | $11.5M | |
| 5 | Georgia | 5 | 5.4% | $5.3M | |
| 6 | Pennsylvania | 4 | 4.3% | $4.6M | |
| 7 | Michigan | 3 | 3.2% | $7M | |
| 8 | Connecticut | 3 | 3.2% | $3.4M | |
| 9 | New York | 2 | 2.2% | $10M | |
| 10 | Illinois | 2 | 2.2% | $5.2M | |
| 11 | Arizona | 2 | 2.2% | $4.8M | |
| 12 | Colorado | 2 | 2.2% | $4.6M | |
| 13 | Maryland | 2 | 2.2% | $690K | |
| 14 | Montana | 2 | 2.2% | $650K | |
| 15 | Alabama | 1 | 1.1% | $5M |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Insurance Agencies and Brokerages | 45 | 48.4% | $104M | |
| 2 | Child Care Services | 5 | 5.4% | $10.8M | |
| 3 | Full-Service Restaurants | 4 | 4.3% | $3M | |
| 4 | Landscaping Services | 2 | 2.2% | $5.5M | |
| 5 | Industrial Machinery and Equipment Merchant Wholesalers | 2 | 2.2% | $3.7M | |
| 6 | Other Computer Related Services | 2 | 2.2% | $1.5M | |
| 7 | All Other Miscellaneous Retailers | 2 | 2.2% | $655K | |
| 8 | Limited-Service Restaurants | 2 | 2.2% | $650K | |
| 9 | Other Miscellaneous Durable Goods Merchant Wholesalers | 1 | 1.1% | $5M | |
| 10 | Engineering Services | 1 | 1.1% | $5M |
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentFree consultation. All 50 states.
Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Kids 'R' Kids | 1 | 1.1% | $5M | |
| 2 | Minuteman Press | 1 | 1.1% | $2.4M | |
| 3 | Batteries Plus | 1 | 1.1% | $1.1M | |
| 4 | Subway | 1 | 1.1% | $350K | |
| 5 | The UPS Store | 1 | 1.1% | $315K | |
| 6 | Firehouse Subs | 1 | 1.1% | $300K |
Questions buyers ask
Does Bankwell Bank make SBA acquisition loans?
Yes. Bankwell Bank approved 93 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 106 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 Bankwell Bank's acquisition loans?
The median was $1,833,000, with the middle half between $1,075,000 and $2,829,000. The national median is $645,250, so this lender's typical loan is 184% higher than the national figure.
Which states does Bankwell Bank lend in?
Texas (30), Florida (17), California (6), New Jersey (6), Georgia (5), Pennsylvania (4). Its loans span at least 15 states.
Which industries does Bankwell Bank finance?
Insurance Agencies and Brokerages (45), Child Care Services (5), Full-Service Restaurants (4), Landscaping Services (2), Industrial Machinery and Equipment Merchant Wholesalers (2). The top industry is 48% of its acquisition loans.
How have Bankwell Bank's acquisition loans performed?
Of 29 loans approved FY2018 to FY2021: none charged off, against 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.
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Related
- Texas acquisitions
- Florida acquisitions
- California acquisitions
- Insurance Agencies and Brokerages
- Child Care Services
- Full-Service Restaurants
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Bankwell Bank.