ConnectOne Bank: SBA business acquisition lending record
ConnectOne Bank (home state NJ) approved 30 SBA 7(a) loans to buy existing businesses since FY2018, totaling $34.4M. The median loan was $819,000. It ranks number 250 of 280 lenders by count and made 0.1% of all SBA acquisition loans nationally.
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsSBA-financed deals. All 50 states.
What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $458,600 and $1,430,000. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. New York is the largest state (33% of loans). Loans appear in only 11 states, which points to a regional lender.
- Industry concentration. Full-Service Restaurants is 13% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 246 SBA 7(a) loans of any purpose since FY2020, totaling $219M. 87% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 47% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Too few of its loans are old enough to measure a charge-off rate.
ConnectOne Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $583K | $583,000 | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 1 | $499K | $498,500 | |
| FY2021 | 2 | $998K | $499,000 | |
| FY2022 | 4 | $3.6M | $865,000 | |
| FY2023 | 4 | $2.5M | $575,000 | |
| FY2024 | 2 | $4.7M | $2,340,000 | |
| FY2025 | 7 | $5.5M | $374,000 | |
| FY2026 | 9 | $16M | $1,550,000 |
How often do these acquisition loans fail?
Fewer than 20 ConnectOne Bank 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.
Terms signed in the LOI shape the purchase agreement that follows.
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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | New York | 10 | 33.3% | $15.6M | |
| 2 | New Jersey | 6 | 20.0% | $3.2M | |
| 3 | Connecticut | 3 | 10.0% | $7.6M | |
| 4 | Georgia | 2 | 6.7% | $1.4M | |
| 5 | Florida | 2 | 6.7% | $805K | |
| 6 | Tennessee | 2 | 6.7% | $605K | |
| 7 | Michigan | 1 | 3.3% | $1.4M | |
| 8 | Pennsylvania | 1 | 3.3% | $1.4M | |
| 9 | Texas | 1 | 3.3% | $1M | |
| 10 | North Carolina | 1 | 3.3% | $850K | |
| 11 | Colorado | 1 | 3.3% | $550K |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Full-Service Restaurants | 4 | 13.3% | $7M | |
| 2 | Beer, Wine, and Liquor Retailers | 3 | 10.0% | $2.4M | |
| 3 | Pet and Pet Supplies Retailers | 2 | 6.7% | $2M | |
| 4 | Fitness and Recreational Sports Centers | 2 | 6.7% | $430K | |
| 5 | Administrative Management and General Management Consulting Services | 1 | 3.3% | $3.7M | |
| 6 | Engineering Services | 1 | 3.3% | $3.7M | |
| 7 | Offices of All Other Miscellaneous Health Practitioners | 1 | 3.3% | $3.6M | |
| 8 | Offices of Real Estate Agents and Brokers | 1 | 3.3% | $2M | |
| 9 | All Other General Merchandise Retailers | 1 | 3.3% | $1.4M | |
| 10 | Snack and Nonalcoholic Beverage Bars | 1 | 3.3% | $1.4M |
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsSBA-financed deals. All 50 states.
Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Batteries Plus | 2 | 6.7% | $2.3M | |
| 2 | Crumbl | 1 | 3.3% | $1.4M | |
| 3 | Maaco | 1 | 3.3% | $1M | |
| 4 | Right at Home | 1 | 3.3% | $499K | |
| 5 | Wild Birds Unlimited | 1 | 3.3% | $445K | |
| 6 | CertaPro Painters | 1 | 3.3% | $374K | |
| 7 | Huntington Learning Center | 1 | 3.3% | $205K | |
| 8 | Snap Fitness | 1 | 3.3% | $200K | |
| 9 | Wetzel's Pretzels | 1 | 3.3% | $160K |
Questions buyers ask
Does ConnectOne Bank make SBA acquisition loans?
Yes. ConnectOne Bank approved 30 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 250 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 ConnectOne Bank's acquisition loans?
The median was $819,000, with the middle half between $458,600 and $1,430,000. The national median is $645,250, so this lender's typical loan is 27% higher than the national figure.
Which states does ConnectOne Bank lend in?
New York (10), New Jersey (6), Connecticut (3), Georgia (2), Florida (2), Tennessee (2). Its loans appear in 11 states, so it is closer to a regional lender.
Which industries does ConnectOne Bank finance?
Full-Service Restaurants (4), Beer, Wine, and Liquor Retailers (3), Pet and Pet Supplies Retailers (2), Fitness and Recreational Sports Centers (2), Administrative Management and General Management Consulting Services (1). The top industry is 13% of its acquisition loans.
How have ConnectOne Bank's acquisition loans performed?
Fewer than 20 of this lender's loans are old enough to measure. The national benchmark is 3.5% for the FY2018 to FY2021 cohort.
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
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Related
- New York acquisitions
- New Jersey acquisitions
- Connecticut acquisitions
- Full-Service Restaurants
- Beer, Wine, and Liquor Retailers
- Pet and Pet Supplies Retailers
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by ConnectOne Bank.