Core Bank: SBA business acquisition lending record
Core Bank (home state NE) approved 25 SBA 7(a) loans to buy existing businesses since FY2018, totaling $21.6M. The median loan was $450,000. It ranks number 279 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 $297,000 and $1,522,000. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Kansas is the largest state (56% of loans). Loans appear in only 5 states, which points to a regional lender.
- Industry concentration. All Other Specialty Trade Contractors is 8% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 35 SBA 7(a) loans of any purpose since FY2020, totaling $27M. 84% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 28% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Of its loans from FY2018 to FY2021: 8.3% charged off, 137% higher than the 3.5% national average.
Core Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 7 | $7.2M | $1,522,000 | |
| FY2019 | 11 | $5.2M | $425,000 | |
| FY2020 | 4 | $5.1M | $484,500 | |
| FY2021 | 2 | $2.1M | $1,040,000 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 1 | $1.9M | $1,932,600 |
How often do these acquisition loans fail?
Of the 24 Core Bank acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 2 have been charged off by the SBA, a rate of 8.3% by loan count and 10.7% by dollars. 8 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Core Bank is 137% 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.
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States served
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | All Other Specialty Trade Contractors | 2 | 8.0% | $4.2M | |
| 2 | General Automotive Repair | 2 | 8.0% | $1.9M | |
| 3 | Motorcycle, ATV, and All Other Motor Vehicle Dealers | 2 | 8.0% | $859K | |
| 4 | Other Technical and Trade Schools | 1 | 4.0% | $1.9M | |
| 5 | Offices of Physical, Occupational and Speech Therapists, and Audiologists | 1 | 4.0% | $1.7M | |
| 6 | All Other Amusement and Recreation Industries | 1 | 4.0% | $1.7M | |
| 7 | Residential Remodelers | 1 | 4.0% | $1.5M | |
| 8 | Private Mail Centers | 1 | 4.0% | $1.3M | |
| 9 | Limited-Service Restaurants | 1 | 4.0% | $685K |
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | See The Trainer | 1 | 4.0% | $1.7M | |
| 2 | Urban Air Adventure Park | 1 | 4.0% | $1.7M | |
| 3 | The UPS Store | 1 | 4.0% | $1.3M | |
| 4 | Honda Powersports Sales and Service Agreements | 1 | 4.0% | $737K | |
| 5 | Molly Maid | 1 | 4.0% | $479K |
Questions buyers ask
Does Core Bank make SBA acquisition loans?
Yes. Core Bank approved 25 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 279 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 Core Bank's acquisition loans?
The median was $450,000, with the middle half between $297,000 and $1,522,000. The national median is $645,250, so this lender's typical loan is 30% lower than the national figure.
Which states does Core Bank lend in?
Kansas (14), Missouri (5), Nebraska (4), Oklahoma (1), Iowa (1). Its loans appear in 5 states, so it is closer to a regional lender.
Which industries does Core Bank finance?
All Other Specialty Trade Contractors (2), General Automotive Repair (2), Motorcycle, ATV, and All Other Motor Vehicle Dealers (2), Other Technical and Trade Schools (1), Offices of Physical, Occupational and Speech Therapists, and Audiologists (1). The top industry is 8% of its acquisition loans.
How have Core Bank's acquisition loans performed?
Of 24 loans approved FY2018 to FY2021: 8.3% charged off, 137% higher than the 3.5% national acquisition average. Charge-offs reflect the borrowers and industries a lender serves as well as its underwriting.
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
- Kansas acquisitions
- Missouri acquisitions
- Nebraska acquisitions
- All Other Specialty Trade Contractors
- General Automotive Repair
- Motorcycle, ATV, and All Other Motor Vehicle Dealers
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Core Bank.