Countybank: SBA business acquisition lending record
Countybank (home state SC) approved 50 SBA 7(a) loans to buy existing businesses since FY2018, totaling $48.7M. The median loan was $579,000. It ranks number 175 of 280 lenders by count and made 0.1% 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 $350,250 and $1,507,500. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. South Carolina is the largest state (84% of loans). Loans appear in only 3 states, which points to a regional lender.
- Industry concentration. Hotels (except Casino Hotels) and Motels is 8% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 162 SBA 7(a) loans of any purpose since FY2020, totaling $125M. 96% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 18% 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.
Countybank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $2.9M | $2,911,000 | |
| FY2019 | 8 | $15.4M | $2,161,000 | |
| FY2020 | 8 | $8.1M | $805,000 | |
| FY2021 | 6 | $7.4M | $558,000 | |
| FY2022 | 3 | $2.3M | $495,000 | |
| FY2023 | 6 | $3.9M | $363,250 | |
| FY2024 | 8 | $2.7M | $350,500 | |
| FY2025 | 6 | $2.9M | $422,000 | |
| FY2026 | 4 | $3.1M | $444,000 |
How often do these acquisition loans fail?
Of the 23 Countybank 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. 16 have already been paid in full.
For comparison, Countybank 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 | South Carolina | 42 | 84.0% | $41.6M | |
| 2 | North Carolina | 6 | 12.0% | $5.5M | |
| 3 | Georgia | 2 | 4.0% | $1.5M |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hotels (except Casino Hotels) and Motels | 4 | 8.0% | $11.1M | |
| 2 | Machine Shops | 3 | 6.0% | $3.6M | |
| 3 | Landscaping Services | 3 | 6.0% | $3M | |
| 4 | Car Washes | 2 | 4.0% | $4.3M | |
| 5 | Other Foundation, Structure, and Building Exterior Contractors | 2 | 4.0% | $1.4M | |
| 6 | All Other Plastics Product Manufacturing | 2 | 4.0% | $1.1M | |
| 7 | Full-Service Restaurants | 2 | 4.0% | $1.1M | |
| 8 | Limited-Service Restaurants | 2 | 4.0% | $1.1M | |
| 9 | General Automotive Repair | 2 | 4.0% | $868K | |
| 10 | Painting and Wall Covering Contractors | 2 | 4.0% | $682K |
Seller note standby terms and third-party consents are reviewed before closing.
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Microtel Inn & Suites | 1 | 2.0% | $3.9M | |
| 2 | Quality Inn | 1 | 2.0% | $2.9M | |
| 3 | Red Roof Inn | 1 | 2.0% | $2.2M | |
| 4 | Baymont | 1 | 2.0% | $2.2M | |
| 5 | Honda Powersports Sales and Service Agreements | 1 | 2.0% | $1.1M | |
| 6 | True Value | 1 | 2.0% | $1.1M | |
| 7 | Duck Donuts | 1 | 2.0% | $414K | |
| 8 | CertaPro Painters | 1 | 2.0% | $380K | |
| 9 | Edible Arrangements | 1 | 2.0% | $265K |
Questions buyers ask
Does Countybank make SBA acquisition loans?
Yes. Countybank approved 50 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 175 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 Countybank's acquisition loans?
The median was $579,000, with the middle half between $350,250 and $1,507,500. The national median is $645,250, so this lender's typical loan is 10% lower than the national figure.
Which states does Countybank lend in?
South Carolina (42), North Carolina (6), Georgia (2). Its loans appear in 3 states, so it is closer to a regional lender.
Which industries does Countybank finance?
Hotels (except Casino Hotels) and Motels (4), Machine Shops (3), Landscaping Services (3), Car Washes (2), Other Foundation, Structure, and Building Exterior Contractors (2). The top industry is 8% of its acquisition loans.
How have Countybank's acquisition loans performed?
Of 23 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.
Terms signed in the LOI shape the purchase agreement that follows.
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Related
- South Carolina acquisitions
- North Carolina acquisitions
- Georgia acquisitions
- Hotels (except Casino Hotels) and Motels
- Machine Shops
- Landscaping Services
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Countybank.