First Bank Richmond: SBA business acquisition lending record
First Bank Richmond (home state IN) approved 32 SBA 7(a) loans to buy existing businesses since FY2018, totaling $26M. The median loan was $481,700. It ranks number 240 of 280 lenders by count and made 0.1% of all SBA acquisition loans nationally.
The purchase agreement decides what you bought, not the loan approval.
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What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $207,500 and $766,875. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Indiana is the largest state (91% of loans). Loans appear in only 4 states, which points to a regional lender.
- Industry concentration. Janitorial Services is 9% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 85 SBA 7(a) loans of any purpose since FY2020, totaling $54.2M. 59% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 31% 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.
First Bank Richmond acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 3 | $567K | $200,000 | |
| FY2019 | 1 | $553K | $552,500 | |
| FY2020 | 2 | $250K | $125,000 | |
| FY2021 | 6 | $5.7M | $855,000 | |
| FY2022 | 4 | $1.7M | $349,600 | |
| FY2023 | 6 | $6.7M | $760,500 | |
| FY2024 | 6 | $5.3M | $330,000 | |
| FY2025 | 1 | $259K | $259,300 | |
| FY2026 | 3 | $5M | $539,800 |
How often do these acquisition loans fail?
Fewer than 20 First Bank Richmond 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
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Janitorial Services | 3 | 9.4% | $2.5M | |
| 2 | Sign Manufacturing | 3 | 9.4% | $1.9M | |
| 3 | Landscaping Services | 2 | 6.3% | $4.5M | |
| 4 | Commercial Printing (except Screen and Books) | 2 | 6.3% | $1.7M | |
| 5 | Full-Service Restaurants | 2 | 6.3% | $1.2M | |
| 6 | Floor Covering Retailers | 2 | 6.3% | $250K | |
| 7 | Electrical Contractors and Other Wiring Installation Contractors | 2 | 6.3% | $247K | |
| 8 | Florists | 2 | 6.3% | $135K | |
| 9 | Elementary and Secondary Schools | 1 | 3.1% | $2.4M |
The purchase agreement decides what you bought, not the loan approval.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | FASTSIGNS | 3 | 9.4% | $1.9M | |
| 2 | Little Caesars | 3 | 9.4% | $1.7M | |
| 3 | Pirtek | 1 | 3.1% | $978K |
Questions buyers ask
Does First Bank Richmond make SBA acquisition loans?
Yes. First Bank Richmond approved 32 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 240 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 First Bank Richmond's acquisition loans?
The median was $481,700, with the middle half between $207,500 and $766,875. The national median is $645,250, so this lender's typical loan is 25% lower than the national figure.
Which states does First Bank Richmond lend in?
Indiana (29), Ohio (1), Arizona (1), Illinois (1). Its loans appear in 4 states, so it is closer to a regional lender.
Which industries does First Bank Richmond finance?
Janitorial Services (3), Sign Manufacturing (3), Landscaping Services (2), Commercial Printing (except Screen and Books) (2), Full-Service Restaurants (2). The top industry is 9% of its acquisition loans.
How have First Bank Richmond'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.
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Related
- Indiana acquisitions
- Ohio acquisitions
- Arizona acquisitions
- Janitorial Services
- Sign Manufacturing
- Landscaping Services
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by First Bank Richmond.