Lake City Bank: SBA business acquisition lending record
Lake City Bank (home state IN) approved 29 SBA 7(a) loans to buy existing businesses since FY2018, totaling $12.6M. The median loan was $250,000. It ranks number 258 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 $100,000 and $502,000. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Indiana is the largest state (93% of loans). Loans appear in only 2 states, which points to a regional lender.
- Industry concentration. Clothing and Clothing Accessories Retailers is 10% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 98 SBA 7(a) loans of any purpose since FY2020, totaling $42.5M. 45% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 14% 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.
Lake City Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 6 | $1.2M | $171,000 | |
| FY2019 | 6 | $1.3M | $177,500 | |
| FY2020 | 3 | $1.6M | $462,000 | |
| FY2021 | 5 | $637K | $105,400 | |
| FY2022 | 2 | $3.6M | $1,791,050 | |
| FY2023 | 4 | $1.2M | $300,000 | |
| FY2024 | 2 | $2.8M | $1,388,500 | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 1 | $226K | $225,800 |
How often do these acquisition loans fail?
Of the 20 Lake City 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. 17 have already been paid in full.
For comparison, Lake City 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.
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States served
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Clothing and Clothing Accessories Retailers | 3 | 10.3% | $367K | |
| 2 | Plumbing, Heating, and Air-Conditioning Contractors | 3 | 10.3% | $273K | |
| 3 | Offices of Other Holding Companies | 2 | 6.9% | $3.6M | |
| 4 | Electronic Shopping and Mail-Order Houses | 2 | 6.9% | $752K | |
| 5 | Finish Carpentry Contractors | 2 | 6.9% | $740K | |
| 6 | Landscaping Services | 2 | 6.9% | $475K | |
| 7 | Motorcycle, ATV, and All Other Motor Vehicle Dealers | 2 | 6.9% | $365K | |
| 8 | General Automotive Repair | 2 | 6.9% | $303K | |
| 9 | Precision Turned Product Manufacturing | 1 | 3.4% | $2M |
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Polaris | 2 | 6.9% | $365K | |
| 2 | Pure Barre | 1 | 3.4% | $226K | |
| 3 | Ritter's Frozen Custard | 1 | 3.4% | $100K |
Questions buyers ask
Does Lake City Bank make SBA acquisition loans?
Yes. Lake City Bank approved 29 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 258 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 Lake City Bank's acquisition loans?
The median was $250,000, with the middle half between $100,000 and $502,000. The national median is $645,250, so this lender's typical loan is 61% lower than the national figure.
Which states does Lake City Bank lend in?
Indiana (27), Ohio (2). Its loans appear in 2 states, so it is closer to a regional lender.
Which industries does Lake City Bank finance?
Clothing and Clothing Accessories Retailers (3), Plumbing, Heating, and Air-Conditioning Contractors (3), Offices of Other Holding Companies (2), Electronic Shopping and Mail-Order Houses (2), Finish Carpentry Contractors (2). The top industry is 10% of its acquisition loans.
How have Lake City Bank's acquisition loans performed?
Of 20 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.
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Related
- Indiana acquisitions
- Ohio acquisitions
- Clothing and Clothing Accessories Retailers
- Plumbing, Heating, and Air-Conditioning Contractors
- Offices of Other Holding Companies
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Lake City Bank.