Old National Bank: SBA business acquisition lending record
Old National Bank (home state IN) approved 566 SBA 7(a) loans to buy existing businesses since FY2018, totaling $649M. The median loan was $591,350. It ranks number 11 of 280 lenders by count and made 1.2% 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 $250,000 and $1,586,625. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Minnesota is the largest state (34% of loans). Loans appear in at least 15 states, which points to a national lender.
- Industry concentration. All Other Specialty Trade Contractors is 6% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 1,478 SBA 7(a) loans of any purpose since FY2020, totaling $1.4B. 64% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 10% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Of its loans from FY2018 to FY2021: 3.8% charged off, 7% higher than the 3.5% national average.
Old National Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 32 | $28.8M | $328,000 | |
| FY2019 | 49 | $40.9M | $350,000 | |
| FY2020 | 36 | $53.9M | $843,800 | |
| FY2021 | 68 | $70.8M | $647,550 | |
| FY2022 | 57 | $72M | $786,800 | |
| FY2023 | 86 | $89.7M | $659,050 | |
| FY2024 | 107 | $137M | $610,000 | |
| FY2025 | 85 | $85M | $500,000 | |
| FY2026 | 46 | $70.9M | $894,900 |
How often do these acquisition loans fail?
Of the 185 Old National Bank acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 7 have been charged off by the SBA, a rate of 3.8% by loan count and 0.8% by dollars. 88 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 Old National Bank is 7% 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
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Minnesota | 191 | 33.7% | $193M | |
| 2 | Wisconsin | 99 | 17.5% | $122M | |
| 3 | Indiana | 82 | 14.5% | $98.5M | |
| 4 | Michigan | 68 | 12.0% | $86M | |
| 5 | Illinois | 37 | 6.5% | $58.6M | |
| 6 | Tennessee | 24 | 4.2% | $22.3M | |
| 7 | Kentucky | 12 | 2.1% | $10.6M | |
| 8 | North Dakota | 12 | 2.1% | $4.8M | |
| 9 | Georgia | 11 | 1.9% | $13.3M | |
| 10 | Ohio | 7 | 1.2% | $8.3M | |
| 11 | Florida | 5 | 0.9% | $13.8M | |
| 12 | Missouri | 5 | 0.9% | $7.2M | |
| 13 | North Carolina | 4 | 0.7% | $1.6M | |
| 14 | Texas | 3 | 0.5% | $3.2M | |
| 15 | California | 2 | 0.4% | $1.9M |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | All Other Specialty Trade Contractors | 32 | 5.7% | $38.8M | |
| 2 | Full-Service Restaurants | 21 | 3.7% | $10.2M | |
| 3 | Plumbing, Heating, and Air-Conditioning Contractors | 16 | 2.8% | $16.1M | |
| 4 | Offices of Chiropractors | 14 | 2.5% | $5M | |
| 5 | Limited-Service Restaurants | 13 | 2.3% | $14.7M | |
| 6 | Landscaping Services | 12 | 2.1% | $17.3M | |
| 7 | All Other Miscellaneous Fabricated Metal Product Manufacturing | 10 | 1.8% | $20.5M | |
| 8 | Gasoline Stations with Convenience Stores | 10 | 1.8% | $13.3M | |
| 9 | All Other Professional, Scientific, and Technical Services | 10 | 1.8% | $9.1M | |
| 10 | Machine Shops | 9 | 1.6% | $16.9M |
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The UPS Store | 5 | 0.9% | $3M | |
| 2 | Visiting Angels | 3 | 0.5% | $3.8M | |
| 3 | Ace Hardware | 3 | 0.5% | $3M | |
| 4 | Do it Best | 2 | 0.4% | $2.1M | |
| 5 | Fantastic Sams | 2 | 0.4% | $1.8M | |
| 6 | Liberty Tax Service | 2 | 0.4% | $857K | |
| 7 | CertaPro Painters | 2 | 0.4% | $694K | |
| 8 | Enviro-Master Services | 2 | 0.4% | $492K | |
| 9 | Jackson Hewitt Tax Service | 2 | 0.4% | $488K | |
| 10 | FASTSIGNS | 1 | 0.2% | $4.7M |
Questions buyers ask
Does Old National Bank make SBA acquisition loans?
Yes. Old National Bank approved 566 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 11 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 Old National Bank's acquisition loans?
The median was $591,350, with the middle half between $250,000 and $1,586,625. The national median is $645,250, so this lender's typical loan is 8% lower than the national figure.
Which states does Old National Bank lend in?
Minnesota (191), Wisconsin (99), Indiana (82), Michigan (68), Illinois (37), Tennessee (24). Its loans span at least 15 states.
Which industries does Old National Bank finance?
All Other Specialty Trade Contractors (32), Full-Service Restaurants (21), Plumbing, Heating, and Air-Conditioning Contractors (16), Offices of Chiropractors (14), Limited-Service Restaurants (13). The top industry is 6% of its acquisition loans.
How have Old National Bank's acquisition loans performed?
Of 185 loans approved FY2018 to FY2021: 3.8% charged off, 7% higher than the 3.5% national acquisition average. Charge-offs reflect the borrowers and industries a lender serves as well as its underwriting.
SBA 7(a) acquisitions, nationwide. Free consultation.
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Related
- Minnesota acquisitions
- Wisconsin acquisitions
- Indiana acquisitions
- All Other Specialty Trade Contractors
- Full-Service Restaurants
- Plumbing, Heating, and Air-Conditioning Contractors
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Old National Bank.