Shoreham Bank: SBA business acquisition lending record
Shoreham Bank (home state RI) approved 78 SBA 7(a) loans to buy existing businesses since FY2018, totaling $246M. The median loan was $3,095,000. It ranks number 126 of 280 lenders by count and made 0.2% 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 $1,970,000 and $4,631,250. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Ohio is the largest state (24% of loans). Loans appear in at least 15 states, which points to a national lender.
- Industry concentration. Hotels (except Casino Hotels) and Motels is 86% of its acquisition loans. This is a specialist pattern.
- Overall 7(a) volume. 386 SBA 7(a) loans of any purpose since FY2020, totaling $768M. 95% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 51% 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.
Shoreham Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 2 | $4.5M | $2,260,000 | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 0 | $0 | - | |
| FY2021 | 0 | $0 | - | |
| FY2022 | 5 | $12.9M | $2,900,000 | |
| FY2023 | 8 | $25.9M | $3,000,000 | |
| FY2024 | 19 | $63.7M | $3,770,000 | |
| FY2025 | 24 | $78.5M | $3,887,500 | |
| FY2026 | 20 | $60.4M | $2,502,500 |
How often do these acquisition loans fail?
Fewer than 20 Shoreham Bank 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.
The purchase agreement decides what you bought, not the loan approval.
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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Ohio | 19 | 24.4% | $73.1M | |
| 2 | Michigan | 14 | 17.9% | $32.8M | |
| 3 | Indiana | 7 | 9.0% | $18.5M | |
| 4 | Pennsylvania | 4 | 5.1% | $19.5M | |
| 5 | Texas | 4 | 5.1% | $15.4M | |
| 6 | New York | 4 | 5.1% | $9.1M | |
| 7 | Wisconsin | 3 | 3.8% | $8.5M | |
| 8 | Illinois | 3 | 3.8% | $6.3M | |
| 9 | Colorado | 2 | 2.6% | $9.1M | |
| 10 | Florida | 2 | 2.6% | $6.9M | |
| 11 | Massachusetts | 2 | 2.6% | $5.6M | |
| 12 | Kansas | 2 | 2.6% | $4.3M | |
| 13 | Nebraska | 2 | 2.6% | $4.2M | |
| 14 | Nevada | 1 | 1.3% | $5M | |
| 15 | Missouri | 1 | 1.3% | $4.7M |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hotels (except Casino Hotels) and Motels | 67 | 85.9% | $229M | |
| 2 | Beer, Wine, and Liquor Retailers | 4 | 5.1% | $4.7M | |
| 3 | Gasoline Stations with Convenience Stores | 3 | 3.8% | $3.8M | |
| 4 | Car Washes | 1 | 1.3% | $3.5M | |
| 5 | Limited-Service Restaurants | 1 | 1.3% | $2.1M | |
| 6 | General Automotive Repair | 1 | 1.3% | $1.9M | |
| 7 | Offices of Mental Health Practitioners (except Physicians) | 1 | 1.3% | $600K |
The purchase agreement decides what you bought, not the loan approval.
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Quality Inn | 4 | 5.1% | $7.9M | |
| 2 | Motel 6 | 3 | 3.8% | $7.2M | |
| 3 | Red Roof Inn | 3 | 3.8% | $6.7M | |
| 4 | Holiday Inn Express | 2 | 2.6% | $10M | |
| 5 | TownePlace Suites | 2 | 2.6% | $9.7M | |
| 6 | La Quinta | 2 | 2.6% | $9.1M | |
| 7 | Comfort Inn | 2 | 2.6% | $9.1M | |
| 8 | Fairfield by Marriott | 2 | 2.6% | $7.5M | |
| 9 | Best Western | 2 | 2.6% | $6.6M | |
| 10 | Extended Stay America Suites | 2 | 2.6% | $6.5M |
Questions buyers ask
Does Shoreham Bank make SBA acquisition loans?
Yes. Shoreham Bank approved 78 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 126 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 Shoreham Bank's acquisition loans?
The median was $3,095,000, with the middle half between $1,970,000 and $4,631,250. The national median is $645,250, so this lender's typical loan is 380% higher than the national figure.
Which states does Shoreham Bank lend in?
Ohio (19), Michigan (14), Indiana (7), Pennsylvania (4), Texas (4), New York (4). Its loans span at least 15 states.
Which industries does Shoreham Bank finance?
Hotels (except Casino Hotels) and Motels (67), Beer, Wine, and Liquor Retailers (4), Gasoline Stations with Convenience Stores (3), Car Washes (1), Limited-Service Restaurants (1). The top industry is 86% of its acquisition loans.
How have Shoreham Bank'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.
The purchase agreement decides what you bought, not the loan approval.
Request Engagement AssessmentAll 50 states. Free consultation.
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Related
- Ohio acquisitions
- Michigan acquisitions
- Indiana acquisitions
- Hotels (except Casino Hotels) and Motels
- Beer, Wine, and Liquor Retailers
- Gasoline Stations with Convenience Stores
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Shoreham Bank.