Automotive Body, Paint, and Interior Repair and Maintenance acquisitions in Michigan: SBA loan data
Since FY2018, SBA lenders have approved 16 7(a) loans to buy an existing business classified as Automotive Body, Paint, and Interior Repair and Maintenance in Michigan, totaling $11.8M. The median loan was $392,350. That is 1.0% of the 1,680 acquisition loans in Michigan.
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How this compares
The median Automotive Body, Paint, and Interior Repair and Maintenance loan in Michigan is 33% lower than the $585,000 median for all Michigan acquisitions, and 35% lower than the $604,000 median for Automotive Body, Paint, and Interior Repair and Maintenance acquisitions nationwide (297 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 1.6% of seasoned Automotive Body, Paint, and Interior Repair and Maintenance acquisition loans were charged off, and 1.8% of seasoned Michigan acquisition loans of any type.
Automotive Body, Paint, and Interior Repair and Maintenance acquisition loans in Michigan by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 2 | $3.9M | $1,960,300 | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 1 | $604K | $604,000 | |
| FY2021 | 1 | $285K | $285,200 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 1 | $500K | $499,500 | |
| FY2024 | 3 | $2M | $150,000 | |
| FY2025 | 7 | $3.7M | $100,000 | |
| FY2026 | 1 | $799K | $799,200 |
How often do these acquisition loans fail?
Fewer than 20 Automotive Body, Paint, and Interior Repair and Maintenance in Michigan 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.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 8 | 50.0% | $4.6M | |
| 2 | Horizon Bank | 2 | 12.5% | $1.7M | |
| 3 | Grand River Bank | 1 | 6.3% | $3.8M | |
| 4 | First State Bank of Michigan | 1 | 6.3% | $799K | |
| 5 | Alden State Bank | 1 | 6.3% | $500K |
Top franchise brands
No franchise brands recorded in this combination.
The purchase agreement decides what you bought, not the loan approval.
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Questions buyers ask
How much do SBA loans for Automotive Body, Paint, and Interior Repair and Maintenance acquisitions in Michigan run?
The median SBA 7(a) loan was $392,350 across 16 loans (FY2018 to FY2026). The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Automotive Body, Paint, and Interior Repair and Maintenance acquisitions in Michigan?
The Huntington National Bank (8), Horizon Bank (2), Grand River Bank (1), First State Bank of Michigan (1), Alden State Bank (1).
How often do Automotive Body, Paint, and Interior Repair and Maintenance acquisition loans fail in Michigan?
Fewer than 20 loans in this combination are old enough to measure losses reliably, so no rate is shown. The national benchmark for all SBA acquisition loans is 3.5% (FY2018 to FY2021 cohort).
Are franchised businesses part of Automotive Body, Paint, and Interior Repair and Maintenance acquisitions in Michigan?
2 of the 16 loans (13%) involved a franchise brand.
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Submit Transaction DetailsAlex Lubyansky leads every engagement.
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Small samples move a lot: each loan in this combination is 6% of the count. Industry is the NAICS code the lender recorded. See the methodology.