Car Washes acquisitions in Michigan: SBA loan data
Since FY2018, SBA lenders have approved 19 7(a) loans to buy an existing business classified as Car Washes in Michigan, totaling $19.1M. The median loan was $688,300. That is 1.1% of the 1,680 acquisition loans in Michigan.
Seller note standby terms and third-party consents are reviewed before closing.
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How this compares
The median Car Washes loan in Michigan is 18% higher than the $585,000 median for all Michigan acquisitions, and 48% lower than the $1,324,100 median for Car Washes acquisitions nationwide (406 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 0.9% of seasoned Car Washes acquisition loans were charged off, and 1.8% of seasoned Michigan acquisition loans of any type.
Car Washes acquisition loans in Michigan by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 3 | $1.3M | $297,800 | |
| FY2019 | 2 | $2.1M | $1,030,700 | |
| FY2020 | 1 | $2.4M | $2,400,000 | |
| FY2021 | 6 | $4.3M | $578,400 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 6 | $8.4M | $1,005,250 | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 1 | $579K | $578,800 | |
| FY2026 | 0 | $0 | - |
How often do these acquisition loans fail?
Fewer than 20 Car Washes 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 | Old National Bank | 3 | 15.8% | $3.9M | |
| 2 | The Huntington National Bank | 3 | 15.8% | $2.9M | |
| 3 | Celtic Bank Corporation | 3 | 15.8% | $1.6M | |
| 4 | West Shore Bank | 2 | 10.5% | $986K | |
| 5 | Shoreham Bank | 1 | 5.3% | $3.5M |
Top franchise brands
No franchise brands recorded in this combination.
Terms signed in the LOI shape the purchase agreement that follows.
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Questions buyers ask
How much do SBA loans for Car Washes acquisitions in Michigan run?
The median SBA 7(a) loan was $688,300 across 19 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 Car Washes acquisitions in Michigan?
Old National Bank (3), The Huntington National Bank (3), Celtic Bank Corporation (3), West Shore Bank (2), Shoreham Bank (1).
How often do Car Washes 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 Car Washes acquisitions in Michigan?
None of the 19 loans in this combination were recorded with a franchise brand.
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Small samples move a lot: each loan in this combination is 5% of the count. Industry is the NAICS code the lender recorded. See the methodology.