Convenience Retailers acquisitions in Michigan: SBA loan data
Since FY2018, SBA lenders have approved 20 7(a) loans to buy an existing business classified as Convenience Retailers in Michigan, totaling $12.6M. The median loan was $503,750. That is 1.2% of the 1,680 acquisition loans in Michigan.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentFree consultation. All 50 states.
How this compares
The median Convenience Retailers loan in Michigan is 14% lower than the $585,000 median for all Michigan acquisitions, and in line with the $509,000 median for Convenience Retailers acquisitions nationwide (492 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 2.0% of seasoned Convenience Retailers acquisition loans were charged off, and 1.8% of seasoned Michigan acquisition loans of any type.
Convenience Retailers acquisition loans in Michigan by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 5 | $3M | $527,500 | |
| FY2019 | 4 | $3.3M | $845,000 | |
| FY2020 | 4 | $1.7M | $415,000 | |
| FY2021 | 1 | $450K | $450,000 | |
| FY2022 | 1 | $547K | $547,000 | |
| FY2023 | 1 | $751K | $751,000 | |
| FY2024 | 2 | $659K | $329,250 | |
| FY2025 | 1 | $323K | $322,700 | |
| FY2026 | 1 | $1.9M | $1,853,000 |
How often do these acquisition loans fail?
Fewer than 20 Convenience Retailers 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.
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Southern Michigan Bank & Trust | 4 | 20.0% | $3.5M | |
| 2 | First Internet Bank of Indiana | 3 | 15.0% | $3.2M | |
| 3 | Nicolet National Bank | 2 | 10.0% | $550K | |
| 4 | Bank of Ann Arbor | 1 | 5.0% | $1.1M | |
| 5 | Byline Bank | 1 | 5.0% | $880K |
Top franchise brands
No franchise brands recorded in this combination.
The purchase agreement decides what you bought, not the loan approval.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Questions buyers ask
How much do SBA loans for Convenience Retailers acquisitions in Michigan run?
The median SBA 7(a) loan was $503,750 across 20 loans (FY2018 to FY2026), with the middle half between $343,750 and $783,250. 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 Convenience Retailers acquisitions in Michigan?
Southern Michigan Bank & Trust (4), First Internet Bank of Indiana (3), Nicolet National Bank (2), Bank of Ann Arbor (1), Byline Bank (1). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Convenience Retailers 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 Convenience Retailers acquisitions in Michigan?
1 of the 20 loans (5%) involved a franchise brand.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Advertise on this site: lenders, brokers, valuation and insurance firms. See options
Related
- All Michigan acquisitions
- Convenience Retailers nationally
- Convenience Retailers in California
- Convenience Retailers in Washington
- Convenience Retailers in Oregon
- Convenience Retailers in Massachusetts
- Convenience Retailers in New Jersey
- Beer, Wine, and Liquor Retailers in Michigan
- Full-Service Restaurants in Michigan
- Limited-Service Restaurants in Michigan
- Hotels and Motels in Michigan
- Plumbing, Heating, and Air-Conditioning Contractors in Michigan
- Landscaping Services in Michigan
- General Automotive Repair in Michigan
- Offices of Chiropractors in Michigan
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.