Plumbing, Heating, and Air-Conditioning Contractors acquisitions in Michigan: SBA loan data
Since FY2018, SBA lenders have approved 36 7(a) loans to buy an existing business classified as Plumbing, Heating, and Air-Conditioning Contractors in Michigan, totaling $40.2M. The median loan was $575,000. That is 2.1% of the 1,680 acquisition loans in Michigan.
Terms signed in the LOI shape the purchase agreement that follows.
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How Plumbing, Heating, and Air-Conditioning Contractors in Michigan compares
| Measure | Plumbing, Heating, and... | Michigan, all industries | Plumbing, Heating, and..., nationwide | All acquisitions |
|---|---|---|---|---|
| Median loan | $575,000 | $585,000 | $734,000 | $645,250 |
| Middle half of loans | $222,800 to $1,772,500 | $250,000 to $1,304,625 | $293,300 to $1,545,000 | $283,000 to $1,465,000 |
| Average initial rate | 7.60% | 7.65% | 8.01% | 7.76% |
| Median term | 10 years | 10 years | 10 years | 10 years |
| Charge-off rate (seasoned loans) | n/a | 1.8% | 2.5% | 3.5% |
| Loans in sample | 36 | 1,680 | 921 | 48,902 |
The median for Plumbing, Heating, and Air-Conditioning Contractors acquisition loans in Michigan is $575,000, in line with the $585,000 median for all Michigan acquisitions, below the $734,000 median for Plumbing, Heating, and Air-Conditioning Contractors acquisitions nationwide and slightly below the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $222,800 to $1,772,500, against $283,000 to $1,465,000 nationally; the median term is 10 years, the same as the national median; the average initial rate is 7.60%, below the 7.76% national average.
Too few of these loans are old enough to measure a charge-off rate; the national rate for seasoned acquisition loans is 3.5%.
Loan size distribution
| Loan size | Plumbing, Heating, and... | All acquisitions |
|---|---|---|
| Under $350K | 42% | 30% |
| $350K to under $1M | 14% | 33% |
| $1M to under $2M | 28% | 19% |
| $2M and over | 17% | 17% |
Most Plumbing, Heating, and Air-Conditioning Contractors acquisition loans in Michigan (56%) were under $1M, and the largest single band is Under $350K at 42%, against 30% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
Live Oak Banking Company made 42% of Plumbing, Heating, and Air-Conditioning Contractors acquisition loans in Michigan, and the top three lenders together made 67%. 2 of the 12 lenders involved made three or more. Only 2 lenders have repeat experience here. That is a rough guide to how many banks have seen this kind of deal before.
Recent activity
In FY2025 and FY2026 combined, 12 Plumbing, Heating, and Air-Conditioning Contractors acquisition loans in Michigan were approved. Fewer than 10 loans were approved in FY2023 and FY2024, so no change is computed. The median was $608,750, slightly above the $575,000 median across all years.
Plumbing, Heating, and Air-Conditioning Contractors acquisition loans in Michigan by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 7 | $3.8M | $320,000 | |
| FY2021 | 3 | $4.3M | $1,755,000 | |
| FY2022 | 7 | $10M | $1,230,000 | |
| FY2023 | 2 | $1.6M | $800,000 | |
| FY2024 | 5 | $8.9M | $1,275,000 | |
| FY2025 | 6 | $4.3M | $318,500 | |
| FY2026 | 6 | $7.1M | $1,327,750 |
How often do these acquisition loans fail?
Fewer than 20 Plumbing, Heating, and Air-Conditioning Contractors 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.
The purchase agreement decides what you bought, not the loan approval.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 15 | 41.7% | $15.3M | |
| 2 | Old National Bank | 7 | 19.4% | $7.3M | |
| 3 | Fifth Third Bank | 2 | 5.6% | $7.7M | |
| 4 | The Huntington National Bank | 2 | 5.6% | $2.7M | |
| 5 | Lake Michigan CU | 2 | 5.6% | $2.2M |
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 Plumbing, Heating, and Air-Conditioning Contractors acquisitions in Michigan run?
The median SBA 7(a) loan was $575,000 across 36 loans (FY2018 to FY2026), with the middle half between $222,800 and $1,772,500. 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 Plumbing, Heating, and Air-Conditioning Contractors acquisitions in Michigan?
Live Oak Banking Company (15), Old National Bank (7), Fifth Third Bank (2), The Huntington National Bank (2), Lake Michigan CU (2). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Plumbing, Heating, and Air-Conditioning Contractors 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 Plumbing, Heating, and Air-Conditioning Contractors acquisitions in Michigan?
1 of the 36 loans (3%) involved a franchise brand.
How much do you need down for an SBA loan to buy a Plumbing, Heating, and Air-Conditioning Contractors business in Michigan?
The SBA requires the buyer to make an equity injection, commonly 10% of total project cost, and a lender may ask for more. The SBA file does not record injections, so the figures here are the financed portion: the median for Plumbing, Heating, and Air-Conditioning Contractors acquisition loans in Michigan was $575,000, and the middle half ran $222,800 to $1,772,500.
How long does an SBA acquisition loan take?
For a change-of-ownership 7(a) loan, 45 to 90 days from application to close is typical. It varies by lender and by how quickly third-party reports, such as the business valuation and appraisal, come back. The SBA file records approval dates, not application dates, so this site cannot measure it. Lenders approved 12 Plumbing, Heating, and Air-Conditioning Contractors acquisition loans in Michigan in FY2025 and FY2026.
Which banks make SBA loans for a Plumbing, Heating, and Air-Conditioning Contractors business in Michigan?
By loan count, FY2018 to FY2026: Live Oak Banking Company (15), Old National Bank (7), Fifth Third Bank (2), The Huntington National Bank (2), Lake Michigan CU (2). Live Oak Banking Company made 42% of Plumbing, Heating, and Air-Conditioning Contractors acquisition loans in Michigan. Counts show past approvals only and do not predict whether a lender will approve a particular deal.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
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Related
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Small samples move a lot: each loan in this combination is 3% of the count. Industry is the NAICS code the lender recorded. See the methodology.
Cite this data
SBA Acquisition Data, "Plumbing, Heating, and Air-Conditioning Contractors in Michigan: SBA acquisition loan data", https://sbaacquisitiondata.com/state/mi/plumbing-heating-and-air-conditioning-contractors-238220 (data as of September 30, 2026). Source: U.S. Small Business Administration 7(a) loan file, data.sba.gov. Aggregated by SBA Acquisition Data.
The figures on this page are also published as JSON at https://sbaacquisitiondata.com/data/state/mi/plumbing-heating-and-air-conditioning-contractors-238220.json.