SBA loans in Montana: who lends, what gets bought, how it performs
Since FY2018, SBA lenders have approved 283 7(a) loans to buy an existing business in Montana, totaling $236M. The median loan was $457,000, 29% lower than the $645,250 national median for SBA-financed acquisitions.
Terms signed in the LOI shape the purchase agreement that follows.
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SBA lenders in Montana
The lenders that made the most SBA 7(a) acquisition loans in Montana, FY2018 to FY2026.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Glacier Bank | 40 | 14.1% | $17.6M | |
| 2 | First Interstate Bank | 24 | 8.5% | $20M | |
| 3 | The Yellowstone Bank | 17 | 6.0% | $15.2M | |
| 4 | Live Oak Banking Company | 13 | 4.6% | $18.8M | |
| 5 | Three Rivers Bank of Montana | 13 | 4.6% | $8.7M | |
| 6 | Bank of Bridger National Association | 10 | 3.5% | $5.2M | |
| 7 | Bank of the Rockies | 9 | 3.2% | $3.3M | |
| 8 | First Western SBLC, LLC d/b/a Peachtree Group | 8 | 2.8% | $13.2M | |
| 9 | Wallis Bank | 8 | 2.8% | $7.8M | |
| 10 | Opportunity Bank of Montana | 7 | 2.5% | $4.3M |
What this tells a buyer
- Deal size band. Half of Montana acquisition loans fell between $225,200 and $998,250. The nationwide band is $283,000 to $1,465,000.
- Share of national volume. Montana accounts for 0.6% of all SBA acquisition loans and ranks number 39 of 54 states and territories by count.
- Industry concentration. Hotels (except Casino Hotels) and Motels is the most financed business type here (14 loans, 5% of the state). The top three industries together are 14%.
- Lender concentration. Glacier Bank made 14% of the state's acquisition loans. No single lender dominates, so there are several lenders with local acquisition experience.
- Franchise resales. 12% of acquisition loans in Montana involved a franchised brand; the most frequent is Cold Stone Creamery (3 loans).
How Montana compares
| Measure | Montana | All acquisitions |
|---|---|---|
| Median loan | $457,000 | $645,250 |
| Middle half of loans | $225,200 to $998,250 | $283,000 to $1,465,000 |
| Average initial rate | 7.51% | 7.76% |
| Median term | 10 years | 10 years |
| Charge-off rate (seasoned loans) | 1.5% | 3.5% |
| Loans in sample | 283 | 48,902 |
The median for Montana acquisition loans is $457,000, below the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $225,200 to $998,250, 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 7.51%, below the 7.76% national average.
Seasoned loans were charged off at 1.5%, well below the 3.5% rate for all acquisition loans.
Loan size distribution
| Loan size | Montana | All acquisitions |
|---|---|---|
| Under $350K | 41% | 30% |
| $350K to under $1M | 34% | 33% |
| $1M to under $2M | 14% | 19% |
| $2M and over | 11% | 17% |
Most Montana acquisition loans (75%) were under $1M, and the largest single band is Under $350K at 41%, against 30% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
Glacier Bank made 14% of Montana acquisition loans, and the top three lenders together made 29%. 29 of the 73 lenders involved made three or more. Repeat experience is spread across many banks. That is a rough guide to how many banks have seen this kind of deal before.
Recent activity
In FY2025 and FY2026 combined, 70 Montana acquisition loans were approved. That is 43% more than the 49 approved in FY2023 and FY2024. The median was $703,750, well above the $457,000 median across all years.
Montana acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 20 | $9.4M | $350,000 | |
| FY2019 | 33 | $21.3M | $283,000 | |
| FY2020 | 29 | $23M | $457,000 | |
| FY2021 | 52 | $43.6M | $409,550 | |
| FY2022 | 30 | $17.7M | $371,050 | |
| FY2023 | 16 | $11.7M | $511,300 | |
| FY2024 | 33 | $26.7M | $445,000 | |
| FY2025 | 35 | $36.1M | $676,000 | |
| FY2026 | 35 | $46.4M | $875,000 |
How often do these acquisition loans fail?
Of the 134 Montana acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 2 have been charged off by the SBA, a rate of 1.5% by loan count and 0.3% by dollars. 68 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Montana is 58% lower than the acquisition-loan average. 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.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Top industries in Montana
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hotels (except Casino Hotels) and Motels | 14 | 4.9% | $22.3M | |
| 2 | Gasoline Stations with Convenience Stores | 13 | 4.6% | $13.9M | |
| 3 | Limited-Service Restaurants | 13 | 4.6% | $4.1M | |
| 4 | Full-Service Restaurants | 13 | 4.6% | $3.4M | |
| 5 | Landscaping Services | 11 | 3.9% | $4.5M | |
| 6 | All Other Specialty Trade Contractors | 8 | 2.8% | $4.6M | |
| 7 | Plumbing, Heating, and Air-Conditioning Contractors | 7 | 2.5% | $11M | |
| 8 | General Automotive Repair | 7 | 2.5% | $5.5M | |
| 9 | Snack and Nonalcoholic Beverage Bars | 7 | 2.5% | $3.1M | |
| 10 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 5 | 1.8% | $6.3M |
Terms signed in the LOI shape the purchase agreement that follows.
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Franchise brands bought in Montana
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Cold Stone Creamery | 3 | 1.1% | $1M | |
| 2 | Ace Hardware | 2 | 0.7% | $4M | |
| 3 | Dickey's Barbecue Pit | 2 | 0.7% | $325K | |
| 4 | Baskin-Robbins | 2 | 0.7% | $321K | |
| 5 | Super 8 | 1 | 0.4% | $2.4M | |
| 6 | Quality Inn | 1 | 0.4% | $2.3M | |
| 7 | Best Western | 1 | 0.4% | $1.8M | |
| 8 | Aire Serv | 1 | 0.4% | $1.3M | |
| 9 | Dairy Queen | 1 | 0.4% | $1.2M | |
| 10 | IGA USA | 1 | 0.4% | $1.1M | |
| 11 | Allegra | 1 | 0.4% | $851K | |
| 12 | Home Instead | 1 | 0.4% | $705K | |
| 13 | Comfort Keepers | 1 | 0.4% | $564K | |
| 14 | Little Caesars | 1 | 0.4% | $558K | |
| 15 | Carquest Auto Parts | 1 | 0.4% | $536K |
Acquisitions by industry in Montana
The 5 industries with the most acquisition loans in Montana (minimum ten). Charge-off rates appear where at least 20 loans are old enough to measure.
| Industry | Loans | Median loan | Charge-off |
|---|---|---|---|
| Hotels and Motels | 14 | $1,650,000 | n/a |
| Limited-Service Restaurants | 13 | $266,400 | n/a |
| Gasoline Stations with Convenience Stores | 13 | $686,500 | n/a |
| Full-Service Restaurants | 13 | $150,000 | n/a |
| Landscaping Services | 11 | $260,000 | n/a |
Questions buyers ask
How much do buyers borrow to buy a business in Montana?
The median SBA 7(a) acquisition loan in Montana was $457,000 across 283 loans (FY2018 to FY2026), 29% lower than the $645,250 national median. The middle half of loans ran from $225,200 to $998,250. A loan is not the purchase price: it is net of the buyer's equity injection and usually includes some working capital.
Which banks make the most SBA acquisition loans in Montana?
Glacier Bank (40), First Interstate Bank (24), The Yellowstone Bank (17), Live Oak Banking Company (13), Three Rivers Bank of Montana (13). Glacier Bank alone accounts for 14% of Montana acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in Montana?
Hotels (except Casino Hotels) and Motels (14), Gasoline Stations with Convenience Stores (13), Limited-Service Restaurants (13), Full-Service Restaurants (13), Landscaping Services (11). The top three industries make up 14% of the state's acquisition loans.
How often do SBA acquisition loans fail in Montana?
In the seasoned cohort (FY2018 to FY2021), among 134 Montana acquisition loans: 1.5% charged off, 58% lower than the 3.5% national acquisition average.
How does Montana compare with other states?
Montana ranks number 39 of 54 states and territories by acquisition loan count, with 0.6% of national volume (283 of 48,902 loans) and $236M approved. Browse the full state ranking.
How much do you need down for an SBA loan to buy a business in Montana?
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 Montana acquisition loans was $457,000, and the middle half ran $225,200 to $998,250.
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 70 Montana acquisition loans in FY2025 and FY2026.
Which banks make SBA loans for a business in Montana?
By loan count, FY2018 to FY2026: Glacier Bank (40), First Interstate Bank (24), The Yellowstone Bank (17), Live Oak Banking Company (13), Three Rivers Bank of Montana (13). Glacier Bank made 14% of Montana acquisition loans. Counts show past approvals only and do not predict whether a lender will approve a particular deal.
Seller note standby terms and third-party consents are reviewed before closing.
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Related
- Hotels (except Casino Hotels) and Motels nationally
- Gasoline Stations with Convenience Stores nationally
- Limited-Service Restaurants nationally
- Glacier Bank
- First Interstate Bank
- Live Oak Banking Company
- All states
- Buyer's guide to the data
State is the project state recorded by the lender (where the acquired business operates), not the borrower's mailing state.
Cite this data
SBA Acquisition Data, "Montana: SBA acquisition loan data", https://sbaacquisitiondata.com/state/mt (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/mt.json.