SBA loans in Puerto Rico: who lends, what gets bought, how it performs
Since FY2018, SBA lenders have approved 54 7(a) loans to buy an existing business in Puerto Rico, totaling $17.7M. The median loan was $182,500, 72% lower than the $645,250 national median for SBA-financed acquisitions.
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SBA lenders in Puerto Rico
The lenders that made the most SBA 7(a) acquisition loans in Puerto Rico, FY2018 to FY2026.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Oriental Bank | 31 | 57.4% | $6.6M | |
| 2 | Banco Popular de Puerto Rico | 15 | 27.8% | $6.6M | |
| 3 | FirstBank Puerto Rico | 4 | 7.4% | $1.3M | |
| 4 | Economic Development Bank for Puerto Rico | 2 | 3.7% | $328K | |
| 5 | Seacoast National Bank | 1 | 1.9% | $2.5M | |
| 6 | First Business Bank | 1 | 1.9% | $380K |
What this tells a buyer
- Deal size band. Half of Puerto Rico acquisition loans fell between $82,500 and $305,875. The nationwide band is $283,000 to $1,465,000.
- Share of national volume. Puerto Rico accounts for 0.1% of all SBA acquisition loans and ranks number 52 of 54 states and territories by count.
- Industry concentration. Pharmacies and Drug Retailers is the most financed business type here (8 loans, 15% of the state). The top three industries together are 33%.
- Lender concentration. Oriental Bank made 57% of the state's acquisition loans. A single lender carries a large part of the market, so it is worth knowing what it prefers to finance.
- Franchise resales. 4% of acquisition loans in Puerto Rico involved a franchised brand; the most frequent is Marco's Pizza (1 loans).
How Puerto Rico compares
| Measure | Puerto Rico | All acquisitions |
|---|---|---|
| Median loan | $182,500 | $645,250 |
| Middle half of loans | $82,500 to $305,875 | $283,000 to $1,465,000 |
| Average initial rate | 8.11% | 7.76% |
| Median term | 10 years | 10 years |
| Charge-off rate (seasoned loans) | 0.0% | 3.5% |
| Loans in sample | 54 | 48,902 |
The median for Puerto Rico acquisition loans is $182,500, well below the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $82,500 to $305,875, 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 8.11%, above the 7.76% national average.
None of the seasoned loans were charged off, against 3.5% for all acquisition loans.
Loan size distribution
| Loan size | Puerto Rico | All acquisitions |
|---|---|---|
| Under $350K | 81% | 30% |
| $350K to under $1M | 13% | 33% |
| $1M to under $2M | 2% | 19% |
| $2M and over | 4% | 17% |
Most Puerto Rico acquisition loans (94%) were under $1M, and the largest single band is Under $350K at 81%, against 30% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
Oriental Bank made 57% of Puerto Rico acquisition loans, and the top three lenders together made 93%. 3 of the 6 lenders involved made three or more. Only 3 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 Puerto Rico acquisition loans were approved. That is 14% fewer than the 14 approved in FY2023 and FY2024. The median was $252,500, above the $182,500 median across all years.
Puerto Rico acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 4 | $3.1M | $240,000 | |
| FY2019 | 5 | $406K | $50,000 | |
| FY2020 | 9 | $1.6M | $123,300 | |
| FY2021 | 8 | $5.6M | $282,250 | |
| FY2022 | 2 | $280K | $140,000 | |
| FY2023 | 7 | $984K | $129,600 | |
| FY2024 | 7 | $2.1M | $243,000 | |
| FY2025 | 7 | $2.4M | $250,000 | |
| FY2026 | 5 | $1.3M | $255,000 |
How often do these acquisition loans fail?
Of the 26 Puerto Rico acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), none have been charged off by the SBA. 10 have already been paid in full.
For comparison, Puerto Rico has none charged off, against the 3.5% average across all SBA 7(a) acquisition loans in the same cohort. 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 industries in Puerto Rico
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Pharmacies and Drug Retailers | 8 | 14.8% | $2.1M | |
| 2 | Full-Service Restaurants | 7 | 13.0% | $2.3M | |
| 3 | Limited-Service Restaurants | 3 | 5.6% | $669K | |
| 4 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 3 | 5.6% | $498K | |
| 5 | Hardware Retailers | 3 | 5.6% | $351K | |
| 6 | Fitness and Recreational Sports Centers | 3 | 5.6% | $265K | |
| 7 | Assisted Living Facilities for the Elderly | 2 | 3.7% | $533K | |
| 8 | Medical Laboratories | 2 | 3.7% | $380K | |
| 9 | Offices of Chiropractors | 2 | 3.7% | $280K | |
| 10 | Automotive Body, Paint, and Interior Repair and Maintenance | 2 | 3.7% | $79K |
Terms signed in the LOI shape the purchase agreement that follows.
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Franchise brands bought in Puerto Rico
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Marco's Pizza | 1 | 1.9% | $360K |
Questions buyers ask
How much do buyers borrow to buy a business in Puerto Rico?
The median SBA 7(a) acquisition loan in Puerto Rico was $182,500 across 54 loans (FY2018 to FY2026), 72% lower than the $645,250 national median. The middle half of loans ran from $82,500 to $305,875. 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 Puerto Rico?
Oriental Bank (31), Banco Popular de Puerto Rico (15), FirstBank Puerto Rico (4), Economic Development Bank for Puerto Rico (2), Seacoast National Bank (1). Oriental Bank alone accounts for 57% of Puerto Rico acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in Puerto Rico?
Pharmacies and Drug Retailers (8), Full-Service Restaurants (7), Limited-Service Restaurants (3), Supermarkets and Other Grocery Retailers (except Convenience Retailers) (3), Hardware Retailers (3). The top three industries make up 33% of the state's acquisition loans.
How often do SBA acquisition loans fail in Puerto Rico?
In the seasoned cohort (FY2018 to FY2021), among 26 Puerto Rico acquisition loans: none charged off, against the 3.5% national acquisition average.
How does Puerto Rico compare with other states?
Puerto Rico ranks number 52 of 54 states and territories by acquisition loan count, with 0.1% of national volume (54 of 48,902 loans) and $17.7M approved. Browse the full state ranking.
How much do you need down for an SBA loan to buy a business in Puerto Rico?
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 Puerto Rico acquisition loans was $182,500, and the middle half ran $82,500 to $305,875.
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 Puerto Rico acquisition loans in FY2025 and FY2026.
Which banks make SBA loans for a business in Puerto Rico?
By loan count, FY2018 to FY2026: Oriental Bank (31), Banco Popular de Puerto Rico (15), FirstBank Puerto Rico (4), Economic Development Bank for Puerto Rico (2), Seacoast National Bank (1). Oriental Bank made 57% of Puerto Rico acquisition loans. Counts show past approvals only and do not predict whether a lender will approve a particular deal.
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Related
- Pharmacies and Drug Retailers nationally
- Full-Service Restaurants nationally
- Limited-Service Restaurants nationally
- Oriental Bank
- Seacoast National Bank
- First Business Bank
- 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, "Puerto Rico: SBA acquisition loan data", https://sbaacquisitiondata.com/state/pr (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/pr.json.