SBA loans in South Carolina: who lends, what gets bought, how it performs
Since FY2018, SBA lenders have approved 683 7(a) loans to buy an existing business in South Carolina, totaling $867M. The median loan was $755,000, 17% higher than the $645,250 national median for SBA-financed acquisitions.
SBA acquisition counsel, nationwide. Free consultation.
SBA lenders in South Carolina
The lenders that made the most SBA 7(a) acquisition loans in South Carolina, FY2018 to FY2026.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 118 | 17.3% | $165M | |
| 2 | The Huntington National Bank | 49 | 7.2% | $55.4M | |
| 3 | GBank | 44 | 6.4% | $121M | |
| 4 | Pinnacle Bank | 42 | 6.1% | $42.6M | |
| 5 | Countybank | 42 | 6.1% | $41.6M | |
| 6 | United Community Bank | 31 | 4.5% | $29.1M | |
| 7 | First-Citizens Bank & Trust Company | 14 | 2.0% | $18.1M | |
| 8 | Citizens Bank | 13 | 1.9% | $10.9M | |
| 9 | Celtic Bank Corporation | 12 | 1.8% | $13.7M | |
| 10 | SouthState Bank, National Association | 12 | 1.8% | $13.4M |
What this tells a buyer
- Deal size band. Half of South Carolina acquisition loans fell between $350,000 and $1,737,500. The nationwide band is $283,000 to $1,465,000.
- Share of national volume. South Carolina accounts for 1.4% of all SBA acquisition loans and ranks number 22 of 54 states and territories by count.
- Industry concentration. Hotels (except Casino Hotels) and Motels is the most financed business type here (83 loans, 12% of the state). The top three industries together are 19%.
- Lender concentration. Live Oak Banking Company made 17% of the state's acquisition loans. No single lender dominates, so there are several lenders with local acquisition experience.
- Franchise resales. 27% of acquisition loans in South Carolina involved a franchised brand; the most frequent is Quality Inn (17 loans).
South Carolina acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 43 | $64.9M | $1,260,000 | |
| FY2019 | 75 | $86.6M | $734,500 | |
| FY2020 | 73 | $84.9M | $790,000 | |
| FY2021 | 76 | $115M | $1,112,400 | |
| FY2022 | 70 | $69M | $723,000 | |
| FY2023 | 74 | $92.5M | $616,000 | |
| FY2024 | 79 | $108M | $730,000 | |
| FY2025 | 105 | $131M | $755,000 | |
| FY2026 | 88 | $115M | $733,500 |
How often do these acquisition loans fail?
Of the 267 South Carolina acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 12 have been charged off by the SBA, a rate of 4.5% by loan count and 2.4% by dollars. 152 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 South Carolina is 28% higher 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.
M&A counsel for SBA and franchise acquisitions. Free consultation.
Top industries in South Carolina
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hotels (except Casino Hotels) and Motels | 83 | 12.2% | $217M | |
| 2 | Full-Service Restaurants | 26 | 3.8% | $17.5M | |
| 3 | General Automotive Repair | 21 | 3.1% | $17.2M | |
| 4 | Insurance Agencies and Brokerages | 21 | 3.1% | $15M | |
| 5 | All Other Specialty Trade Contractors | 19 | 2.8% | $26.2M | |
| 6 | Limited-Service Restaurants | 16 | 2.3% | $7.4M | |
| 7 | Lessors of Miniwarehouses and Self-Storage Units | 15 | 2.2% | $25.4M | |
| 8 | Plumbing, Heating, and Air-Conditioning Contractors | 15 | 2.2% | $21.4M | |
| 9 | Child Care Services | 14 | 2.0% | $17.6M | |
| 10 | Fitness and Recreational Sports Centers | 13 | 1.9% | $6.2M |
Purchase agreement, escrow and consents. Free consultation.
Franchise brands bought in South Carolina
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Quality Inn | 17 | 2.5% | $50.3M | |
| 2 | Baymont | 9 | 1.3% | $16.6M | |
| 3 | Servpro | 9 | 1.3% | $7.2M | |
| 4 | Red Roof Inn | 8 | 1.2% | $18.9M | |
| 5 | Sleep Inn | 7 | 1.0% | $23.5M | |
| 6 | Days Inn | 5 | 0.7% | $10.8M | |
| 7 | Grease Monkey | 4 | 0.6% | $2M | |
| 8 | Subway | 4 | 0.6% | $728K | |
| 9 | Clarion Inn | 3 | 0.4% | $12.1M | |
| 10 | Super 8 | 3 | 0.4% | $5.6M | |
| 11 | Rodeway Inn | 3 | 0.4% | $4M | |
| 12 | Travelodge | 3 | 0.4% | $3.7M | |
| 13 | Tropical Smoothie Cafe | 3 | 0.4% | $3.1M | |
| 14 | Bruster's Real Ice Cream | 3 | 0.4% | $2M | |
| 15 | Anytime Fitness | 3 | 0.4% | $1.6M |
Acquisitions by industry in South Carolina
The 13 industries with the most acquisition loans in South Carolina (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 | 83 | $2,352,800 | 4.9% |
| Full-Service Restaurants | 26 | $448,750 | n/a |
| Insurance Agencies and Brokerages | 21 | $584,500 | n/a |
| General Automotive Repair | 21 | $748,000 | n/a |
| All Other Specialty Trade Contractors | 19 | $707,000 | n/a |
| Limited-Service Restaurants | 16 | $303,000 | n/a |
| Lessors of Miniwarehouses and Self-Storage Units | 15 | $1,126,000 | n/a |
| Plumbing, Heating, and Air-Conditioning Contractors | 15 | $1,120,000 | n/a |
| Child Care Services | 14 | $628,500 | n/a |
| Fitness and Recreational Sports Centers | 13 | $325,000 | n/a |
| Beer, Wine, and Liquor Retailers | 11 | $1,200,000 | n/a |
| Gasoline Stations with Convenience Stores | 10 | $792,500 | n/a |
| Offices of Chiropractors | 10 | $435,500 | n/a |
Questions buyers ask
How much do buyers borrow to buy a business in South Carolina?
The median SBA 7(a) acquisition loan in South Carolina was $755,000 across 683 loans (FY2018 to FY2026), 17% higher than the $645,250 national median. The middle half of loans ran from $350,000 to $1,737,500. 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 South Carolina?
Live Oak Banking Company (118), The Huntington National Bank (49), GBank (44), Pinnacle Bank (42), Countybank (42). Live Oak Banking Company alone accounts for 17% of South Carolina acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in South Carolina?
Hotels (except Casino Hotels) and Motels (83), Full-Service Restaurants (26), General Automotive Repair (21), Insurance Agencies and Brokerages (21), All Other Specialty Trade Contractors (19). The top three industries make up 19% of the state's acquisition loans.
How often do SBA acquisition loans fail in South Carolina?
In the seasoned cohort (FY2018 to FY2021), among 267 South Carolina acquisition loans: 4.5% charged off, 28% higher than the 3.5% national acquisition average.
How does South Carolina compare with other states?
South Carolina ranks number 22 of 54 states and territories by acquisition loan count, with 1.4% of national volume (683 of 48,902 loans) and $867M approved. Browse the full state ranking.
SBA 7(a) acquisitions, nationwide. Free consultation.
Advertise on this site: lenders, brokers, valuation and insurance firms. See options
Related
- Hotels (except Casino Hotels) and Motels nationally
- Full-Service Restaurants nationally
- General Automotive Repair nationally
- Live Oak Banking Company
- The Huntington National Bank
- GBank
- 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.