SBA loans in Washington: who lends, what gets bought, how it performs
Since FY2018, SBA lenders have approved 2,006 7(a) loans to buy an existing business in Washington, totaling $2.3B. The median loan was $675,000, in line with the $645,250 national median for SBA-financed acquisitions. Volume rose 37% from FY2024 to FY2026.
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SBA lenders in Washington
The lenders that made the most SBA 7(a) acquisition loans in Washington, FY2018 to FY2026.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hanmi Bank | 146 | 7.3% | $120M | |
| 2 | Columbia Bank | 142 | 7.1% | $126M | |
| 3 | Live Oak Banking Company | 126 | 6.3% | $214M | |
| 4 | Heritage Bank | 98 | 4.9% | $85.7M | |
| 5 | Gesa CU | 91 | 4.5% | $73.2M | |
| 6 | Banner Bank | 81 | 4.0% | $52.5M | |
| 7 | Mountain Pacific Bank | 79 | 3.9% | $148M | |
| 8 | Harborstone CU | 69 | 3.4% | $58.5M | |
| 9 | UniBank | 67 | 3.3% | $96M | |
| 10 | Readycap Lending, LLC | 65 | 3.2% | $155M |
What this tells a buyer
- Deal size band. Half of Washington acquisition loans fell between $310,000 and $1,571,750. The nationwide band is $283,000 to $1,465,000.
- Share of national volume. Washington accounts for 4.1% of all SBA acquisition loans and ranks number 4 of 54 states and territories by count.
- Industry concentration. Gasoline Stations with Convenience Stores is the most financed business type here (229 loans, 11% of the state). The top three industries together are 31%.
- Lender concentration. Hanmi Bank made 7% of the state's acquisition loans. No single lender dominates, so there are several lenders with local acquisition experience.
- Franchise resales. 17% of acquisition loans in Washington involved a franchised brand; the most frequent is Christensen Inc. (21 loans).
Washington acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 168 | $160M | $557,000 | |
| FY2019 | 251 | $221M | $505,000 | |
| FY2020 | 221 | $200M | $595,000 | |
| FY2021 | 221 | $282M | $862,000 | |
| FY2022 | 162 | $216M | $745,000 | |
| FY2023 | 189 | $237M | $728,000 | |
| FY2024 | 210 | $277M | $860,500 | |
| FY2025 | 297 | $336M | $693,000 | |
| FY2026 | 287 | $378M | $775,000 |
How often do these acquisition loans fail?
Of the 861 Washington acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 29 have been charged off by the SBA, a rate of 3.4% by loan count and 1.2% by dollars. 507 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 Washington is in line with 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.
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Top industries in Washington
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Gasoline Stations with Convenience Stores | 229 | 11.4% | $545M | |
| 2 | Full-Service Restaurants | 200 | 10.0% | $131M | |
| 3 | Limited-Service Restaurants | 185 | 9.2% | $82M | |
| 4 | Convenience Retailers | 86 | 4.3% | $78.1M | |
| 5 | Hotels (except Casino Hotels) and Motels | 68 | 3.4% | $215M | |
| 6 | Assisted Living Facilities for the Elderly | 67 | 3.3% | $80.2M | |
| 7 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 39 | 1.9% | $45.3M | |
| 8 | General Automotive Repair | 38 | 1.9% | $42.6M | |
| 9 | All Other Specialty Trade Contractors | 35 | 1.7% | $38.7M | |
| 10 | Snack and Nonalcoholic Beverage Bars | 28 | 1.4% | $9.5M |
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Franchise brands bought in Washington
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Christensen Inc. | 21 | 1.0% | $37.7M | |
| 2 | Wilson Oil | 18 | 0.9% | $36.6M | |
| 3 | PacWest Energy (Shell) | 13 | 0.6% | $37.5M | |
| 4 | Chevron | 13 | 0.6% | $37.2M | |
| 5 | Phillips 66 | 11 | 0.5% | $30.2M | |
| 6 | Jackson Food Stores | 11 | 0.5% | $29.7M | |
| 7 | S.A.S. Petroleum | 9 | 0.4% | $16.7M | |
| 8 | The UPS Store | 9 | 0.4% | $4M | |
| 9 | World Fuel Services | 8 | 0.4% | $22.5M | |
| 10 | Sun Pacific Energy Inc | 6 | 0.3% | $18.3M | |
| 11 | Ace Hardware | 6 | 0.3% | $8.3M | |
| 12 | Quality Inn | 5 | 0.2% | $21.6M | |
| 13 | Motel 6 | 5 | 0.2% | $14.9M | |
| 14 | AM/PM Mini-Mart | 5 | 0.2% | $6.8M | |
| 15 | Domino's Pizza | 5 | 0.2% | $4M |
Acquisitions by industry in Washington
The 20 industries with the most acquisition loans in Washington (minimum ten). Charge-off rates appear where at least 20 loans are old enough to measure.
Questions buyers ask
How much do buyers borrow to buy a business in Washington?
The median SBA 7(a) acquisition loan in Washington was $675,000 across 2,006 loans (FY2018 to FY2026), in line with the $645,250 national median. The middle half of loans ran from $310,000 to $1,571,750. 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 Washington?
Hanmi Bank (146), Columbia Bank (142), Live Oak Banking Company (126), Heritage Bank (98), Gesa CU (91). Hanmi Bank alone accounts for 7% of Washington acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in Washington?
Gasoline Stations with Convenience Stores (229), Full-Service Restaurants (200), Limited-Service Restaurants (185), Convenience Retailers (86), Hotels (except Casino Hotels) and Motels (68). The top three industries make up 31% of the state's acquisition loans.
How often do SBA acquisition loans fail in Washington?
In the seasoned cohort (FY2018 to FY2021), among 861 Washington acquisition loans: 3.4% charged off, in line with the 3.5% national acquisition average.
How does Washington compare with other states?
Washington ranks number 4 of 54 states and territories by acquisition loan count, with 4.1% of national volume (2,006 of 48,902 loans) and $2.3B approved. Browse the full state ranking.
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Related
- Gasoline Stations with Convenience Stores nationally
- Full-Service Restaurants nationally
- Limited-Service Restaurants nationally
- Hanmi Bank
- Columbia 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.