SBA loans in Wisconsin: who lends, what gets bought, how it performs
Since FY2018, SBA lenders have approved 1,452 7(a) loans to buy an existing business in Wisconsin, totaling $1.4B. The median loan was $562,750, 13% lower than the $645,250 national median for SBA-financed acquisitions.
SBA acquisition counsel, nationwide. Free consultation.
SBA lenders in Wisconsin
The lenders that made the most SBA 7(a) acquisition loans in Wisconsin, FY2018 to FY2026.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Nicolet National Bank | 106 | 7.3% | $80.3M | |
| 2 | Old National Bank | 99 | 6.8% | $122M | |
| 3 | Byline Bank | 82 | 5.6% | $118M | |
| 4 | Live Oak Banking Company | 70 | 4.8% | $92.5M | |
| 5 | The Huntington National Bank | 58 | 4.0% | $49.1M | |
| 6 | CCFBank National Association | 56 | 3.9% | $54.2M | |
| 7 | Waukesha State Bank | 50 | 3.4% | $38.1M | |
| 8 | Bank First, N.A. | 43 | 3.0% | $36.9M | |
| 9 | Lake Ridge Bank | 34 | 2.3% | $17.8M | |
| 10 | Summit CU | 33 | 2.3% | $16.7M |
What this tells a buyer
- Deal size band. Half of Wisconsin acquisition loans fell between $260,325 and $1,323,100. The nationwide band is $283,000 to $1,465,000.
- Share of national volume. Wisconsin accounts for 3.0% of all SBA acquisition loans and ranks number 14 of 54 states and territories by count.
- Industry concentration. Full-Service Restaurants is the most financed business type here (86 loans, 6% of the state). The top three industries together are 15%.
- Lender concentration. Nicolet National 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 Wisconsin involved a franchised brand; the most frequent is The UPS Store (9 loans).
Wisconsin acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 90 | $73.3M | $463,500 | |
| FY2019 | 154 | $120M | $493,000 | |
| FY2020 | 156 | $132M | $477,000 | |
| FY2021 | 242 | $244M | $716,500 | |
| FY2022 | 172 | $161M | $498,400 | |
| FY2023 | 139 | $145M | $569,900 | |
| FY2024 | 169 | $173M | $608,400 | |
| FY2025 | 167 | $174M | $545,900 | |
| FY2026 | 163 | $197M | $785,200 |
How often do these acquisition loans fail?
Of the 641 Wisconsin acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 17 have been charged off by the SBA, a rate of 2.6% by loan count and 1.2% by dollars. 329 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 Wisconsin is 25% 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.
M&A counsel for SBA and franchise acquisitions. Free consultation.
Top industries in Wisconsin
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Full-Service Restaurants | 86 | 5.9% | $55.5M | |
| 2 | Limited-Service Restaurants | 65 | 4.5% | $46.4M | |
| 3 | Gasoline Stations with Convenience Stores | 60 | 4.1% | $83.2M | |
| 4 | Hotels (except Casino Hotels) and Motels | 47 | 3.2% | $109M | |
| 5 | Plumbing, Heating, and Air-Conditioning Contractors | 41 | 2.8% | $40.7M | |
| 6 | General Automotive Repair | 35 | 2.4% | $27.6M | |
| 7 | Drinking Places (Alcoholic Beverages) | 31 | 2.1% | $12.6M | |
| 8 | All Other Specialty Trade Contractors | 28 | 1.9% | $34.2M | |
| 9 | Machine Shops | 25 | 1.7% | $35.8M | |
| 10 | Landscaping Services | 21 | 1.4% | $11.1M |
Purchase agreement, escrow and consents. Free consultation.
Franchise brands bought in Wisconsin
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The UPS Store | 9 | 0.6% | $3.2M | |
| 2 | Dairy Queen | 8 | 0.6% | $3.8M | |
| 3 | Ace Hardware | 7 | 0.5% | $7.9M | |
| 4 | Piggly Wiggly | 7 | 0.5% | $5.7M | |
| 5 | Budget Blinds | 6 | 0.4% | $4M | |
| 6 | Subway | 6 | 0.4% | $1.7M | |
| 7 | World Fuel Services | 5 | 0.3% | $5.5M | |
| 8 | Central Bark Doggy Day Care | 5 | 0.3% | $1.6M | |
| 9 | AmericInn | 4 | 0.3% | $9.2M | |
| 10 | Culver's | 4 | 0.3% | $8.2M | |
| 11 | U.S. Oil (Mobil) | 4 | 0.3% | $5.2M | |
| 12 | Toppers Pizza | 4 | 0.3% | $2.6M | |
| 13 | Papa Murphy's Take 'N' Bake Pizza | 4 | 0.3% | $1.6M | |
| 14 | Anytime Fitness | 4 | 0.3% | $1.1M | |
| 15 | Polaris | 3 | 0.2% | $8.2M |
Acquisitions by industry in Wisconsin
The 20 industries with the most acquisition loans in Wisconsin (minimum ten). Charge-off rates appear where at least 20 loans are old enough to measure.
| Industry | Loans | Median loan | Charge-off |
|---|---|---|---|
| Full-Service Restaurants | 86 | $307,500 | 3.5% |
| Limited-Service Restaurants | 65 | $441,400 | 2.9% |
| Gasoline Stations with Convenience Stores | 60 | $1,102,000 | 0.0% |
| Hotels and Motels | 47 | $2,064,000 | 0.0% |
| Plumbing, Heating, and Air-Conditioning Contractors | 41 | $643,000 | n/a |
| General Automotive Repair | 35 | $462,000 | n/a |
| Drinking Places (Alcoholic Beverages) | 31 | $290,000 | n/a |
| All Other Specialty Trade Contractors | 28 | $736,450 | n/a |
| Machine Shops | 25 | $1,386,000 | n/a |
| Beauty Salons | 21 | $135,000 | n/a |
| Landscaping Services | 21 | $400,000 | n/a |
| Offices of Chiropractors | 20 | $231,900 | n/a |
| Beer, Wine, and Liquor Retailers | 20 | $499,750 | n/a |
| Home Health Care Services | 19 | $606,600 | n/a |
| Pet Care Services | 19 | $773,900 | n/a |
| Hardware Retailers | 19 | $578,700 | n/a |
| Fitness and Recreational Sports Centers | 18 | $189,000 | n/a |
| Sporting Goods Retailers | 17 | $209,300 | n/a |
| Snack and Nonalcoholic Beverage Bars | 16 | $269,800 | n/a |
| Funeral Homes and Funeral Services | 15 | $1,208,700 | n/a |
Questions buyers ask
How much do buyers borrow to buy a business in Wisconsin?
The median SBA 7(a) acquisition loan in Wisconsin was $562,750 across 1,452 loans (FY2018 to FY2026), 13% lower than the $645,250 national median. The middle half of loans ran from $260,325 to $1,323,100. 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 Wisconsin?
Nicolet National Bank (106), Old National Bank (99), Byline Bank (82), Live Oak Banking Company (70), The Huntington National Bank (58). Nicolet National Bank alone accounts for 7% of Wisconsin acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in Wisconsin?
Full-Service Restaurants (86), Limited-Service Restaurants (65), Gasoline Stations with Convenience Stores (60), Hotels (except Casino Hotels) and Motels (47), Plumbing, Heating, and Air-Conditioning Contractors (41). The top three industries make up 15% of the state's acquisition loans.
How often do SBA acquisition loans fail in Wisconsin?
In the seasoned cohort (FY2018 to FY2021), among 641 Wisconsin acquisition loans: 2.6% charged off, 25% lower than the 3.5% national acquisition average.
How does Wisconsin compare with other states?
Wisconsin ranks number 14 of 54 states and territories by acquisition loan count, with 3.0% of national volume (1,452 of 48,902 loans) and $1.4B 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
- Full-Service Restaurants nationally
- Limited-Service Restaurants nationally
- Gasoline Stations with Convenience Stores nationally
- Nicolet National Bank
- Old National Bank
- Byline 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.