State Of SBA Business Acquisition Lending 2026
Every SBA 7(a) loan made to buy a business in fiscal year 2026, from the SBA’s own loan-level data: how many, how big, who made them, where, in what industries, and how the year unfolded around the October 2025 shutdown.
Published November 8, 2026 by GoSBA Loans. Fiscal year 2026 runs October 1, 2025 to September 30, 2026.
Key Findings
- SBA lenders approved 7,184 business acquisition loans worth $8.89B in FY2026. Dollars were up 0.8% on FY2025 and loans were down 4.6%, in a year that lost its first six weeks to the federal shutdown.
- FY2026 is the biggest year for acquisition dollars since at least FY2020, 57% above FY2020.
- Deals got bigger. The average acquisition loan rose to $1.24M from $1.17M, and 41% of acquisition loans were above $1 million. 197 loans hit the $5 million 7(a) maximum.
- Acquisitions were 27.4% of all 7(a) dollars but only 12.8% of loans: they are among the largest loans SBA guarantees.
- The market is concentrated. The top 15 lenders made 44.5% of acquisition dollars, led by Live Oak Banking Company at 10.9%. In all, 635 lenders made at least one acquisition loan.
- 74% of acquisition loans carried exactly a 10-year term, the SBA maximum for a business purchase, and 90% were variable rate.
About This Report
GoSBA Loans is a free SBA loan broker focused on business acquisitions. We closed 126 loans and $320M in 2025, working with 50+ lenders. We publish this report so buyers, brokers and journalists can see the acquisition market in the SBA’s own numbers.
Use it freely with a link. How to cite · Methodology · CSV
Seven Years Of SBA Acquisition Lending
Acquisition loan dollars by fiscal year, FY2020 to FY2026. FY2026 includes no approvals from October 1 to November 12, 2025, while the federal government was shut down.
See the numbers
| Fiscal year | Acquisition loans | Acquisition dollars | Average loan | Share of 7(a) dollars | Share of 7(a) loans |
|---|---|---|---|---|---|
| FY2020 | 5,551 | $5.66B | $1.02M | 25.1% | 13.1% |
| FY2021 | 6,619 | $7.48B | $1.13M | 20.5% | 12.8% |
| FY2022 | 4,983 | $5.73B | $1.15M | 22.3% | 10.5% |
| FY2023 | 5,043 | $5.50B | $1.09M | 20.0% | 8.8% |
| FY2024 | 6,055 | $6.74B | $1.11M | 21.6% | 8.6% |
| FY2025 | 7,533 | $8.82B | $1.17M | 23.7% | 9.6% |
| FY2026 | 7,184 | $8.89B | $1.24M | 27.4% | 12.8% |
How Big Are SBA Acquisition Loans?
The median FY2026 acquisition loan was $765K and the average $1.24M. Loans of $1 million and up were 41% of the count and most of the dollars. 197 loans were made at the $5 million cap, where larger deals add a pari passu conventional loan.
Not sure what size of deal you can finance? Try the Business Affordability Calculator.
FY2026 Acquisition Loans By Size
Top 15 SBA Acquisition Lenders
Ranked by FY2026 acquisition dollars. Together they made 44.5% of the total. Lender names link to their full SBA lending profiles.
| # | Lender | Acquisition loans | Dollars | Average loan | Share |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 700 | $969.71M | $1.39M | 10.9% |
| 2 | The Huntington National Bank | 842 | $677.22M | $804K | 7.6% |
| 3 | Pathward | 138 | $301.03M | $2.18M | 3.4% |
| 4 | Byline Bank | 197 | $272.48M | $1.38M | 3.1% |
| 5 | GBank | 80 | $257.34M | $3.22M | 2.9% |
| 6 | First Internet Bank of Indiana | 211 | $255.89M | $1.21M | 2.9% |
| 7 | US Metro Bank | 100 | $191.54M | $1.92M | 2.2% |
| 8 | Beacon Bank and Trust | 82 | $174.00M | $2.12M | 2.0% |
| 9 | Open Bank | 86 | $168.67M | $1.96M | 1.9% |
| 10 | Truliant FCU | 89 | $132.05M | $1.48M | 1.5% |
| 11 | Celtic Bank Corporation | 89 | $127.80M | $1.44M | 1.4% |
| 12 | Hanmi Bank | 134 | $125.88M | $939K | 1.4% |
| 13 | Bankwell Bank | 51 | $106.81M | $2.09M | 1.2% |
| 14 | Readycap Lending | 65 | $101.93M | $1.57M | 1.1% |
| 15 | VelocitySBA | 72 | $95.42M | $1.33M | 1.1% |
Top 15 States For Business Acquisition Loans
By FY2026 acquisition dollars, based on the borrower’s state. Texas led with $1.02B across 667 loans. Acquisition loans were made in 52 states and territories.
See the top SBA lenders in every state on our state and city rankings.
Top 25 Industries For SBA Acquisition Loans
By FY2026 acquisition dollars, at the 6-digit NAICS code the lender reported. Linked industries have a full lender ranking.
Rates And Terms On Acquisition Loans
Averages of the rate recorded at approval across all FY2026 acquisition loans. These are market-wide averages, not a quote: your rate depends on the lender, loan size and timing.
Average Rate At Approval
Simple average across FY2026 acquisition loans. Weighted by loan dollars it was 8.46%; across all 7(a) loans it was 9.48%.
Variable Rate
Share of FY2026 acquisition loans with a variable rate, against 87% of all 7(a) loans.
Average Term
74% were exactly 10 years. 23% ran longer, which usually means real estate was part of the purchase.
| Loan size | FY2026 acquisition loans | Average rate at approval |
|---|---|---|
| Up to $350K | 2,143 | 8.99% |
| $350K to $1M | 2,077 | 8.71% |
| $1M to $2M | 1,459 | 8.55% |
| $2M to $5M | 1,504 | 8.35% |
Franchise Resales
16.8% of FY2026 acquisition loans (1,207 loans) and 20.3% of acquisition dollars went to buy a franchised business. The average franchise acquisition loan was $1.50M, against $1.24M overall: most acquisition dollars go to independent businesses.
Most Financed Franchise Brands
FY2026 Month By Month
SBA approved no 7(a) loans from October 1 to November 12, 2025, during the federal government shutdown; the first FY2026 acquisition approval is dated November 13, 2025. September 2026 was the busiest month with 1,270 acquisition approvals, against about 653 in an average month after the shutdown.
See the numbers
| Month | Acquisition loans | Dollars |
|---|---|---|
| Oct 2025 | 0 | $0 |
| Nov 2025 | 538 | $602.85M |
| Dec 2025 | 615 | $792.43M |
| Jan 2026 | 967 | $1.14B |
| Feb 2026 | 442 | $525.37M |
| Mar 2026 | 499 | $571.22M |
| Apr 2026 | 573 | $668.59M |
| May 2026 | 512 | $653.03M |
| Jun 2026 | 636 | $692.39M |
| Jul 2026 | 590 | $741.64M |
| Aug 2026 | 542 | $648.86M |
| Sep 2026 | 1,270 | $1.85B |
What It Means If You Are Buying A Business
Lenders Want These Deals
Acquisitions are a large, growing share of SBA dollars, and hundreds of lenders make them. A good deal will find financing; the question is which lender gives you the best structure.
The Rules Are Standard
Nearly every loan here used a 10-year term and a 10% Down Payment, half of which can be a seller note on full standby. Model your deal with the Deal Structure Builder.
Lender Choice Matters
The top lenders differ widely in deal size, states and industries. We take your deal to the ones that fit from our network of 50+. See our acquisition loans.
Methodology
Source: the U.S. Small Business Administration’s 7(a) loan-level FOIA dataset (FY2020 to present), as of September 30, 2026, published at data.sba.gov. It lists every approved 7(a) loan with its amount, lender, borrower state, NAICS code, term, rate at approval and business age.
A loan is a business acquisition when SBA records its business age as "Change of Ownership". Fiscal years run October 1 to September 30 and use SBA’s approval fiscal year. Dollars are gross approval amounts, not disbursements, and include loans later cancelled.
Lenders are grouped by the lender name in the data. States are the borrower’s state. Industries are the 6-digit NAICS code reported. A loan is a franchise loan when it carries an SBA franchise code. Average rates are simple averages of the initial rate at approval unless stated as weighted.
Some buyers report as a startup or a new business, and some refinancings of acquisition debt are not recorded as a change of ownership, so the true number of SBA-financed purchases may differ slightly. Figures are rounded.
Cite This Report
Free to use with attribution and a link.
GoSBA Loans. "State Of SBA Business Acquisition Lending 2026." November 8, 2026. Based on SBA 7(a) FOIA data as of September 30, 2026. https://gosbaloans.com/sba-business-acquisition-lending-report-2026/
Questions about the data? Get in touch.
Buying A Business?
We have closed 126 SBA loans worth $320M in 2025, most of them acquisitions. Send us your deal and 50+ lenders compete for it. It costs you nothing.
Frequently Asked Questions
How many SBA business acquisition loans were made in FY2026?
SBA approved 7,184 7(a) loans for a change of ownership in fiscal year 2026 (October 1, 2025 to September 30, 2026), totaling $8.89B.
What is the average SBA loan to buy a business?
The average FY2026 acquisition loan was $1.24M and the median was $765K.
What share of SBA 7(a) lending goes to business acquisitions?
Acquisitions were 27.4% of all 7(a) dollars and 12.8% of 7(a) loans in FY2026.
Who are the largest SBA acquisition lenders?
In FY2026 the top three by acquisition dollars were Live Oak Banking Company, The Huntington National Bank and Pathward. The top 15 lenders made 44.5% of acquisition dollars.
Where does this data come from?
From the SBA’s public 7(a) FOIA loan-level file, as of September 30, 2026. A loan is counted as an acquisition when SBA records its business age as Change of Ownership.
Can I use these numbers in an article?
Yes. Please cite GoSBA Loans and link to this page. The summary tables are free to download as a CSV.
Keep Planning Your Acquisition
Also see: Closed Deals · Top SBA Lenders · SBA Calculators · Pre-Qualification Letter
Get Started On Your SBA Loan
Tell us about your deal. An SBA loan broker reviews it and gets back to you within one business day.
Thanks, we got it.
A senior advisor will reach out within one business day with next steps.