LMMMAlower middle market M&A

WI · NAICS sector 81 · 118 financed acquisitions

$84.8MCapital deployed

Other Services (except Public Administration) in Wisconsin

118 other services (except public administration) businesses in Wisconsin were bought with SBA 7(a) acquisition financing since FY2019, carrying $84.8M of bank debt. The median deal was financed with $445,200 over 10 years at 7.00%.

§1

Volume and price

What other services (except public administration) businesses in Wisconsin financed by an SBA 7(a) acquisition loan actually cost, and how many of them there were.

Financed acquisitions118Disbursed loans, FY2019 to date
Capital deployed$84.8MGross approval, all years
Median loan$445,200Half above, half below
Interquartile range$200k - $921kMiddle half of deals
Median rate7.00%118 loans with a recorded rate
Median term10 years118 loans with a recorded term

Source: SBA 7(a) FOIA loan-level extract, change-of-ownership approvals, FY2019 onward. Data as of 30 June 2026. n = 118 financed acquisitions.

Loan size distribution
Size bandAcquisitionsShare
Under $250k3832.2%
$250k to $500k2722.9%
$500k to $1M2823.7%
$1M to $2M1815.3%
$2M to $3.5M75.9%
$3.5M to $5M00.0%
$5M and above00.0%
All118100.0%

The 7(a) programme caps a single loan at $5M, so the top band is a ceiling of the instrument, not of the market. Deals above it are financed conventionally and do not appear in this file at all.

§2

How the paper was structured

Loan terms here are not spread smoothly. They spike at exactly ten years and again at exactly twenty-five, with very little in between. Those two points are the programme's maturity ceilings, and which one applies depends on what secures the loan, so a term running past ten years indicates real property was financed alongside the business.

Term structure
TermWhat it indicatesAcquisitionsShare
Under 10 yearsShorter than the goodwill maximum1411.9%
Exactly 10 yearsThe standard goodwill-only note5143.2%
10 to 20 yearsMixed collateral2117.8%
20 years and overReal property financed with the business3227.1%

43.2% of loans here run exactly ten years and 27.1% run twenty years or more. n = 118 loans with a recorded term.

§3

What happened next

Two outcomes are visible in the file: approvals that never funded, and funded loans that later charged off. Both are facts about deals, not forecasts.

Approvals cancelled6.3%8 of 126 approvals never disbursed
Charged off, FY2019-FY2021 cohort-Cohort too small to publish (53 loans)
Jobs recorded1,205Jobs supported, as reported by the lender at approval
Franchised9.3%Share of acquisitions carrying a franchise name

The charge-off share is cumulative as of 30 June 2026 for loans approved in FY2019-FY2021. Those loans are five to seven years into terms that are usually ten years, so the figure is a floor and the lifetime rate will be higher. It is not comparable to a rate computed over a fully matured cohort, and the site does not publish one for later years for that reason.

§4

By fiscal year

FY19FY20FY21FY22FY23FY24FY25FY26*

* FY2026 is incomplete. The extract closes 30 June 2026, nine months into a fiscal year that ends 30 September, and some FY2026 approvals have not yet disbursed. Do not read the last column as a decline.

§5

Inside this cross-section

Lenders
LenderAcquisitionsShare
Nicolet National Bank108.5%
Live Oak Banking Company108.5%
CCFBank97.6%
Waukesha State Bank65.1%
Bank First65.1%
The Huntington National Bank43.4%
Old National Bank43.4%
Ixonia Bank32.5%
§6

Compare

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