From 1 October 2023 to 30 June 2026, SBA lenders approved 1,376 7(a) loans in New Hampshire worth $397 million. The median loan was $90,000, well under the national $150,300, and the median rate was 10%, below the national 10.25%. SBA Express carried 67.4% of loans, and 28.1% were fixed-rate. Acquisitions were 9.5% of loans, at a median of $400,000 and a median rate of 8.5%. Use Express for small, simple requests; use standard 7(a) or 504 for a purchase or a building; and compare a conventional bank where the business already has the collateral.
| Measure | New Hampshire | All industries |
|---|---|---|
| SBA 7(a) loans approved | 1,376 | 162,355 |
| Median loan | $90,000 | $150,300 |
| Middle half of loans | $40,000 – $224,250 | $50,000 – $500,000 |
| Loans of $1 million or more | 6.5% | 12.9% |
| Median rate at approval | 10% | 10.25% |
| Middle half of rates | 8.5% – 11.25% | 9.3% – 11.25% |
| Acquisitions (change of ownership) | 131 (9.5%) | 16,849 (10.4%) |
| Median acquisition loan | $400,000 | $693,000 |
| Lenders that made these loans | 88 | 1,648 |
| SBA 504 loans (real estate, equipment) | 190 | 16,714 |
Approvals FY2024 – FY2026 to date (1 Oct 2023 – 30 Jun 2026), cancelled loans excluded. Source: SBA 7(a) and 504 FOIA loan records, as of June 30, 2026.
- 7(a) loans approved
- 1,376, worth $397 million (1 Oct 2023 – 30 Jun 2026)
- Median loan
- $90,000 (national: $150,300)
- Median rate at approval
- 10% (national: 10.25%)
- SBA Express share
- 67.4% of loans
- Acquisition loans
- 131 (9.5%), median $400,000 at 8.5%
- SBA 504 loans
- 190, median $340,000
Small loans to companies that already exist
Half of New Hampshire's 7(a) approvals were for less than $90,000. The middle half ran from $40,000 to $224,250, and one loan in ten was above $515,250. Only 90 loans, 6.5% of the total, reached $1 million. The median loan supported 3 jobs. Start-ups took just 9.6% of loans and franchises 4.7%, both low. The picture is of established, owner-run companies borrowing modestly for equipment, working capital and the occasional purchase, from 88 lenders.
| Measure | New Hampshire | All states | What it suggests |
|---|---|---|---|
| Median 7(a) loan | $90,000 | $150,300 | Smaller requests from smaller companies. |
| Median rate at approval | 10% | 10.25% | Cheaper than the national loan despite being smaller. |
| Acquisitions as a share of loans | 9.5% | 10.4% | Close to the national share; purchases are a normal use of SBA here. |
The rate is the interesting line. Smaller loans usually price higher, because SBA lets lenders charge a wider spread on them: the cap is the base rate plus 6% for loans from $50,001 to $250,000, where the New Hampshire median sits. Yet the state's median rate was below the national one, and the middle half ran from 8.5% to 11.25%. The approval data does not say why, but the mix is consistent with it: established borrowers, few start-ups, a high fixed-rate share, and acquisition loans, mostly above $350,000 where the cap falls to the base rate plus 3%, priced at a median of 8.5%. The SBA loan rates page shows the caps by size.
Express does most of the work, until the loan outgrows it
Two loans in three in New Hampshire went through SBA Express. That fits a market where only one loan in ten was above $515,250, just over the $500,000 Express ceiling. Express lets the lender use its own forms and credit process, but SBA's guaranty on it is only 50%, so the lender keeps more of the risk. Standard 7(a) guarantees 85% of loans of $150,000 or less and 75% above, in exchange for a full credit memo and SBA's full eligibility review.
| SBA Express | Standard 7(a) | |
|---|---|---|
| Maximum loan | $500,000 | $5 million |
| SBA guaranty | 50% | 85% up to $150,000; 75% above |
| Process | Lender's own forms and credit decision | Full SBA eligibility review and credit memo |
| Fits in New Hampshire | Equipment, working capital, a small refinance or purchase | A larger acquisition, a building, anything above the Express ceiling |
The practical point for an owner: a lender that is happy to make a small Express loan may not be the lender for a purchase or a building, where more money is at stake and the file is read far more closely. SBA 7(a) vs SBA Express covers the choice, and preferred vs standard SBA lenders explains why some lenders decide faster.
Fixed rates, and the prepayment question
In New Hampshire, 28.1% of SBA loans carried a fixed rate, a high share. Where borrowers in many states float by default, a meaningful minority here lock the payment. Fixing trades a possible saving for certainty, and for an established company with steady margins, certainty is often worth more. Fixed vs variable rate sets out how to weigh it.
One cost to check before fixing a long loan: on 7(a) loans of 15 years or more, usually those carrying real estate, prepaying more than 25% in any of the first three years costs 5% of the prepaid amount in year one, 3% in year two and 1% in year three. A 10-year equipment or acquisition loan does not carry it. An owner who expects to sell or refinance soon should know which loan they are signing; see the SBA prepayment penalty.
Mowers in summer, plows in winter
By loan count, the top industries were landscaping services (72 loans), full-service restaurants (65), residential remodelers (56), limited-service restaurants (44) and electrical contractors (39). The mix is seasonal, and each industry is seasonal in its own way.
- Landscapers in New Hampshire often run a plowing business in winter on the same trucks. Lenders like the second season, but they know plowing revenue depends on snowfall, so they read several winters and weigh the average, not the best one. Show landscaping and plowing revenue separately. See landscaping services.
- Remodelers collect deposits before they start a job. A lender reads those deposits as a liability owed to customers, not as cash the business has earned, and will look at backlog and deposits together. A remodeler whose bank balance is mostly customer money has less cushion than it appears. See residential remodelers.
- Restaurants near the lakes, the mountains and the seacoast earn most of their year in a season or two. Lenders want monthly results and a lease that runs at least as long as the loan, with renewals. See full-service restaurants.
Where the off-season gap is real, lenders often pair a term loan with a seasonal line of credit rather than stretching the term loan to cover it.
Buying from a retiring owner
New Hampshire lenders approved 131 acquisition loans, 9.5% of the total, at a median of $400,000 and a median rate of 8.5%, among the cheapest SBA money in the state. The typical deal is a long-time owner selling a profitable small company to a buyer who will run it, and the credit turns on whether the customers and crews stay once the owner steps back. Buying a business from a retiring owner covers what lenders look for in that handover.
The SBA rules shape the deal. The buyer injects equity of at least 10% of total project costs. A seller note can count for up to half of it only on full standby for the life of the SBA loan; a note that is paid currently is debt and counts in debt service. SBA prohibits an earnout to the seller. The seller may not stay as an owner, officer or employee but may consult for up to 12 months, or up to 24 months under SOP 50 10 8.1 from 1 October 2026. Where the amount financed, less appraised real estate and equipment, exceeds $250,000, an independent business valuation is required and the loan cannot exceed it.
The coverage test is changing too. SBA requires at least 1.15x today; from 1 October 2026, a change of ownership must show 1.25x on historical results, and lenders deduct a reasonable salary for the buyer before they test it. In a small company that salary is a large share of earnings, so model it honestly; see buyer salary in acquisition DSCR.
Choosing the route, and preparing the file
New Hampshire's 190 SBA 504 loans, at a median of $340,000, show owners buying their own buildings. 504 typically splits a project 50% bank, 40% CDC and 10% borrower, for a business that occupies at least 51% of an existing building; SBA 7(a) vs SBA 504 compares it with a 7(a) real estate loan. For an established company whose equipment and property already secure the loan, a conventional bank that commonly looks for 1.25x coverage may offer a simpler loan without SBA's guaranty fee.
The SBA file: two to three years of business and personal tax returns, a P&L and balance sheet, a debt schedule with copies of any notes being refinanced, and a personal financial statement for each 20%+ owner, plus the target's latest full year of figures and the letter of intent for a purchase. New Hampshire does not tax wages but does tax business profits and enterprise value, so a lender may set the state business returns beside the federal ones as a second view of the same year.
Transparent's lender book holds 1,800+ lenders, 278 of which write SBA 7(a) and 504, and builds the full lender package, financing model, lender presentation, blind teaser and underwriting memo, in a day once documents are in. There is no charge before a loan closes, and on SBA loans the lender pays Transparent, not the borrower.
Common questions
- What is the typical SBA loan size in New Hampshire?
- The median 7(a) loan approved from October 2023 to June 2026 was $90,000, against a national median of $150,300. The middle half ran from $40,000 to $224,250. Acquisition loans had a median of $400,000.
- Are SBA rates lower in New Hampshire?
- The median rate at approval was 10%, below the national 10.25%, and acquisition loans had a median rate of 8.5%. New Hampshire also had a high fixed-rate share, at 28.1% of loans.
- Should I use SBA Express or standard 7(a)?
- Express suits small equipment, working-capital and refinance requests up to $500,000. For a larger acquisition, a building or anything above the Express ceiling, standard 7(a) carries a larger guaranty, which brings more lenders to the table for a bigger file.
- How do lenders treat plowing revenue for a landscaper?
- As real but variable. Lenders read several winters and weigh an average, not the snowiest year. Show plowing and landscaping revenue separately so the lender can see each.
- Can a retiring New Hampshire owner stay on after selling to an SBA buyer?
- Only as a consultant, for up to 12 months, or up to 24 months under SOP 50 10 8.1 from 1 October 2026. In a complete change of ownership the seller may not stay as an owner, officer or employee.