SBA lenders approved 489 7(a) loans under NAICS 238390, other building finishing contractors, from October 2023 through June 2026: $219,378,000 from 125 lenders. The median loan was $200,000 against $150,300 nationally, and the median rate matched the national 10.25%. Acquisitions made up 14.9% of loans, above the national 10.4%, at a median of $729,000, and franchises 12.3%. Because the code covers very different trades, a lender underwrites the specific model: who the customer is, how the work is won, and what equipment or showroom the business depends on.
| Measure | Other Building Finishing Contractors | All industries |
|---|---|---|
| SBA 7(a) loans approved | 489 | 162,355 |
| Median loan | $200,000 | $150,300 |
| Middle half of loans | $66,900 – $500,000 | $50,000 – $500,000 |
| Loans of $1 million or more | 11.2% | 12.9% |
| Median rate at approval | 10.25% | 10.25% |
| Middle half of rates | 9.5% – 11.25% | 9.3% – 11.25% |
| Acquisitions (change of ownership) | 73 (14.9%) | 16,849 (10.4%) |
| Median acquisition loan | $729,000 | $693,000 |
| Lenders that made these loans | 125 | 1,648 |
| SBA 504 loans (real estate, equipment) | 66 | 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.
- SBA 7(a) loans approved
- 489 (Oct 2023 – Jun 2026), from 125 lenders
- Median loan
- $200,000 (national $150,300)
- Median rate at approval
- 10.25% (national 10.25%)
- Acquisitions
- 73 loans (14.9%), median $729,000 at 9.5%
- Franchises / start-ups
- 12.3% / 9.2% of loans
- SBA 504
- 66 loans, median $550,500
What sits in this code, and why it matters to a lender
NAICS 238390 collects the finishing trades that have no code of their own. Countertop installation, bathtub and tile refinishing, closet and storage system installation, window blind and shade installation, spray-applied fireproofing and trade show exhibit installation all land here. A lender reading an application under this code learns almost nothing from the code itself. The first job of the file is to say plainly which business this is.
| Trade in the code | Who pays | What the lender focuses on |
|---|---|---|
| Countertop fabrication and installation | Kitchen and bath dealers, builders, homeowners | Shop equipment and its value, slab inventory, dealer concentration, whether the shop is really a manufacturer |
| Bath and tub refinishing | Homeowners, apartment managers, hotels | Repeat property-manager accounts vs one-off jobs, franchise terms, lead cost |
| Closet, garage and storage systems | Homeowners, often through a franchise | Showroom lease, deposits at sale, design-to-install margins |
| Blinds, shades and window treatments | Homeowners, designers, commercial fit-outs | Supplier terms, deposits, installer capacity |
| Spray fireproofing | General contractors on commercial steel buildings | Bonding, retainage, inspection risk, commercial construction cycle |
| Trade show and exhibit installation | Exhibit houses and event producers | Event calendar seasonality, a few large clients, union labor rules at venues |
The code also creates a practical question for fabricators. A shop that cuts and polishes stone slabs on a bridge saw or a waterjet before installing them is doing manufacturing work as much as contracting. Lenders care less about the code than the business, and they will ask what the shop owns and what share of revenue is fabrication versus installation, because the equipment, the margins and the collateral look very different.
What the approvals say
| Figure | Building finishing (238390) | National comparison |
|---|---|---|
| Median loan | $200,000 | $150,300 |
| Middle half of loans | $66,900 to $500,000 | — |
| 90th percentile | $1,044,640 | — |
| Loans of $1 million or more | 55 (11.2%) | — |
| Median rate (middle half) | 10.25% (9.5% to 11.25%) | 10.25% |
| Fixed-rate share | 14.3% | — |
| SBA Express share | 41.1% | — |
| Acquisitions | 73 loans (14.9%) | 10.4% |
| Median term / jobs | 120 months / 5 jobs | — |
These loans run well above the national median. The median of $200,000 sits well above both the national median and the $150,000 median for drywall and insulation contractors, and the 90th percentile clears $1 million. The likely reasons are in the mix: a high acquisition share, franchise purchases, and fabrication shops with real equipment and buildings. SBA Express, at 41.1%, is still common for the small end, but less dominant than in trades where most loans are trucks and working capital.
The median rate of 10.25% matched the national figure, and acquisition loans priced lower, at a median of 9.5%. Larger loans fall under lower SBA rate caps: the variable-rate cap is the base rate plus 6% from $50,001 to $250,000 but plus 3% above $350,000. See the SBA maximum interest rate.
Franchises: the home-services systems
Franchises made up 12.3% of loans. In this code that means home-services systems: bath refinishing, closet and garage organization, window coverings. For a lender, a franchise answers the hardest question about a new or small finishing business, which is where the next job comes from, by pointing to a brand, a lead system and a territory.
It also adds questions. The lender reviews the franchise agreement for SBA eligibility, including how much control the franchisor keeps over the business. It looks at what the system charges in royalties and marketing fees, because those come out of the margin before debt service. And for a resale, it asks whether the franchisor approves the new owner and whether the territory and agreement term carry over. See franchise resale financing.
Start-ups made up 9.2% of loans, about half the start-up share among drywall contractors. Acquisitions outnumber start-ups here, 14.9% of loans against 9.2%, and a new franchise territory gives a start-up a lead system to lean on. A start-up still needs an equity injection of at least 10% of total project costs.
Buying a finishing company
Seventy-three loans, 14.9% of the industry's total, financed a change of ownership, at a median of $729,000 and a median rate of 9.5%. That is a higher acquisition share than the national 10.4%, and it reflects businesses that can be handed over: a countertop shop with dealer accounts and a trained crew, a franchise with a territory and a phone that rings, a fireproofing contractor with a place on general contractors' bid lists.
What a buyer pays for is usually the customer channel. A countertop shop that gets most of its work from two kitchen dealers is worth those two relationships; the buyer should know whether they are contracts or habits, and how the dealers will react to a new owner. See customer concentration in an acquisition. A franchise resale is worth its territory, its reviews and its lead flow, and the buyer should see the lead and close-rate history, not only the P&L.
The SBA rules are the same as in any change of ownership. The buyer injects at least 10% of total project costs; a seller note counts toward up to half of that only on full standby for the life of the loan; SBA prohibits an earnout to the seller; and an independent business valuation is required where the amount financed, less appraised real estate and equipment, exceeds $250,000. For a fabrication shop, appraised equipment is subtracted before that threshold is measured, which is one reason to get the saws and waterjets appraised early. See equipment appraisals and SBA 7(a) acquisition loans.
From 1 October 2026, under SOP 50 10 8.1, a change of ownership must show 1.25x debt service coverage on historical results, financial due diligence is required on every one, and the seller may consult for up to 24 months rather than 12.
Showrooms and shops: why 504 shows up here
Sixty-six SBA 504 loans went to this code, at a median of $550,500, a large number for its size. Fabrication shops need industrial space with power, water handling and room for slab racks; showroom-based businesses want a building on a visible road. 504 finances owner-occupied real estate and long-life equipment, typically 50% from a bank, 40% from a CDC and 10% from the borrower, and the business must occupy at least 51% of an existing building or 60% of new construction. See SBA 7(a) vs 504.
A countertop shop that owns its building and its saws has collateral most finishing trades do not. Put the appraisals in the file.
Preparing the file
Start with the SBA list: business tax returns for 2–3 years, a P&L and balance sheet with a year-to-date P&L through last month-end, a debt schedule with copies of any notes being refinanced, and personal tax returns and a personal financial statement for each owner of 20% or more, each of whom guarantees the loan. For a finishing contractor, add what the code cannot tell the lender:
- A one-page description of the business: the trade, the customers, and how work is won
- Revenue by customer or by channel (dealers, builders, homeowners, property managers)
- For franchises, the franchise agreement, the fee schedule and, for a resale, the franchisor's approval
- For fabricators, an equipment list with purchase dates, and any existing equipment liens
- For commercial work, a receivables aging with retainage shown separately
- The showroom or shop lease, with its remaining term
SBA requires debt service coverage of at least 1.15x, and 1.0x globally including the owners. Where an acquisition would be financed partly by a seller note that is not on standby, that note counts in debt service. See debt service coverage ratio. Transparent builds the full lender package in a day once the documents are in and takes it to the 278 lenders in its book that write SBA 7(a) and 504; on SBA loans the lender pays Transparent, not the borrower.
Common questions
- What businesses fall under NAICS 238390?
- Finishing trades without their own code, including countertop installation, bath and tub refinishing, closet and storage systems, window blinds and shades, spray fireproofing and trade show exhibit installation. Because they differ so much, lenders underwrite the actual business rather than the code.
- How large are SBA loans to other building finishing contractors?
- Larger than average. The median from October 2023 to June 2026 was $200,000 against $150,300 nationally, the middle half ran from $66,900 to $500,000, and 11.2% of loans were $1 million or more.
- Can I buy a bath refinishing or closet franchise with an SBA loan?
- Yes. Franchises made up 12.3% of loans in this code. The lender reviews the franchise agreement for eligibility, checks that royalties and marketing fees leave room for debt service, and for a resale needs the franchisor's approval of the new owner.
- Does it matter that my countertop shop fabricates as well as installs?
- It matters to how the loan is underwritten. A shop with saws, a waterjet and slab inventory has more collateral and a different margin profile than an installer. Show the equipment list and the split of fabrication and installation revenue.
- What rate do acquisition loans in this code carry?
- The 73 change-of-ownership loans in the period had a median rate of 9.5% and a median size of $729,000. Larger loans fall under lower SBA rate caps, which is part of why they price below the industry median of 10.25%.