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Buying a Business in Washington

The Numbers

FY2025 Acquisition Loans

324

$369M approved

Median Loan

$727k

FY2020 through FY2025

Loans Since FY2020

1,432

$1.72B in total approvals

Share of U.S. Activity

4%

Of change-of-ownership loans

What the Data Says

Washington ranks 4th of 53 states and territories for change-of-ownership SBA 7(a) lending: 1,432 loans since FY2020, 4% of the national total.

The typical deal runs large: its $727k median loan sits above the $650k midpoint across states, so expect bigger checks and the larger injection and cash flow they need.

Activity is accelerating: FY2025's 324 loans ran ahead of the state's own ~239 a year pace since FY2020.

The most-financed target is gasoline stations with convenience stores (177 loans), and the 5 most active lenders wrote about 32% of the state's acquisitions, a broad lender field.

Most Active Acquisition Lenders in Washington

  1. 1. Live Oak Banking Company105 loans
  2. 2. Hanmi Bank102 loans
  3. 3. Columbia Bank (OR)101 loans
  4. 4. Gesa CU83 loans
  5. 5. Heritage Bank (WA)63 loans

A lender being active in Washington does not require a local branch; several top SBA lenders work nationally. Build a shortlist with Lenders.

What Gets Bought in Washington

  • Gasoline Stations with Convenience Stores177 loans
  • Limited-Service Restaurants127 loans
  • Full-Service Restaurants122 loans
  • Convenience Retailers63 loans
  • Hotels (except Casino Hotels) and Motels55 loans

Industry-specific pricing and diligence live in the Guides. Where the buyable targets sit in Washington, by county, is in the Washington buying guide.

By Metro Area in Washington

  • Seattle-Tacoma-Bellevue, WA

    846 purchase loans, median $688k. Bought most: Limited-Service Restaurants. Most active lender: Hanmi Bank (67).

  • Portland-Vancouver-Hillsboro, OR-WA

    294 purchase loans, median $672k. Bought most: Full-Service Restaurants. Most active lender: Live Oak Banking Company (47).

  • Spokane-Spokane Valley, WA

    119 purchase loans, median $540k. Bought most: Plumbing, Heating, and Air-Conditioning Contractors. Most active lender: First Interstate Bank (16).

  • Olympia-Lacey-Tumwater, WA

    70 purchase loans, median $786k. Bought most: Gasoline Stations with Convenience Stores. Most active lender: Hanmi Bank (11).

  • Bellingham, WA

    43 purchase loans, median $837k. Bought most: Gasoline Stations with Convenience Stores. Most active lender: Harborstone CU (8).

  • Kennewick-Richland, WA

    35 purchase loans, median $540k. Bought most: Full-Service Restaurants. Most active lender: Banner Bank (8).

  • Bremerton-Silverdale-Port Orchard, WA

    32 purchase loans, median $576k. Bought most: Gasoline Stations with Convenience Stores. Most active lender: Hanmi Bank (5).

  • Yakima, WA

    30 purchase loans, median $1.32M. Bought most: Gasoline Stations with Convenience Stores. Most active lender: Mountain Pacific Bank (7).

  • Mount Vernon-Anacortes, WA

    24 purchase loans, median $1.09M. Bought most: Gasoline Stations with Convenience Stores. Most active lender: Harborstone CU (5).

Every metro area that drew 20 purchase loans, with three lenders each, is in the metro table.

Method & Source

Computed from the SBA 7(a) FOIA loan-level dataset (FY2020 through FY2025), filtered to approvals flagged change of ownership with a Washington project address. Approvals, not closings; excludes conventional and 504 financing.