Buying a Business in Wisconsin
The Numbers
FY2025 Acquisition Loans
176
$180M approved
Median Loan
$572k
FY2020 through FY2025
Loans Since FY2020
1,113
$1.09B in total approvals
Share of U.S. Activity
3.1%
Of change-of-ownership loans
What the Data Says
Wisconsin ranks 13th of 53 states and territories for change-of-ownership SBA 7(a) lending: 1,113 loans since FY2020, 3% of the national total.
The typical deal runs small: its $572k median loan sits below the $650k midpoint across states, within reach on less equity.
Activity is steady, near the state's ~186 a year pace since FY2020.
The most-financed target is full-service restaurants (68 loans), and the 5 most active lenders wrote about 33% of the state's acquisitions, a broad lender field.
Most Active Acquisition Lenders in Wisconsin
- 1. Old National Bank97 loans
- 2. Nicolet National Bank94 loans
- 3. Live Oak Banking Company66 loans
- 4. Byline Bank60 loans
- 5. CCFBank National Association47 loans
A lender being active in Wisconsin does not require a local branch; several top SBA lenders work nationally. Build a shortlist with Lenders.
Buying near Chicago? The Metro Target Scans rank this region's strongest industries.
What Gets Bought in Wisconsin
- Full-Service Restaurants68 loans
- Limited-Service Restaurants49 loans
- Gasoline Stations with Convenience Stores49 loans
- General Automotive Repair33 loans
- Hotels (except Casino Hotels) and Motels33 loans
Industry-specific pricing and diligence live in the Guides. Where the buyable targets sit in Wisconsin, by county, is in the Wisconsin buying guide.
By Metro Area in Wisconsin
Minneapolis-St. Paul-Bloomington, MN-WI
993 purchase loans, median $500k. Bought most: Beer, Wine, and Liquor Retailers. Most active lender: BankVista (197).
Milwaukee-Waukesha, WI
300 purchase loans, median $651k. Bought most: Plumbing, Heating, and Air-Conditioning Contractors. Most active lender: Old National Bank (50).
Madison, WI
90 purchase loans, median $469k. Bought most: Limited-Service Restaurants. Most active lender: Lake Ridge Bank (25).
Green Bay, WI
87 purchase loans, median $617k. Bought most: Gasoline Stations with Convenience Stores. Most active lender: Nicolet National Bank (20).
Appleton, WI
73 purchase loans, median $747k. Bought most: Full-Service Restaurants. Most active lender: Nicolet National Bank (15).
Duluth, MN-WI
60 purchase loans, median $508k. Bought most: Couriers and Express Delivery Services. Most active lender: Frandsen Bank and Trust (16).
Sheboygan, WI
44 purchase loans, median $488k. Bought most: Offices of Chiropractors. Most active lender: Oostburg State Bank (10).
La Crosse-Onalaska, WI-MN
42 purchase loans, median $665k. Bought most: Limited-Service Restaurants. Most active lender: CCFBank National Association (7).
Oshkosh-Neenah, WI
34 purchase loans, median $346k. Bought most: All Other Specialty Trade Contractors. Most active lender: Nicolet National Bank (9).
Eau Claire, WI
32 purchase loans, median $972k. Bought most: All Other Transit and Ground Passenger Transportation. Most active lender: CCFBank National Association (20).
Racine-Mount Pleasant, WI
31 purchase loans, median $906k. Bought most: Limited-Service Restaurants. Most active lender: Community State Bank (WI) (6).
Wausau, WI
27 purchase loans, median $386k. Bought most: Other Construction Material Merchant Wholesalers. Most active lender: IncredibleBank (7).
Kenosha, WI
23 purchase loans, median $740k. Bought most: Gasoline Stations with Convenience Stores. Most active lender: Community State Bank (WI) (8).
Janesville-Beloit, WI
22 purchase loans, median $914k. Bought most: Gasoline Stations with Convenience Stores. Most active lender: Old National Bank (4).
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 Wisconsin project address. Approvals, not closings; excludes conventional and 504 financing.