Industry data
Financing for appliance repair businesses: what the loan data shows
237 SBA 7(a) loans went to appliance repair businesses recently, at a median of $150,000. The lenders that make them, the terms they write, and what underwriters look at.
237 SBA 7(a) loans went to appliance repair businesses in the most recent fiscal years, at a median of $150,000 over 10 years. 43.9% went to new or under-two-year-old businesses, and the most active lender was United Midwest Savings Bank.
What a appliance repair business loan actually looks like
These are approvals, not advertised ranges. Computed from SBA 7(a) loan-level FOIA data released 2026-06-30.
| Measure | Appliance repair businesses | All 7(a) borrowers |
|---|---|---|
| Loans approved, fiscal years 2023 to 2026, using data released June 2026 | 237 | 214,102 |
| Median loan | $150,000 | $150,000 |
| 25th - 75th percentile | $37,500 - $150,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.75% | 10.25% |
| Share to new businesses | 43.9% | 33.6% |
| Charge-off rate, FY2010-19 | 13.9% | 7.1% |
What stands out
Reading these figures against all 7(a) borrowers:
- Loan sizes are typical. The median of $150,000 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- New businesses do well here. 44% of these loans went to startups or businesses under two years old, against 34% nationally — an unusually open market if you have no trading history.
- One lender dominates. United Midwest Savings Bank alone made 26% of these loans, and the top three made 42%. That concentration usually means a lender with a dedicated program for this sector — worth starting there, but get a second quote so you know the terms are competitive.
- Rates run higher here. The median initial rate of 10.75% is 0.50 points above the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
- Lenders have been burned here before. 13.9% of loans to this market from the FY2010-2019 cohorts were charged off, against 7.1% overall. That history is why underwriting in this sector is tighter than the numbers alone would suggest — it is not personal.
Which lenders actually fund appliance repair businesses
Ranked by loans approved in this niche. The median, startup share and rate describe each lender's own loans to appliance repair businesses, not its national averages — which is how you spot a genuine specialist.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| United Midwest Savings Bank | 62 | $150,000 | 95% | 10.75% |
| U.S. Bank | 21 | $27,000 | 14% | 10.24% |
| TD Bank | 16 | $37,500 | 31% | 11.12% |
| Readycap Lending, LLC | 12 | $86,600 | 8% | 12.25% |
| Wells Fargo Bank | 10 | $10,000 | 100% | 13.00% |
| JPMorgan Chase Bank | 9 | $120,000 | 11% | 12.80% |
| The Huntington National Bank | 8 | $87,500 | 38% | 10.38% |
| BayFirst National Bank | 8 | $150,000 | 0% | 12.25% |
| Newtek Bank | 8 | $225,000 | 12% | 11.25% |
| Northeast Bank | 7 | $150,000 | 0% | 10.25% |
Where these businesses borrow
Most active states for appliance repair businesses: Texas (30), Florida (28), California (22), New York (16), New Jersey (13), Georgia (10).
Which financing fits
| Product | Fit for this sector | Typical cost |
|---|---|---|
| SBA 7(a) | The dominant vehicle in this niche | 10.0% - 14.0% APR |
| Equipment financing | For the hard assets, often cheaper separately | 7.0% - 30.0% APR |
| Line of credit | For seasonality and payroll timing | 9.0% - 60.0% APR |
| SBA microloan | If you need under $50,000 | 8.0% - 13.0% APR |
| Business acquisition loan | If you are buying an existing operation | 10.0% - 14.0% APR |
Before you apply
- Check coverage first. Run the payment through the affordability calculator at 1.25x.
- Shortlist from the lender table, favouring ones whose median loan here is close to what you need.
- Assemble the documents — see the checklist.
- If you are buying rather than starting, read business acquisition loans first; the injection rules and diligence are different.