The book
Data and code behind Buying a Business with an SBA Loan
The aggregate tables behind every figure and every number the book attributes to the SBA loan record, and the code that produced them, so readers can check the work and rerun it on later editions of the SBA's file.
The book is by this site’s owner, who earns royalties from its sale. The data and code here are free.
Source
U.S. Small Business Administration, 7(a) and 504 FOIA loan-level datasets, editions with data as of 30 June 2026 (FOIA_7a_FY2000_FY2009, FOIA_7a_FY2010_FY2019, FOIA_7a_FY2020_Present): data.sba.gov/dataset/7a-504-foia. Prime rate: FRED series DPRIME. The raw files are public; they are not mirrored here. Only aggregate tables are published, with no borrower-level rows.
The rest of this site covers approvals from FY2010 onward, while the book’s tables start in FY2000, so a figure here and one elsewhere on the site can differ for that reason alone. See the methodology.
How to reproduce
Download the three FOIA CSVs into a raw/ folder, then run 01_load.py, 02_analyse.py, 03_extras.py and ch10_extras.py (Python 3 with pandas and numpy). make_charts.py draws the book’s 15 figures from the tables. A short README is included.
Definitions that matter
- The change-of-ownership flag is the lender-entered BusinessAge value (from FY2018), not a use-of-proceeds field.
- Loss rates come only from matured cohorts (FY2010-2015 and FY2005-2008).
- A charge-off is not a default.
- Lender names are current assignees.
T16_lender_rate_normalization.csvuses the book’s illustrative worked deal ($580,000 of cash available for debt service, 1.25 coverage, 10 years).
Appendix A of the book has the full method.
License
Tables: CC BY 4.0 (credit “Neil P. Bostick, Buying a Business with an SBA Loan, 2027 Edition”). Code: MIT.
Tables
37 CSV files. A dash means the table supports the text without a single figure or citing note.
| File | What it holds | In the book |
|---|---|---|
| T01_volume_size_by_fy.csv | Loan count, dollars and size distribution by fiscal year | - |
| T02_rates_vs_prime_by_fy.csv | Rates and spread over prime by fiscal year, fixed and variable | Chapter 3 |
| T02b_variable_spread_by_size_FY2024_2026.csv | Variable-rate spread by loan size, FY2024-2026 | Chapter 3 |
| T02c_monthly_variable_rate_vs_prime.csv | Monthly median variable rate against prime | Figure 3.1 |
| T03_terms_by_fy_std_term_excl_chargeoffs.csv | Loan terms by fiscal year, standard-term loans | - |
| T04_chargeoff_by_vintage.csv | Share charged off by year of approval | Figure 11.1 |
| T05_chargeoff_by_dimension_matured.csv | Charge-off rates by loan type, size, franchise status and other dimensions, matured cohorts | Chapter 12 |
| T06_chargeoff_by_sector_matured.csv | Charge-off rates by industry sector, matured cohorts | Figure 11.4 |
| T06b_chargeoff_by_naics6_matured_n300.csv | Charge-off rates by six-digit NAICS code (300 or more loans) | Chapter 11 |
| T07_chargeoff_by_franchise_brand_matured_n100.csv | Charge-off rates by franchise code (100 or more loans) | Chapter 12 |
| T07b_franchise_brand_normalised_matured_n100.csv | Charge-off rates by franchise brand, spelling variants merged | Chapter 12 |
| T07c_franchise_vs_independent_by_size_matured.csv | Franchise against independent charge-off rates by loan size | Figure 12.1 |
| T08_lender_concentration_by_fy.csv | Lender concentration by fiscal year | Chapter 13 |
| T08b_top_lenders_FY2023_2025.csv | Largest lenders, all loans and change-of-ownership loans, FY2023-2025 | Figure 13.1 |
| T08c_lender_chargeoff_matured_n500.csv | Lender charge-off rates, matured cohorts (500 or more loans) | Chapter 13 |
| T08d_lender_obs_vs_expected_matured_n500.csv | Lender charge-offs against what their loan mix predicts | Figure 13.2 |
| T09_geography_by_state.csv | Loans and change-of-ownership share by state, FY2023-2025 | Chapter 1 |
| T10_change_of_ownership_by_fy.csv | Loans coded as a change of ownership by fiscal year | Figure 1.1 |
| T10b_coo_top_industries_FY2023_2025.csv | Most common industries among change-of-ownership loans, FY2023-2025 | Chapter 1 |
| T10c_coo_top_franchise_brands_FY2023_2025.csv | Most common franchise brands among change-of-ownership loans, FY2023-2025 | Chapter 12 |
| T10d_coo_size_distribution_FY2023_2025.csv | Size distribution of change-of-ownership loans, FY2023-2025 | Chapter 1 |
| T11_chargeoff_timing_curve.csv | Cumulative charge-offs by years since approval | Figure 11.2 |
| T12_early_chargeoff_fixed_horizon.csv | Charge-offs within 36 and 48 months by fiscal year | - |
| T12b_coo_vs_others_36m_by_size_FY2018_2022.csv | Change-of-ownership against other loans, charge-offs within 36 months, by size | Figure 11.3 |
| T12c_coo_vs_others_36m_by_vintage.csv | Change-of-ownership against other loans, charge-offs within 36 months, by vintage | - |
| T12d_coo_36m_chargeoff_by_sector_FY2018_2022.csv | Change-of-ownership charge-offs within 36 months by sector | Chapter 11 |
| T13_monthly_volume_FY2019_2023.csv | Monthly loan volume, FY2019-2023 | - |
| T14_guaranty_pct_by_size_FY2024_2026.csv | Guaranty percentage by loan size, FY2024-2026 | Chapters 1 and 13 |
| T15_dscr_price_ceiling_grid.csv | Maximum loan per $100,000 of cash flow by coverage ratio, term and rate | Figure 5.1 |
| T16_lender_rate_normalization.csv | Lender median rates before and after holding prime constant, on the worked deal | Figure 13.3 |
| T17_term_field_trap_by_status_FY2010_2015.csv | Why the term field misleads on charged-off loans (a data check) | - |
| T18_coo_share_by_size_FY2023_2025.csv | Change-of-ownership share by loan size, FY2023-2025 | Chapter 1 |
| T19_approval_to_first_disbursement_coo_FY2023_2025.csv | Days from SBA approval to first disbursement, change-of-ownership loans | Figure 14.1 |
| T20_worked_deal_stack.csv | The illustrative worked deal: sources and uses | Figure 7.1 |
| T21_worked_deal_year_one.csv | The illustrative worked deal: year-one cash | Figure 15.1 |
| Tch10_severity_and_collateral.csv | Charge-off severity and the collateral flag | Chapter 10 |
| fee_schedule_FY2025_2027.csv | SBA upfront guaranty fees, FY2025-FY2027 notices | Figure 3.2 |
Code
| File | What it does |
|---|---|
| 01_load.py | Loads the three SBA FOIA CSVs into one typed file |
| 02_analyse.py | Core analyses: tables T01 to T14 and their variants |
| 03_extras.py | Mix-adjusted lender loss, normalized franchise brands, the price-ceiling grid and the lender rate normalization |
| ch10_extras.py | Charge-off severity and the lender-reported collateral flag (Chapter 10) |
| make_charts.py | Draws the book's 15 figures from the tables |
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