Horicon Bank

Horicon Bank sits in the long tail of the SBA lending field, having approved 193 loans for a gross total of $54.2M since fiscal 2010. Its median loan of $100,000 is well below the $180,000 national median, typical of a lender leaning on SBA Express and smaller working-capital facilities.

The median initial note rate across its 7(a) approvals is 5.50%, 1.25 points below the national median of 6.75%. Rate medians drawn across fifteen years reflect the mix of loan sizes and vintages a lender wrote as much as its pricing posture - a lender that grew fastest during a high-rate stretch will look expensive here even if its spread was ordinary.

Of its FY2010-FY2019 approvals that have reached a terminal status, 6.8% were charged off, 0.8 points below the national figure of 7.6%. Read that as a description of the credit box a lender chose, not as a verdict on it: lenders serving newer businesses and thinner files will always show higher losses than those writing large, collateralised acquisition loans.

Roughly 12% of its approvals with a recorded business age went to startups or businesses two years old or less, against 27% nationally - a book weighted toward established operators.