Lenders › BankFirst Financial Services
7(a) lenderColumbus, MississippiFDIC-insured bank141st of 2,184 by approvals
BankFirst Financial Services
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
BankFirst Financial Services, based in Columbus, Mississippi, is an FDIC-insured bank in the SBA 7(a) program. SBA approved 265 of its 7(a) loans worth $98.3M in FY2021 to FY2025, which places it 141st of 2,184 active 7(a) lenders by number of approvals.
In FY2025, the latest complete fiscal year, it had 12 approvals totalling $1.8M, down 76% on FY2024 (49). FY2026 to 30 Jun 2026 adds 2 more.
The median approval was $185K, against $190K for the 7(a) program as a whole; 46.8% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 6 states and territories and 64 counties, led by Mississippi (55.8%), Alabama (26.8%) and Louisiana (9.8%). The largest industry group was accommodation and food services at 15.8% of approvals, and 4.9% of approvals were to franchise businesses.
Of 148 disbursed loans approved in FY2010 to FY2021, SBA records 10 as charged off (6.8%), 56 as paid in full and 82 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is close to it.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 2 | — | — | — | 55 |
| FY2025 | 12 | $1.8M | $98K | $154K | 105 |
| FY2024 | 49 | $15.1M | $150K | $308K | 789 |
| FY2023 | 60 | $21.3M | $192K | $356K | 1,019 |
| FY2022 | 75 | $21.1M | $150K | $281K | 1,120 |
| FY2021 | 69 | $38.9M | $282K | $564K | 918 |
| FY2020 | 45 | $8.3M | $150K | $184K | 741 |
| FY2019 | 23 | $4.2M | $183K | $185K | 299 |
| FY2018 | 1 | — | — | — | 3 |
| FY2017 | 0 | — | — | — | 0 |
| FY2016 | 1 | — | — | — | 3 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 70 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Mississippi | 7(a) program |
|---|---|---|---|
| Approvals in these years | 153 | 5,374 | 639,905 |
| Cancelled or never disbursed | 5 | 516 | 79,313 |
| Disbursed loans | 148 | 4,858 | 560,592 |
| Paid in full | 56 | 3,783 | 435,813 |
| Charged off | 10 | 353 | 36,891 |
| Still outstanding (status exempt from disclosure) | 82 | 722 | 87,888 |
| Charged off, share of disbursed loans | 6.8% | 7.3% | 6.6% |
| Dollars charged off, share of disbursed dollars | 2.1% | 3.2% | 2.5% |
| Dollars charged off | $1.2M | $55.7M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 68 | 20 | 3 | 4.4% | 2.8% |
| FY2020 | 45 | 18 | 4 | 8.9% | 4.0% |
| FY2019 | 22 | 11 | 0 | — | 6.7% |
| FY2018 | 1 | 1 | 0 | — | 7.9% |
| FY2017 | 0 | 0 | 0 | — | 7.7% |
| FY2016 | 1 | 0 | 0 | — | 7.2% |
| FY2015 | 0 | 0 | 0 | — | 6.9% |
| FY2014 | 0 | 0 | 0 | — | 6.4% |
| FY2013 | 3 | 2 | 0 | — | 6.0% |
| FY2012 | 5 | 3 | 2 | — | 6.3% |
| FY2011 | 0 | 0 | 0 | — | 6.9% |
| FY2010 | 3 | 1 | 1 | — | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $185K | $190K |
| Average approval | $371K | $518K |
| Approvals of $150,000 or less | 46.8% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 32.5% | 34.3% |
| Approvals to franchise businesses | 4.9% | 11.5% |
| Jobs supported per approval, as reported | 14.9 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 6.8% | 6.6% |
States served
| # | State of the business (6 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Mississippi | 148 | $66.6M | 55.8% | |
| 2 | Alabama | 71 | $19.9M | 26.8% | |
| 3 | Louisiana | 26 | $7.7M | 9.8% | |
| 4 | Tennessee | 16 | $3.6M | 6.0% | |
| 5 | Arkansas | 3 | $409K | 1.1% | |
| 6 | Texas | 1 | — | 0.4% |
In Mississippi the lender accounts for 8.8% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (64 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Tuscaloosa County, AL | 26 | $9.0M | 9.8% | |
| 2 | Noxubee County, MS | 20 | $12.1M | 7.5% | |
| 3 | Lowndes County, MS | 20 | $3.6M | 7.5% | |
| 4 | Oktibbeha County, MS | 14 | $3.1M | 5.3% | |
| 5 | Madison County, MS | 11 | $3.0M | 4.2% | |
| 6 | Jefferson County, AL | 11 | $1.6M | 4.2% | |
| 7 | Harrison County, MS | 9 | $5.9M | 3.4% | |
| 8 | Winston County, MS | 8 | $4.1M | 3.0% | |
| 9 | Lafayette County, MS | 8 | $3.6M | 3.0% | |
| 10 | Rankin County, MS | 8 | $2.9M | 3.0% | |
| 11 | Ascension Parish, LA | 7 | $2.6M | 2.6% | |
| 12 | Shelby County, TN | 7 | $2.5M | 2.6% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 42 | 15.8% | |
| 2 | Retail Trade | 38 | 14.3% | |
| 3 | Agriculture, Forestry, Fishing and Hunting | 37 | 14.0% | |
| 4 | Health Care and Social Assistance | 30 | 11.3% | |
| 5 | Professional, Scientific, and Technical Services | 25 | 9.4% | |
| 6 | Other Services (except Public Administration) | 21 | 7.9% | |
| 7 | Construction | 14 | 5.3% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 14 | 5.3% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 42 | 15.8% | |
| 2 | Poultry and Egg ProductionNAICS 1123 | 18 | 6.8% | |
| 3 | Offices of PhysiciansNAICS 6211 | 12 | 4.5% | |
| 4 | Services to Buildings and DwellingsNAICS 5617 | 9 | 3.4% | |
| 5 | AquacultureNAICS 1125 | 9 | 3.4% | |
| 6 | Accounting, Tax Preparation, Bookkeeping, and Payroll ServicesNAICS 5412 | 9 | 3.4% | |
| 7 | Offices of Other Health PractitionersNAICS 6213 | 8 | 3.0% | |
| 8 | Child Day Care ServicesNAICS 6244 | 7 | 2.6% | |
| 9 | Agencies, Brokerages, and Other Insurance Related ActivitiesNAICS 5242 | 7 | 2.6% | |
| 10 | Other Amusement and Recreation IndustriesNAICS 7139 | 7 | 2.6% |
Approval sizes
- $50,000 or less16.2%43
- $50,001 to $150,00030.6%81
- $150,001 to $350,00024.5%65
- $350,001 to $1 million18.5%49
- $1 million to $2 million9.1%24
- Over $2 million1.1%3
Loan terms
- 5 years or less3.0%8
- Over 5 to 10 years55.8%148
- Over 10 to 20 years27.2%72
- Over 20 years14.0%37
Age of the businesses
- Existing, more than 2 years old48.7%129
- New business, 2 years or less11.3%30
- Startup, loan funds will open the business21.1%56
- Change of ownership18.9%50
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 221 | 83.4% | |
| 2 | SBA Express Program | 41 | 15.5% | |
| 3 | 7a General | 3 | 1.1% |
Franchise share
13 of 265 approvals in FY2021–FY2025 (4.9%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Dickey's Barbecue Pit | 3 | 1.1% | |
| 2 | Brick & Spoon | 2 | 0.8% | |
| 3 | Fleet Feet Sports | 2 | 0.8% | |
| 4 | Walk-On's Bistreaux & Bar | 1 | 0.4% | |
| 5 | The Toasted Yolk Cafe | 1 | 0.4% | |
| 6 | Checkers | 1 | 0.4% | |
| 7 | Peterbrooke Chocolatier | 1 | 0.4% | |
| 8 | Dairy Queen Operating Agreement | 1 | 0.4% |
Questions and answers
How many SBA loans does BankFirst Financial Services make?
SBA approved 12 7(a) loans through BankFirst Financial Services in FY2025, worth $1.8M, and 265 over FY2021 to FY2025. That ranks 141st of 2,184 active 7(a) lenders by number of approvals.
How large are BankFirst Financial Services's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $185K and the average $371K. The program-wide median was $190K.
What is BankFirst Financial Services's charge-off rate?
Of 148 disbursed loans approved in FY2010 to FY2021, SBA records 10 as charged off (6.8%), 56 as paid in full and 82 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is close to it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does BankFirst Financial Services lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (42); poultry and egg production (18); offices of physicians (12); services to buildings and dwellings (9).
Where does BankFirst Financial Services make SBA loans?
In 6 states and territories. Mississippi 148, Alabama 71, Louisiana 26, Tennessee 16, Arkansas 3. In Mississippi it accounts for 8.8% of all 7(a) approvals.
Is BankFirst Financial Services's SBA lending rising?
Approvals in the three latest complete fiscal years total 121, against 189 in the three before: falling (-36%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error