Lenders › Farmers and Merchants Savings Bank
7(a) lenderManchester, IowaFDIC-insured bank449th of 2,184 by approvals
Farmers and Merchants Savings Bank
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.
Farmers and Merchants Savings Bank, based in Manchester, Iowa, is an FDIC-insured bank in the SBA 7(a) program. SBA approved 60 of its 7(a) loans worth $23.3M in FY2021 to FY2025, which places it 449th of 2,184 active 7(a) lenders by number of approvals.
In FY2025, the latest complete fiscal year, it had 15 approvals totalling $3.5M, down 25% on FY2024 (20). FY2026 to 30 Jun 2026 adds 2 more.
The median approval was $197K, against $190K for the 7(a) program as a whole; 48.3% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 5 states and territories and 19 counties, led by Iowa (56.7%), Minnesota (36.7%) and Wisconsin (3.3%). The largest industry group was retail trade at 18.3% of approvals, and 1.7% of approvals were to franchise businesses.
Of 104 disbursed loans approved in FY2010 to FY2021, SBA records 8 as charged off (7.7%), 79 as paid in full and 17 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is above 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 | — | — | — | 100 |
| FY2025 | 15 | $3.5M | $150K | $236K | 136 |
| FY2024 | 20 | $8.4M | $235K | $420K | 154 |
| FY2023 | 8 | $1.7M | $135K | $213K | 122 |
| FY2022 | 10 | $7.5M | $197K | $749K | 126 |
| FY2021 | 7 | $2.2M | $210K | $310K | 106 |
| FY2020 | 22 | $23.1M | $714K | $1.1M | 1,072 |
| FY2019 | 8 | $3.5M | $240K | $432K | 195 |
| FY2018 | 10 | $4.7M | $162K | $466K | 80 |
| FY2017 | 5 | $1.5M | $330K | $295K | 62 |
| FY2016 | 4 | $706K | $150K | $176K | 63 |
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 49 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 | Iowa | 7(a) program |
|---|---|---|---|
| Approvals in these years | 111 | 5,075 | 639,905 |
| Cancelled or never disbursed | 7 | 554 | 79,313 |
| Disbursed loans | 104 | 4,521 | 560,592 |
| Paid in full | 79 | 3,576 | 435,813 |
| Charged off | 8 | 314 | 36,891 |
| Still outstanding (status exempt from disclosure) | 17 | 631 | 87,888 |
| Charged off, share of disbursed loans | 7.7% | 6.9% | 6.6% |
| Dollars charged off, share of disbursed dollars | 4.2% | 3.9% | 2.5% |
| Dollars charged off | $2.5M | $66.2M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 7 | 4 | 0 | — | 2.8% |
| FY2020 | 22 | 15 | 0 | — | 4.0% |
| FY2019 | 7 | 6 | 0 | — | 6.7% |
| FY2018 | 10 | 5 | 0 | — | 7.9% |
| FY2017 | 5 | 3 | 1 | — | 7.7% |
| FY2016 | 4 | 3 | 1 | — | 7.2% |
| FY2015 | 10 | 9 | 1 | — | 6.9% |
| FY2014 | 5 | 4 | 1 | — | 6.4% |
| FY2013 | 6 | 5 | 1 | — | 6.0% |
| FY2012 | 8 | 7 | 1 | — | 6.3% |
| FY2011 | 8 | 7 | 1 | — | 6.9% |
| FY2010 | 12 | 11 | 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 | $197K | $190K |
| Average approval | $388K | $518K |
| Approvals of $150,000 or less | 48.3% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 38.3% | 34.3% |
| Approvals to franchise businesses | 1.7% | 11.5% |
| Jobs supported per approval, as reported | 10.7 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 7.7% | 6.6% |
States served
| # | State of the business (5 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Iowa | 34 | $11.2M | 56.7% | |
| 2 | Minnesota | 22 | $11.8M | 36.7% | |
| 3 | Wisconsin | 2 | — | 3.3% | |
| 4 | Washington | 1 | — | 1.7% | |
| 5 | Texas | 1 | — | 1.7% |
In Iowa the lender accounts for 1.8% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (19 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Linn County, IA | 19 | $6.2M | 31.7% | |
| 2 | Hennepin County, MN | 9 | $4.5M | 15.0% | |
| 3 | Johnson County, IA | 5 | $594K | 8.3% | |
| 4 | Ramsey County, MN | 4 | $315K | 6.7% | |
| 5 | Delaware County, IA | 3 | $425K | 5.0% | |
| 6 | Stearns County, MN | 2 | — | 3.3% | |
| 7 | Bremer County, IA | 2 | — | 3.3% | |
| 8 | Anoka County, MN | 2 | — | 3.3% | |
| 9 | Washington County, MN | 2 | — | 3.3% | |
| 10 | Black Hawk County, IA | 2 | — | 3.3% | |
| 11 | St. Croix County, WI | 2 | — | 3.3% | |
| 12 | Lake of the Woods County, MN | 1 | — | 1.7% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 11 | 18.3% | |
| 2 | Accommodation and Food Services | 8 | 13.3% | |
| 3 | Wholesale Trade | 7 | 11.7% | |
| 4 | Other Services (except Public Administration) | 7 | 11.7% | |
| 5 | Professional, Scientific, and Technical Services | 7 | 11.7% | |
| 6 | Manufacturing | 5 | 8.3% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 4 | 6.7% | |
| 8 | Construction | 3 | 5.0% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 7 | 11.7% | |
| 2 | Shoe RetailersNAICS 4582 | 4 | 6.7% | |
| 3 | Other Personal ServicesNAICS 8129 | 3 | 5.0% | |
| 4 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 3 | 5.0% | |
| 5 | Services to Buildings and DwellingsNAICS 5617 | 2 | 3.3% | |
| 6 | Agencies, Brokerages, and Other Insurance Related ActivitiesNAICS 5242 | 2 | 3.3% | |
| 7 | Other Food ManufacturingNAICS 3119 | 2 | 3.3% | |
| 8 | Apparel, Piece Goods, and Notions Merchant WholesalersNAICS 4243 | 2 | 3.3% | |
| 9 | Residential Building ConstructionNAICS 2361 | 2 | 3.3% | |
| 10 | Lumber and Other Construction Materials Merchant WholesalersNAICS 4233 | 2 | 3.3% |
Approval sizes
- $50,000 or less15.0%9
- $50,001 to $150,00033.3%20
- $150,001 to $350,00023.3%14
- $350,001 to $1 million18.3%11
- $1 million to $2 million8.3%5
- Over $2 million1.7%1
Loan terms
- 5 years or less26.7%16
- Over 5 to 10 years66.7%40
- Over 10 to 20 years6.7%4
Age of the businesses
- Existing, more than 2 years old36.7%22
- New business, 2 years or less26.7%16
- Startup, loan funds will open the business11.7%7
- Change of ownership25.0%15
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 41 | 68.3% | |
| 2 | SBA Express Program | 12 | 20.0% | |
| 3 | 7a General | 4 | 6.7% | |
| 4 | Working Capital CAPLine | 2 | 3.3% | |
| 5 | International Trade Loans | 1 | 1.7% |
Franchise share
1 of 60 approvals in FY2021–FY2025 (1.7%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Budget Blinds | 1 | 1.7% |
Questions and answers
How many SBA loans does Farmers and Merchants Savings Bank make?
SBA approved 15 7(a) loans through Farmers and Merchants Savings Bank in FY2025, worth $3.5M, and 60 over FY2021 to FY2025. That ranks 449th of 2,184 active 7(a) lenders by number of approvals.
How large are Farmers and Merchants Savings Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $197K and the average $388K. The program-wide median was $190K.
What is Farmers and Merchants Savings Bank's charge-off rate?
Of 104 disbursed loans approved in FY2010 to FY2021, SBA records 8 as charged off (7.7%), 79 as paid in full and 17 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is above 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 Farmers and Merchants Savings Bank lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (7); shoe retailers (4); other personal services (3); other professional, scientific, and technical services (3).
Where does Farmers and Merchants Savings Bank make SBA loans?
In 5 states and territories. Iowa 34, Minnesota 22, Wisconsin 2, Washington 1, Texas 1. In Iowa it accounts for 1.8% of all 7(a) approvals.
Is Farmers and Merchants Savings Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 43, against 39 in the three before: rising (+10%).
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