Lenders › TowneBank
7(a) lenderPortsmouth, VirginiaFDIC-insured bank39th of 2,184 by approvals
TowneBank
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.
TowneBank, based in Portsmouth, Virginia, is an FDIC-insured bank in the SBA 7(a) program. SBA approved 1,046 of its 7(a) loans worth $921M in FY2021 to FY2025, which places it 39th of 2,184 active 7(a) lenders by number of approvals.
In FY2025, the latest complete fiscal year, it had 177 approvals totalling $164M, about level with FY2024 (188). FY2026 to 30 Jun 2026 adds 117 more.
The median approval was $638K, against $190K for the 7(a) program as a whole; 23.2% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 46 states and territories and 320 counties, led by North Carolina (22.0%), Florida (16.4%) and Texas (8.9%). The largest industry group was accommodation and food services at 21.4% of approvals, and 23.2% of approvals were to franchise businesses.
Of 450 disbursed loans approved in FY2010 to FY2021, SBA records 15 as charged off (3.3%), 232 as paid in full and 203 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below 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* | 117 | $117M | $746K | $998K | 2,112 |
| FY2025 | 177 | $164M | $750K | $926K | 3,240 |
| FY2024 | 188 | $183M | $740K | $972K | 3,469 |
| FY2023 | 209 | $156M | $524K | $745K | 3,163 |
| FY2022 | 192 | $169M | $558K | $883K | 3,373 |
| FY2021 | 280 | $249M | $607K | $890K | 5,043 |
| FY2020 | 122 | $75.2M | $381K | $617K | 1,877 |
| FY2019 | 24 | $15.1M | $300K | $630K | 471 |
| FY2018 | 17 | $11.5M | $350K | $679K | 372 |
| FY2017 | 16 | $6.2M | $251K | $390K | 196 |
| FY2016 | 13 | $8.0M | $385K | $616K | 232 |
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 192 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 | North Carolina | 7(a) program |
|---|---|---|---|
| Approvals in these years | 539 | 12,808 | 639,905 |
| Cancelled or never disbursed | 89 | 1,480 | 79,313 |
| Disbursed loans | 450 | 11,328 | 560,592 |
| Paid in full | 232 | 8,649 | 435,813 |
| Charged off | 15 | 705 | 36,891 |
| Still outstanding (status exempt from disclosure) | 203 | 1,974 | 87,888 |
| Charged off, share of disbursed loans | 3.3% | 6.2% | 6.6% |
| Dollars charged off, share of disbursed dollars | 1.1% | 1.8% | 2.5% |
| Dollars charged off | $3.6M | $111M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 229 | 78 | 5 | 2.2% | 2.8% |
| FY2020 | 93 | 45 | 1 | 1.1% | 4.0% |
| FY2019 | 22 | 14 | 3 | — | 6.7% |
| FY2018 | 17 | 14 | 1 | — | 7.9% |
| FY2017 | 15 | 13 | 0 | — | 7.7% |
| FY2016 | 13 | 13 | 0 | — | 7.2% |
| FY2015 | 10 | 6 | 3 | — | 6.9% |
| FY2014 | 16 | 15 | 1 | — | 6.4% |
| FY2013 | 10 | 9 | 1 | — | 6.0% |
| FY2012 | 6 | 6 | 0 | — | 6.3% |
| FY2011 | 5 | 5 | 0 | — | 6.9% |
| FY2010 | 14 | 14 | 0 | — | 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 | $638K | $190K |
| Average approval | $880K | $518K |
| Approvals of $150,000 or less | 23.2% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 53.1% | 34.3% |
| Approvals to franchise businesses | 23.2% | 11.5% |
| Jobs supported per approval, as reported | 17.5 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 3.3% | 6.6% |
States served
| # | State of the business (46 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | North Carolina | 230 | $243M | 22.0% | |
| 2 | Florida | 172 | $141M | 16.4% | |
| 3 | Texas | 93 | $72.9M | 8.9% | |
| 4 | Virginia | 74 | $68.6M | 7.1% | |
| 5 | California | 47 | $32.0M | 4.5% | |
| 6 | Georgia | 40 | $42.0M | 3.8% | |
| 7 | New Jersey | 38 | $31.1M | 3.6% | |
| 8 | New York | 36 | $28.6M | 3.4% | |
| 9 | South Carolina | 34 | $30.4M | 3.3% | |
| 10 | Michigan | 24 | $22.0M | 2.3% | |
| 11 | Arizona | 23 | $14.3M | 2.2% | |
| 12 | Massachusetts | 20 | $11.7M | 1.9% |
In North Carolina the lender accounts for 3.3% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (320 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Wake County, NC | 56 | $53.2M | 5.4% | |
| 2 | Mecklenburg County, NC | 36 | $36.4M | 3.4% | |
| 3 | Palm Beach County, FL | 21 | $18.7M | 2.0% | |
| 4 | Maricopa County, AZ | 19 | $10.5M | 1.8% | |
| 5 | Orange County, FL | 18 | $10.2M | 1.7% | |
| 6 | Harris County, TX | 17 | $10.8M | 1.6% | |
| 7 | Marion County, FL | 17 | $9.4M | 1.6% | |
| 8 | Los Angeles County, CA | 17 | $9.3M | 1.6% | |
| 9 | Chesterfield County, VA | 16 | $17.2M | 1.5% | |
| 10 | Durham County, NC | 16 | $15.0M | 1.5% | |
| 11 | Miami-Dade County, FL | 13 | $13.0M | 1.2% | |
| 12 | Tarrant County, TX | 13 | $6.5M | 1.2% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 224 | 21.4% | |
| 2 | Other Services (except Public Administration) | 116 | 11.1% | |
| 3 | Manufacturing | 112 | 10.7% | |
| 4 | Retail Trade | 108 | 10.3% | |
| 5 | Construction | 106 | 10.1% | |
| 6 | Health Care and Social Assistance | 87 | 8.3% | |
| 7 | Professional, Scientific, and Technical Services | 61 | 5.8% | |
| 8 | Arts, Entertainment, and Recreation | 55 | 5.3% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 169 | 16.2% | |
| 2 | Beverage ManufacturingNAICS 3121 | 67 | 6.4% | |
| 3 | Other Amusement and Recreation IndustriesNAICS 7139 | 46 | 4.4% | |
| 4 | Building Equipment ContractorsNAICS 2382 | 45 | 4.3% | |
| 5 | Other Personal ServicesNAICS 8129 | 39 | 3.7% | |
| 6 | Automotive Repair and MaintenanceNAICS 8111 | 31 | 3.0% | |
| 7 | Traveler AccommodationNAICS 7211 | 26 | 2.5% | |
| 8 | Services to Buildings and DwellingsNAICS 5617 | 25 | 2.4% | |
| 9 | Personal Care ServicesNAICS 8121 | 21 | 2.0% | |
| 10 | Offices of Other Health PractitionersNAICS 6213 | 19 | 1.8% |
Approval sizes
- $50,000 or less14.3%150
- $50,001 to $150,0008.9%93
- $150,001 to $350,0007.6%80
- $350,001 to $1 million39.8%416
- $1 million to $2 million18.8%197
- Over $2 million10.5%110
Loan terms
- 5 years or less0.2%2
- Over 5 to 10 years64.9%679
- Over 10 to 20 years14.5%152
- Over 20 years20.4%213
Age of the businesses
- Existing, more than 2 years old21.8%228
- New business, 2 years or less20.3%212
- Startup, loan funds will open the business32.8%343
- Change of ownership25.0%262
- Not answered0.1%1
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 774 | 74.0% | |
| 2 | SBA Express Program | 229 | 21.9% | |
| 3 | 7a General | 40 | 3.8% | |
| 4 | International Trade Loans | 1 | 0.1% | |
| 5 | Contract CAPLine | 1 | 0.1% | |
| 6 | Builders CAPLine | 1 | 0.1% |
Franchise share
243 of 1,046 approvals in FY2021–FY2025 (23.2%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Domino's Pizza | 13 | 1.2% | |
| 2 | Ziggi's Coffee | 11 | 1.1% | |
| 3 | Premier Rental-Purchase | 9 | 0.9% | |
| 4 | Dickey's Barbecue Pit | 9 | 0.9% | |
| 5 | Earthwise Pet | 8 | 0.8% | |
| 6 | The Dog Stop | 7 | 0.7% | |
| 7 | Spenga | 7 | 0.7% | |
| 8 | Crave Hot Dogs & BBQ | 7 | 0.7% |
Questions and answers
How many SBA loans does TowneBank make?
SBA approved 177 7(a) loans through TowneBank in FY2025, worth $164M, and 1,046 over FY2021 to FY2025. That ranks 39th of 2,184 active 7(a) lenders by number of approvals.
How large are TowneBank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $638K and the average $880K. The program-wide median was $190K.
What is TowneBank's charge-off rate?
Of 450 disbursed loans approved in FY2010 to FY2021, SBA records 15 as charged off (3.3%), 232 as paid in full and 203 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below 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 TowneBank lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (169); beverage manufacturing (67); other amusement and recreation industries (46); building equipment contractors (45).
Where does TowneBank make SBA loans?
In 46 states and territories. North Carolina 230, Florida 172, Texas 93, Virginia 74, California 47. In North Carolina it accounts for 3.3% of all 7(a) approvals.
Is TowneBank's SBA lending rising?
Approvals in the three latest complete fiscal years total 574, against 594 in the three before: broadly level (-3%).
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