SBA loans to WaterStation franchisees
Short answer
SBA's 7(a) file lists 109 loans to WaterStation franchisees since October 2019, with a median of $459,000. None of them went through SBA Express, against 38.5% of all SBA 7(a) loans. Source: SBA 7(a) loan file, June 30, 2026.
- SBA loans, Oct 2019 to Jun 2026
- 109
- Total dollars approved
- $93.48M
- Median loan
- $459,000
- Through SBA Express
- 0.0%
This page is not from WaterStation
Janover Capital LLC runs this site. WaterStation did not provide, review, approve or pay for this page. The name only identifies the brand SBA recorded on each loan. It is not an endorsement, and brand names are trademarks of their owners.
SBA loans to WaterStation
SBA's file lists 109 loans to WaterStation franchisees. They were approved from October 2019 through June 2026 and are worth $93.48 million in all. None were approved since October 2023.
Loans to this brand carry SBA Franchise Identifier Code S2056. SBA issues a code only for a brand it lists on its Franchise Directory, and the lender enters it with the application (SOP 50 10 8.1, Sec. A, Ch. 1, Para. G.5). The latest of these loans were approved in FY2023. A listing can change, so check the current Directory before you apply.
SBA's file records 97 of these loans under Vending Machine Operators, the industry named on them most often.
| Measure | Oct 2019 to Jun 2026 |
|---|---|
| Loans approved | 109 |
| Dollars approved | $93,475,300 |
| Median loan | $459,000 |
| Middle half of loans | $268,000 to $956,000 |
| Median term | 120 months (10 years) |
| Through SBA Express | 0.0% |
| Lines of credit | 0.0% |
| Median spread over Prime | Prime plus 2.75 points |
| Median rate at approval | Not shown |
Express means SBA Express and Export Express. Spread is for variable-rate loans only. No multi-year median rate is shown, because Prime moved too much to compare years.
Loan sizes
The medianThe middle figure. Half the loans were larger and half were smaller. loan was $459,000. The middle half ran from $268,000 to $956,000.
The largest group was loans of $150,001 to $350,000, with 46 loans.
Fewer than 5 means 1 to 4 loans, which are not published.
Interest rates
No loans were approved since October 2023, so no recent rate is shown. Across all years the median spread on variable-rate loans was Prime plus 2.75 percentage points.
The spread is measured against Prime on the day each loan was approved. Prime is 7.00% as of Nov 10, 2026.
SBA caps the variable rate by loan size under 13 CFR 120.214(d). For a loan of $459,000, the cap is Prime plus 3.0 percentage points, or 10.00% at today's Prime. The cap is a ceiling, and your lender sets the actual rate.
SBA Express
None of the 109 loans to WaterStation franchisees approved since October 2019 went through SBA Express. For all 7(a) loans in the same period, the share was 38.5%.
SBA Express is capped at $500,000 per applicant and its affiliates (SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1). With SBA Express, the lender makes the credit decision without prior SBA review (Sec. B, Ch. 2, Para. C.2).
Lenders
UniBank made the most of these loans: 77 of 109. The 3 lenders below made 92% of them together.
| Lender | Loans |
|---|---|
| UniBank | 77 |
| Celtic Bank | 18 |
| Newtek Small Business Finance | 5 |
A lender's past loans do not describe its current credit policy. Only lenders with 5 or more of these loans are listed.
States
Texas had the most of these loans: 17 of 109.
| State | Loans |
|---|---|
| Texas | 17 |
| California | 13 |
| Washington | 10 |
| Indiana | 9 |
| Florida | 7 |
State is where the business is located, as recorded on the loan.
Opening a first unit or adding one
Lenders usually treat a first unit as a start-up and an owner adding units as an expansion. The two get different questions from a lender.
SBA's rules in brief
SBA counts a business as a start-up when it has been in operation for 1 year or less. A Standard 7(a) or 7(a) Small loan to a start-up requires an equity injectionThe money or assets you put into the deal yourself. of at least 10% of total project costs (SOP 50 10 8.1, Sec. B, Ch. 1, Para. C). Buying an existing unit falls under SBA's change-of-ownership rules (SOP 50 10 8.1, App. 15).
The franchise financing guide covers the rest, each rule with its source.
Of the 109 loans to WaterStation franchisees, 68.8% went to startups, where the loan opens the business. 5.5% went to businesses in operation for more than 2 years. For all 7(a) loans, 16.6% went to startups.
Share of loans. Fewer than 5 means 1 to 4 loans, which are not published.
The file records the age of the business that borrowed. It cannot tell a first unit from an added unit, and its startup category is not SBA's start-up test for equity.
Ask lending partners about a first or an added unit
Describe your purchase and the amount you need. You may be referred to lenders, and the lender makes the credit decision.
Start my loan requestJanover Capital LLC is not a lender and is not the SBA. The lender makes the credit decision. A lender or marketplace may pay us a referral fee if we connect you, at no cost to you. Advertiser disclosure.
Charge-offs
The charge-off group is the 108 loans to WaterStation franchisees approved from October 2019 to September 2022. By June 30, 2026, fewer than 5 of them had been charged offThe lender wrote the loan off as a loss because it was not being repaid. .
For all 7(a) loans in the same group, 3.6% had been charged off.
| Measure | This brand | All 7(a) loans |
|---|---|---|
| Loans in the group | 108 | 124,132 |
| Charged off by June 30, 2026 | Fewer than 5 | 4,444 |
| Charge-off rate by count | Not shown | 3.6% |
| Charge-off rate by dollars | Not shown | 0.9% |
No rate is shown because fewer than 5 loans were charged off, and a rate would give the count away.
How charge-offs are measured
The group is loans approved from October 2019 to September 2022, the newest loans old enough to have had time to go bad. A loan counts as charged off when the lender wrote it off as a loss, as SBA's file shows through June 30, 2026. How we measure it.
Common questions
Can I get an SBA loan to open or buy a unit of WaterStation?
Yes, if a lender approves you and the brand is eligible. Under SBA rules, a brand that meets the FTC definition of a franchise must be on the SBA Franchise Directory to obtain SBA financing (SOP 50 10 8.1, Sec. A, Ch. 1, Para. G). SBA's file records 109 loans to WaterStation franchisees from October 2019 through June 2026. That is history, not a current listing. Check the SBA Franchise Directory, then ask your lender.
Does this page say whether WaterStation is a good investment?
No. This page reports what SBA's loan file shows. A loan to a brand's owners is not a rating of the brand. SBA says a Directory listing is not an endorsement or a guaranty of the brand's success (SOP 50 10 8.1, Sec. A, Ch. 1, Para. G). Ask the brand for its franchise disclosure document and talk with current owners before you sign.
How to read this
Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Franchise is the brand SBA recorded on the loan. Express counts SBA Express and Export Express loans. Cancelled loans are not counted. Business age is the answer recorded on the loan. How we build these pages.
Sources
- U.S. Small Business Administration, 7(a) and 504 FOIA loan-level data, as of June 30, 2026
- 13 CFR ยง 120.214(d)(4); SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.5 (Para. B begins p. 126)
- SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)
- SOP 50 10 8.1, Sec. B, Ch. 2, Para. C.2 (Para. C begins p. 127)
- SOP 50 10 8.1, Sec. B, Ch. 1, Para. C (p. 118)
- SOP 50 10 8.1, Sec. B, Ch. 1, Para. C (p. 118); Sec. B, Ch. 2, Para. C (p. 127)
- SOP 50 10 8.1, Sec. A, Ch. 1, Para. G.5 (Para. G begins p. 30)
- SOP 50 10 8.1, App. 15, Para. A.1, Types of changes of ownership
- SBA Franchise Directory
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Cite this page: SBA loans to WaterStation franchisees. SBA Express Loans, Janover Capital LLC (data as of June 30, 2026). https://www.sbaexpress.loans/franchises/waterstation/
Ask lending partners about a franchise loan
Describe your purchase and the amount you need. You may be referred to lenders, and the lender makes the credit decision.
Janover Capital LLC is not a lender and is not the SBA. The lender makes the credit decision. A lender or marketplace may pay us a referral fee if we connect you, at no cost to you. Advertiser disclosure.