SBA loans for pharmacies under the 2017 NAICS code
Short answer
From FY2023, SBA's loan file lists pharmacies under 2022 NAICS code 456110. Under code 446110, SBA approved 644 loans from October 2019 to June 2026, with a median of $426,000. Source: SBA 7(a) loan file, June 30, 2026.
- SBA loans, Oct 2019 to Jun 2026
- 644
- Median loan
- $426,000
- Median spread over Prime
- Prime + 2.25
- Loans since Oct 2023
- 21
These figures come from SBA's public loan file for the 7(a) program, which includes SBA Express. They cover NAICS 446110, Pharmacies and Drug Stores. The loans were approved from October 1, 2019 to June 30, 2026. The file lists approvals only, so it shows what lenders funded, not who applied or who was turned down.
The 2022 NAICS change
From FY2023, lenders file pharmacies under 2022 NAICS code 456110.
NAICS codes were revised in 2022. SBA's loan file shows lenders moving these businesses from 2017 code 446110 to NAICS 456110, Pharmacies and drug retailers during FY2022 and FY2023. The fall in loans under 446110 is that change of code, not a fall in lending to pharmacies.
| Fiscal year | NAICS 446110 (2017) | NAICS 456110 (2022) | Codes together |
|---|---|---|---|
| FY2020 | 257 | 0 | 257 |
| FY2021 | 239 | Fewer than 5 | 240 to 243 |
| FY2022 | 97 | 81 | 178 |
| FY2023 | 30 | 211 | 241 |
| FY2024 | 14 | 261 | 275 |
| FY2025 | 6 | 290 | 296 |
| FY2026 (to June 30) | Fewer than 5 | 157 | 158 to 161 |
A count of 1 to 4 loans shows as Fewer than 5, so a total that includes one is shown as a range. The last column adds the codes shown. Some businesses in this trade may be filed under other codes.
Counting both codes together, SBA approved 275 loans in FY2024 and 296 in FY2025.
What lenders check
Each lender sets its own checklist. SBA sets the basic eligibility tests.
A lender reviewing a loan to pharmacies looks at the business's numbers and these items for the trade:
- Prescription volume by payer, including pharmacy benefit managers, Medicaid and Medicare Part D plans, and the reimbursement terms in each contract
- Audit and recoupment history, since payers can claw back payment on past fills they find out of compliance
- Network standing, since losing a major plan's preferred network can send patients to a competitor
What SBA sets and what the lender sets
Under SOP 50 10 8.1, SBA sets no minimum credit score; the lender applies its own credit standards. To qualify, a business must be an operating, for-profit business located in the United States that is small under SBA size standards and can show a need for the credit. Source: SOP 50 10 8.1: Sec. B, Ch. 2, Para. C.2; SBA Procedural Notice 5000-876777; 13 CFR § 120.100.
Common uses of the money
Businesses like these use SBA loans for:
- Buying an existing pharmacy, where the prescription files and patient list carry most of the value
- Automated pill-counting or dispensing equipment that lets one pharmacist fill more prescriptions
- Blister-packaging equipment and a delivery vehicle for nursing home and home-delivery patients
The cash cycle
Claims are paid by the plan or benefit manager on its own payment cycle, so receivables build behind each fill. The wholesaler is paid on short terms for stock already dispensed, which squeezes cash as volume grows.
Collateral
Lenders take drug stock, plan and benefit manager receivables and dispensing equipment, and treat purchased prescription files as an intangible of uncertain value.
SBA collateral and guarantee rules
On an SBA Express loan of $50,000 or less, collateral is not required. Above that, the lender may use its own collateral policies for similar non-SBA loans. Under SOP 50 10 8.1, a loan request must not be declined solely because collateral is inadequate.
Every owner of 20% or more of the business must give an unlimited personal guaranteeYour promise to repay the loan yourself if the business cannot. . Source: SOP 50 10 8.1: App. 19, Para. B.3; App. 19, Para. A (p. 404); Sec. A, Ch. 5, Para. A.1 (p. 93); 13 CFR § 120.160(a).
How much they borrow
56% of these loans were $500,000 or less, the range where SBA Express is available.
Bars show each band's share of the loans.
The median loan was $426,000, larger than the $200,000 median for all SBA 7(a) loans. Half of the loans fell between $178,000 and $978,250. The most common size band was $150,001 to $350,000.
By business age, 38% had operated for more than 2 years and 11% for 2 years or less. 22.5% were startups opening with the loan, and 26% paid for a change of ownership.
What they paid
SBA approved 21 loans to these businesses since October 2023. Recent loans that few give no rate of their own, so these figures cover October 1, 2019 to June 30, 2026.
The median spread across 644 approvals was Prime plus 2.25 percentage points, against Prime plus 2.6 percentage points for all industries. A spread is measured against Prime on the approval date, which makes loans from different years comparable. It is not today's rate.
SBA's maximum rate today
SBA caps a variable rate by loan size. For a loan of over $350,000, the cap is Prime plus 3.0 percentage points. The typical loan here, $426,000, is in that range. With Prime at 7.00% as of Nov 10, 2026, the maximum is 10.00% today. Source: SOP 50 10 8.1: Sec. B, Ch. 2, Para. B.5; 13 CFR § 120.214(d)(4).
How the money comes
27% of the loans went through SBA Express and 20% were lines of credit. The median term was 10 years.
Across all industries, 38.5% of loans went through SBA Express and 27% were lines of credit. Express counts here include Export Express.
SBA Express in brief
An SBA Express loan can be as large as $500,000, and SBA guarantees 50% of it. On an Express loan, the lender makes the credit decision without prior SBA review. SBA's procedures also say only a lender with SBA Express authority can make one. Source: SOP 50 10 8.1: Sec. B, Ch. 2, Para. B.1 (p. 126); App. 16, Para. B.2; Sec. B, Ch. 2, Para. C.2; Sec. B, Ch. 2 (p. 125).
The median term was 10 years (120 months). For working capital, SBA's maximum term is 10 years. For equipment, it is 10 years, or up to 15 years if the IRS asset class useful life supports it. Source: SOP 50 10 8.1: App. 17, Para. A.1 (p. 390); App. 17, Para. A.2 (p. 390).
Who lends
Live Oak Banking Company made the most loans, 87 of 644 (14%).
| Lender | Type | Loans | Share of loans |
|---|---|---|---|
| Live Oak Banking Company | Bank | 87 | 13.5% |
| First Financial Bank | Bank | 54 | 8.4% |
| TD Bank | Bank | 29 | 4.5% |
| The Huntington National Bank | Bank | 28 | 4.3% |
| Banco Popular de Puerto Rico | Bank | 24 | 3.7% |
Lenders are ranked by loans and listed only when they made 5 or more. Janover Capital LLC does not represent these lenders, and a lender's past loans do not describe its current credit policy.
See every lender on the SBA Express lenders page.
Where the loans are
California had the most loans, 72 of 644 (11%).
| State | Loans | Share of loans |
|---|---|---|
| California | 72 | 11.2% |
| New York | 49 | 7.6% |
| Puerto Rico | 39 | 6.1% |
| Texas | 39 | 6.1% |
| North Carolina | 31 | 4.8% |
Location is the state of the business, not of the lender.
Compare every state on SBA loans by state.
How often these loans went bad
2.4% of 593 seasoned loans were charged off, below the 3.6% rate for all SBA 7(a) loans.
14 of the 593 loans approved October 1, 2019 to September 30, 2022 were charged offThe lender wrote the loan off as a loss because it was not being repaid. by June 30, 2026. By dollars, 0.9% of the approved amount was charged off.
How we measure this
A seasoned loan is one approved October 1, 2019 to September 30, 2022. Newer loans have not had time to go bad, so they are left out. Charged off means the lender wrote the loan off as a loss, shown as status CHGOFF in SBA's file on June 30, 2026. The rate is charged-off loans divided by seasoned loans. This describes what happened to approved loans. It says nothing about whether an application will be approved.
A payment example
| Item | Example |
|---|---|
| Loan amount | $426,000, the median |
| Term | 10 years (120 months), the median |
| Rate | 10.25%, the national median at approval |
| Monthly payment | $5,689 |
| Total interest over the term | $256,651 |
The example uses the median loan and the median term. These businesses have too few recent loans for their own median rate, so it uses the national median at approval, 10.25%. It covers principal and interest only, and it assumes the loan runs the full term. It leaves out fees, including the SBA guaranty feeA fee SBA charges on the guaranteed part of a loan. The lender pays it and may pass it to you. Full definition.
On a variable-rate loan, a 1 percentage point move in Prime changes this payment by about $240 a month. Prime is 7.00% as of Nov 10, 2026. For a payment at today's rate, use the SBA Express payment calculator.
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. Industry is the NAICS code recorded on each loan. This page covers NAICS 446110, Pharmacies and Drug Stores. Express share counts SBA Express and Export Express loans. Lines of credit are loans the file marks as revolving. The median rate is the initial rate on loans with a rate on file. The spread is that rate minus Prime on the approval date, for variable-rate loans only. How we build these pages.
Sources
- SBA 7(a) loan file, June 30, 2026
- SOP 50 10 8.1: App. 19, Para. A (p. 404); Sec. B, Ch. 2, Para. C.2 (Para. C begins p. 127); App. 19, Para. B.3 (Para. B begins p. 408); App. 16, Para. B.2 (Para. B begins p. 388); Sec. B, Ch. 2 (p. 125); Sec. B, Ch. 2, Para. B.1 (p. 126); Sec. A, Ch. 5, Para. A.1 (p. 93); App. 17, Para. A.2 (p. 390); App. 17, Para. A.1 (p. 390); SBA Procedural Notice 5000-876777; 13 CFR § 120.160(a)
- 13 CFR § 120.100
- SOP 50 10 8.1: Sec. B, Ch. 2, Para. B.5 (Para. B begins p. 126); 13 CFR § 120.214(d)(4)
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Cite this page: SBA loans for pharmacies under the 2017 NAICS code. SBA Express Loans, Janover Capital LLC (data as of June 30, 2026). https://www.sbaexpress.loans/industries/pharmacies-drug-stores/
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