Island County, and a sharp FY2019

Oak Harbor is a micropolitan area that is all Island County: 153 SBA approvals for FY2017 to FY2026, $88.3 million gross, rank 368 of 928; 130 are 7(a) and 23 are 504. Oak Harbor puts its median at $239,400. Oak Harbor is 1.15x the national figure. For Oak Harbor, half of loans run $50,600 to $626,000. Brands hold 11.1% of the count.

The biggest Oak Harbor class is full-service restaurant, 18 loans, with limited-service restaurant next at 9, and gas station and truck stop and beverage manufacturing level at 6; 91 loans sit outside the classes. The year of FY2019 stands out, with 27 loans and $23.0 million, the peak count and a very large dollar total, followed by a low of 7 loans and $5.8 million in FY2022. FY2017 had 23 loans and $6.9 million, and FY2026 12 loans and $9.0 million. Any Oak Harbor study should say whether its demand case resembles the lively FY2019 or the quiet FY2022.

Oak Harbor lenders

Harborstone CU is first on 7(a) in Oak Harbor with 26 loans and $9.9 million; U.S. Bank, National Association and Heritage Bank (WA) share 16 loans each, worth $8.1 million and $2.5 million. Northwest Business Development Association holds 13 loans and $11.2 million on 504. Oak Harbor holders are in SBA's records. Oak Harbor: each name holds or held loans. Oak Harbor counts describe volume, not lender practice, and Oak Harbor counts state no requirement.

Oak Harbor floors and the study

Oak Harbor cancellations after approval reached at least 12.1%. Oak Harbor approvals span FY2017 to FY2024. Oak Harbor withholds its ceiling for loans never disbursed. Oak Harbor lacks loans to support it. Oak Harbor reports no charge-off rate. Too few Oak Harbor loans back one; Oak Harbor is not a zero. Every Oak Harbor rate here is a floor, as open Oak Harbor loans may move it. Oak Harbor places projects by county name. Oak Harbor loses loans lacking a placeable county. Oak Harbor's members follow the July 2023 delineation. Oak Harbor counts all approvals, named or not. For Oak Harbor, confirm the site's demand and price the build, then stress debt service and set value against Island County sales; a brewery adds production capacity and distribution reach. Oak Harbor studies come from Loan Analytics. Oak Harbor studies are signed by Daniel Smith, MAI.

SBA loans in the Oak Harbor, WA Micro Area

Loans approved, FY2017 to FY2026	153
Gross dollars approved	$88.3 million
Median loan	$239,400
Middle half of loans, from	$50,600
Middle half of loans, to	$626,000
SBA 7(a) loans	130
SBA 504 loans	23
Franchise share of loans	11.1%
Rank among metro and micro areas by loans	368 of 928
Median loan against the national median	1.15x

Cancellation and charge-off

Cancelled after approval, FY2017 to FY2024 approvals (a floor)	12.1%
The same, counting loans still undisbursed as cancelled (a ceiling)	withheld
Charged off to date, FY2017 to FY2021 disbursed loans (a floor)	withheld

Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.

SBA loans approved in the Oak Harbor, WA Micro Area, by fiscal year

Fiscal year	Loans	Dollars
FY2017	23	$6.9 million
FY2018	20	$4.7 million
FY2019	27	$23.0 million
FY2020	13	$11.1 million
FY2021	11	$10.7 million
FY2022	7	$5.8 million
FY2023	12	$6.9 million
FY2024	11	$6.2 million
FY2025	17	$3.9 million
FY2026	12	$9.0 million

Loans by asset class

Asset class	Loans
Not in any of the 39 asset classes	91
Full-service restaurant	18
Limited-service restaurant	9
Gas station and truck stop	6
Beverage manufacturing (breweries, wineries, distilleries)	6

Classes with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.

Most active SBA lenders

SBA 504: lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
Northwest Business Development Association	13	$11.2 million

SBA 7(a): lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
Harborstone CU	26	$9.9 million
U.S. Bank, National Association	16	$8.1 million
Heritage Bank (WA)	16	$2.5 million
Wells Fargo Bank National Association	8	$132,500
KeyBank National Association	5	$4.1 million

Lenders with 5 or more loans here; a lender with fewer is not listed, and loans SBA or a receiver holds are counted but never listed as a lender.

Where the loans are, by county

County	Loans
Island County, WA	153

Counties with 5 or more loans; smaller ones are not listed.

Metro is the CBSA (metropolitan or micropolitan statistical area) of the loan's project county, July 2023 delineation (OMB Bulletin 23-01). The county is matched by name (manifests/ld2/county-cbsa-map.csv); a loan whose county cannot be placed in a 2023 CBSA is left out of every metro.

All assets: every 7(a) and 504 approval in the metro, including those outside the 39 asset classes.

A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.

Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; areas from the U.S. Census Bureau CBSA delineation, July 2023 (OMB Bulletin 23-01); Loan Analytics metro cell MT-36020.

Related feasibility study pages

Worked examples

Worked Example: SBA 504 Hotel Feasibility Study in Washington

A worked example of the feasibility study a lender would read for a hotel project in Washington, financed with an SBA 504 loan.

State: Washington · Asset: Hotel · Program: SBA 504

Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project in the Oak Harbor, WA Micro Area, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.

Daniel Smith, MAI

Feasibility Study Data for the Oak Harbor, WA Micro Area