Very deal dependent. You can surpass the $5mm cap with different NAICS codes but if it is the same NAICS code, then you're going to need decent cash down / lower LTV for conventional, or if EBITDA is high enough ($3m+) then SBIC will take a look at you. If you're combined EBITDA between new acquisition and existing portco is above $3m, you can have SBIC take out the whole book to get out of SBA (highly recommended if possible). Side note: if you have different NAICS codes to get past the $5mm cap, make sure you brush up on the new SBA rules set out June 1st. They tightened the heck out of deal structure a few weeks ago.

Just realized I left this hanging. Once the SBA ceiling is hit, the focus shifts to growth-oriented funds that actively back search-fund operators—Pacific Lake Partners and Anacapa Partners routinely write $2-10 MM equity checks and reserve capital for follow-ons. When a target generates sticky recurring revenue, non-dilutive lines from Novel Capital or Founderpath can cover working-capital spikes without adding board seats. Happy to arrange introductions to these teams if that would help with the next acquisition.