I've often heard people say that SBA loans have default rates below 2%. This has been used as a justification for highly leveraged acquisitions ~90% LTV and to minimize the risk of personal guarantees. But then I see the figures in the article linked below that "More than 1 in 6 loans (17.4%) awarded from 2006 through 2015 went into default..." In specific sectors the default rate is much higher, like 42.8% in multi-family housing construction. Does anyone have a comment from experience or hard data on this?