1st State Bank
SBA 7(a) Lending Profile · FY 2023 analysis
Industry Focus
Top industries served by 1st State Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 423220 | Home Furnishing Merchant Wholesalers | 40 | $13.2M | $330K | 7.8% |
| 621112 | Offices of Physicians, Mental Health Specialists | 32 | $10.7M | $334K | 6.3% |
| 238210 | Electrical Contractors | 32 | $47.4M | $1.5M | 6.3% |
| 485510 | Charter Bus Industry | 24 | $3.6M | $150K | 4.7% |
| 722410 | Drinking Places (Alcoholic Beverages) | 24 | $2.7M | $111K | 4.7% |
| 524210 | Insurance Agencies and Brokerages | 16 | $8.0M | $500K | 3.1% |
| 311613 | Rendering and Meat Byproduct Processing | 16 | $9.8M | $612K | 3.1% |
| 722511 | Full-Service Restaurants | 16 | $11.6M | $727K | 3.1% |
| 531120 | Lessors of Nonresidential Buildings (except Miniwarehouses) | 16 | $9.6M | $603K | 3.1% |
| 722513 | Limited-Service Restaurants | 16 | $4.3M | $272K | 3.1% |
Geographic Distribution
SBA lending activity for 1st State Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 504 | $214.3M | 98.4% |
| Georgia (GA) | 8 | $5.7M | 1.6% |
Why Choose 1st State Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 512 SBA loans approved, totaling $220.0M in financing
- ✓Industry Expertise: Specialized focus on Home Furnishing Merchant Wholesalers, Offices of Physicians, Mental Health Specialists, Electrical Contractors
- ✓Competitive Terms: Average interest rate of 6.83% with flexible term lengths averaging 118 months
- ✓Loan Range: Loan sizes from $15K to $5.0M, with an average of $430K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MI, GA
Note: Approval and terms are subject to SBA and lender requirements. This profile is based on historical data and does not guarantee future lending decisions.
Frequently Asked Questions
Common questions about 1st State Bank SBA lending
What types of businesses does 1st State Bank typically finance?
1st State Bank specializes in SBA 7(a) lending to specific industries including home furnishing merchant wholesalers, offices of physicians, mental health specialists, electrical contractors, charter bus industry. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are 1st State Bank's typical SBA loan terms?
1st State Bank's SBA 7(a) loans typically feature an average interest rate of 6.83% and average term length of 118 months (approximately 10 years). Loan sizes range from $15K to $5.0M, with an average loan size of $430K.
Do I need a business valuation for a 1st State Bank SBA loan?
Yes, 1st State Bank typically requires a professional business valuation for SBA loans over $250,000 or for change-of-ownership transactions. A certified valuation helps establish the purchase price, loan amount, and ensures SBA compliance. The valuation typically costs $5,000-$15,000 depending on business complexity.
How does 1st State Bank compare to other SBA lenders?
1st State Bank has originated 512 SBA loans totaling $220.0M since 2020. They distinguish themselves through industry specialization and expertise in their focus sectors. Compare their rates and terms with other lenders in our Commercial Lending Directory.
What states does 1st State Bank lend in?
1st State Bank provides SBA 7(a) financing with particularly strong presence in MI, GA. Based on their lending history, they have experience with diverse state-specific business regulations and licensing requirements.
Research Your Target Industry Before Applying
Before applying for SBA financing, research your industry's typical loan sizes, approval rates, and specialized lenders. Understanding industry-specific financing patterns can help you find the right lender and strengthen your application.
Our industry research reports provide comprehensive intelligence for 1,000+ industries including financial benchmarks, growth trends, financing patterns, and which lenders are most active in your sector.
Explore Industry Reports →Need a Business Valuation?
Professional valuations are often required for SBA loans over $250,000.
Get your certified valuation from Fair Market Value.