Bank of America, National Association
SBA 7(a) Lending Profile · FY 2021 analysis
Industry Focus
Top industries served by Bank of America, National Association
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 621210 | Offices of Dentists | 1,624 | $1.06B | $652K | 4.8% |
| 722511 | Full-Service Restaurants | 1,160 | $549.8M | $474K | 3.4% |
| 541110 | Offices of Lawyers | 840 | $375.0M | $446K | 2.5% |
| 621111 | Offices of Physicians (except Mental Health Specialists) | 840 | $654.9M | $780K | 2.5% |
| 541511 | Custom Computer Programming Services | 808 | $335.9M | $416K | 2.4% |
| 624410 | Child Day Care Services | 736 | $595.8M | $810K | 2.2% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 680 | $270.7M | $398K | 2.0% |
| 524210 | Insurance Agencies and Brokerages | 632 | $277.1M | $438K | 1.9% |
| 561431 | Private Mail Centers | 608 | $337.7M | $555K | 1.8% |
| 541512 | Computer Systems Design Services | 568 | $309.9M | $546K | 1.7% |
Geographic Distribution
SBA lending activity for Bank of America, National Association by state
| State | Loans | Volume | Share |
|---|---|---|---|
| California (CA) | 8,120 | $3.77B | 23.8% |
| Florida (FL) | 7,016 | $3.06B | 20.6% |
| Texas (TX) | 3,016 | $1.72B | 8.8% |
| New York (NY) | 1,624 | $855.9M | 4.8% |
| Georgia (GA) | 1,288 | $647.4M | 3.8% |
| New Jersey (NJ) | 1,024 | $607.1M | 3.0% |
| Washington (WA) | 1,240 | $546.3M | 3.6% |
| North Carolina (NC) | 1,088 | $546.2M | 3.2% |
| Illinois (IL) | 1,216 | $484.9M | 3.6% |
| Massachusetts (MA) | 1,120 | $434.4M | 3.3% |
| Virginia (VA) | 848 | $339.5M | 2.5% |
| Pennsylvania (PA) | 408 | $338.1M | 1.2% |
| Nevada (NV) | 624 | $321.6M | 1.8% |
| Arizona (AZ) | 792 | $319.4M | 2.3% |
| Michigan (MI) | 552 | $267.7M | 1.6% |
| Maryland (MD) | 624 | $236.7M | 1.8% |
| South Carolina (SC) | 448 | $234.3M | 1.3% |
| Tennessee (TN) | 440 | $234.0M | 1.3% |
| Connecticut (CT) | 448 | $213.5M | 1.3% |
| Colorado (CO) | 240 | $211.4M | 0.7% |
| Oregon (OR) | 264 | $132.9M | 0.8% |
| Missouri (MO) | 224 | $124.0M | 0.7% |
| Utah (UT) | 88 | $122.3M | 0.3% |
| Rhode Island (RI) | 216 | $95.4M | 0.6% |
| Oklahoma (OK) | 120 | $93.3M | 0.4% |
| Ohio (OH) | 104 | $64.6M | 0.3% |
| Maine (ME) | 40 | $55.1M | 0.1% |
| New Mexico (NM) | 80 | $53.0M | 0.2% |
| Indiana (IN) | 80 | $52.4M | 0.2% |
| New Hampshire (NH) | 104 | $51.0M | 0.3% |
| Kansas (KS) | 120 | $50.4M | 0.4% |
| Minnesota (MN) | 80 | $45.8M | 0.2% |
| District of Columbia (DC) | 120 | $39.6M | 0.4% |
| Arkansas (AR) | 56 | $38.4M | 0.2% |
| Delaware (DE) | 24 | $30.5M | 0.1% |
| Louisiana (LA) | 56 | $17.7M | 0.2% |
| Idaho (ID) | 48 | $14.3M | 0.1% |
| Wisconsin (WI) | 24 | $13.5M | 0.1% |
| Alabama (AL) | 24 | $13.5M | 0.1% |
| Kentucky (KY) | 24 | $10.4M | 0.1% |
| Wyoming (WY) | 8 | $7.2M | 0.0% |
| Iowa (IA) | 16 | $6.2M | 0.0% |
| Vermont (VT) | 16 | $4.6M | 0.0% |
| Alaska (AK) | 8 | $3.2M | 0.0% |
| Mississippi (MS) | 8 | $2.8M | 0.0% |
Why Choose Bank of America, National Association?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 34,128 SBA loans approved, totaling $16.53B in financing
- ✓Industry Expertise: Specialized focus on Offices of Dentists, Full-Service Restaurants, Offices of Lawyers
- ✓Competitive Terms: Average interest rate of 7.15% with flexible term lengths averaging 164 months
- ✓Loan Range: Loan sizes from $10K to $5.0M, with an average of $484K
- ✓Nationwide Reach: Active lending in 45 states, with strong presence in CA, FL, TX
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 Bank of America, National Association SBA lending
What types of businesses does Bank of America, National Association typically finance?
Bank of America, National Association specializes in SBA 7(a) lending to specific industries including offices of dentists, full-service restaurants, offices of lawyers, offices of physicians (except mental health specialists). They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Bank of America, National Association's typical SBA loan terms?
Bank of America, National Association's SBA 7(a) loans typically feature an average interest rate of 7.15% and average term length of 164 months (approximately 14 years). Loan sizes range from $10K to $5.0M, with an average loan size of $484K.
Do I need a business valuation for a Bank of America, National Association SBA loan?
Yes, Bank of America, National Association 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 Bank of America, National Association compare to other SBA lenders?
Bank of America, National Association has originated 34,128 SBA loans totaling $16.53B 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 Bank of America, National Association lend in?
Bank of America, National Association provides SBA 7(a) financing with particularly strong presence in CA, FL, TX, NY, 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.