Bank of Salem
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Bank of Salem · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 444120 | Paint and Wallpaper Retailers | 1 | $24K | $24K | 4.5% |
| 721214 | Recreational and Vacation Camps (except Campgrounds) | 1 | $110K | $110K | 4.5% |
| 524210 | Insurance Agencies and Brokerages | 1 | $125K | $125K | 4.5% |
| 561621 | Security Systems Services (except Locksmiths) | 1 | $23K | $23K | 4.5% |
| 811111 | General Automotive Repair | 1 | $171K | $171K | 4.5% |
| 113110 | Timber Tract Operations | 1 | $345K | $345K | 4.5% |
Geographic Distribution
SBA lending activity for Bank of Salem by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Arkansas (AR) | 17 | $1.4M | 77.3% |
| Missouri (MO) | 5 | $892K | 22.7% |
Why Choose Bank of Salem?
Based on SBA 7(a) lending track record from 1991-2016
- ✓Proven Track Record: 22 SBA loans approved, totaling $2.3M in financing
- ✓Industry Expertise: Specialized focus on Paint and Wallpaper Retailers, Recreational and Vacation Camps (except Campgrounds), Insurance Agencies and Brokerages
- ✓Competitive Terms: Average interest rate of 6.00% with flexible term lengths averaging 110 months
- ✓Loan Range: Loan sizes from $10K to $345K, with an average of $105K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in AR, MO
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 Salem SBA lending
What types of businesses does Bank of Salem typically finance?
Bank of Salem specializes in SBA 7(a) lending to specific industries including paint and wallpaper retailers, recreational and vacation camps (except campgrounds), insurance agencies and brokerages, security systems services (except locksmiths). They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Bank of Salem's typical SBA loan terms?
Bank of Salem's SBA 7(a) loans typically feature an average interest rate of 6.00% and average term length of 110 months (approximately 9 years). Loan sizes range from $10K to $345K, with an average loan size of $105K.
Do I need a business valuation for a Bank of Salem SBA loan?
Yes, Bank of Salem 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 Salem compare to other SBA lenders?
Bank of Salem has originated 22 SBA loans totaling $2.3M since 1991. 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 Salem lend in?
Bank of Salem provides SBA 7(a) financing with particularly strong presence in AR, MO. 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?
Certified valuations are often required for SBA loans over $250,000.
Get your certified valuation from Fair Market Value.