BankNorth
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by BankNorth · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 212321 | Construction Sand and Gravel Mining | 12 | $545K | $45K | 12.2% |
| 811121 | Automotive Body, Paint, and Interior Repair and Maintenance | 6 | $530K | $88K | 6.1% |
| 811490 | Other Personal and Household Goods Repair and Maintenance | 2 | $165K | $83K | 2.0% |
| 115114 | Postharvest Crop Activities (except Cotton Ginning) | 2 | $1.5M | $763K | 2.0% |
| 115112 | Soil Preparation, Planting, and Cultivating | 2 | $280K | $140K | 2.0% |
| 812199 | Other Personal Care Services | 2 | $149K | $74K | 2.0% |
| 238910 | Site Preparation Contractors | 2 | $40K | $20K | 2.0% |
| 445110 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 2 | $874K | $437K | 2.0% |
| 811111 | General Automotive Repair | 2 | $42K | $21K | 2.0% |
| 488410 | Motor Vehicle Towing | 1 | $65K | $65K | 1.0% |
Geographic Distribution
SBA lending activity for BankNorth by state
| State | Loans | Volume | Share |
|---|---|---|---|
| North Dakota (ND) | 89 | $15.1M | 90.8% |
| South Dakota (SD) | 9 | $1.8M | 9.2% |
Why Choose BankNorth?
Based on SBA 7(a) lending track record from 1991-2019
- ✓Proven Track Record: 98 SBA loans approved, totaling $16.9M in financing
- ✓Industry Expertise: Specialized focus on Construction Sand and Gravel Mining, Automotive Body, Paint, and Interior Repair and Maintenance, Other Personal and Household Goods Repair and Maintenance
- ✓Competitive Terms: Average interest rate of 6.36% with flexible term lengths averaging 80 months
- ✓Loan Range: Loan sizes from $6K to $882K, with an average of $172K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in ND, SD
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 BankNorth SBA lending
What types of businesses does BankNorth typically finance?
BankNorth specializes in SBA 7(a) lending to specific industries including construction sand and gravel mining, automotive body, paint, and interior repair and maintenance, other personal and household goods repair and maintenance, postharvest crop activities (except cotton ginning). They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are BankNorth's typical SBA loan terms?
BankNorth's SBA 7(a) loans typically feature an average interest rate of 6.36% and average term length of 80 months (approximately 7 years). Loan sizes range from $6K to $882K, with an average loan size of $172K.
Do I need a business valuation for a BankNorth SBA loan?
Yes, BankNorth 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 BankNorth compare to other SBA lenders?
BankNorth has originated 98 SBA loans totaling $16.9M 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 BankNorth lend in?
BankNorth provides SBA 7(a) financing with particularly strong presence in ND, SD. 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.