Chelsea State Bank
SBA 7(a) Lending Profile · FY 2024 analysis
Industry Focus
Top industries served by Chelsea State Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 332710 | Machine Shops | 24 | $11.8M | $492K | 7.5% |
| 812990 | All Other Personal Services | 24 | $19.6M | $817K | 7.5% |
| 722511 | Full-Service Restaurants | 16 | $4.7M | $293K | 5.0% |
| 311811 | Retail Bakeries | 16 | $1.2M | $78K | 5.0% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 16 | $1.9M | $117K | 5.0% |
| 445310 | Beer, Wine, and Liquor Stores | 16 | $680K | $43K | 5.0% |
| 456191 | Other | 8 | $226K | $28K | 2.5% |
| 722513 | Limited-Service Restaurants | 8 | $1.1M | $137K | 2.5% |
| 561499 | All Other Business Support Services | 8 | $10.2M | $1.3M | 2.5% |
| 541611 | Administrative Management and General Management Consulting Services | 8 | $2.0M | $250K | 2.5% |
Geographic Distribution
SBA lending activity for Chelsea State Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 320 | $177.4M | 100.0% |
Why Choose Chelsea State Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 320 SBA loans approved, totaling $177.4M in financing
- ✓Industry Expertise: Specialized focus on Machine Shops, All Other Personal Services, Full-Service Restaurants
- ✓Competitive Terms: Average interest rate of 7.27% with flexible term lengths averaging 140 months
- ✓Loan Range: Loan sizes from $20K to $3.5M, with an average of $554K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in MI
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 Chelsea State Bank SBA lending
What types of businesses does Chelsea State Bank typically finance?
Chelsea State Bank specializes in SBA 7(a) lending to specific industries including machine shops, all other personal services, full-service restaurants, retail bakeries. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Chelsea State Bank's typical SBA loan terms?
Chelsea State Bank's SBA 7(a) loans typically feature an average interest rate of 7.27% and average term length of 140 months (approximately 12 years). Loan sizes range from $20K to $3.5M, with an average loan size of $554K.
Do I need a business valuation for a Chelsea State Bank SBA loan?
Yes, Chelsea 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 Chelsea State Bank compare to other SBA lenders?
Chelsea State Bank has originated 320 SBA loans totaling $177.4M 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 Chelsea State Bank lend in?
Chelsea State Bank provides SBA 7(a) financing with particularly strong presence in MI. 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.
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