ChoiceOne Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by ChoiceOne Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 238210 | Electrical Contractors | 160 | $53.2M | $332K | 4.4% |
| 722513 | Limited-Service Restaurants | 136 | $55.8M | $411K | 3.8% |
| 722511 | Full-Service Restaurants | 112 | $89.1M | $796K | 3.1% |
| 624410 | Child Day Care Services | 112 | $91.4M | $816K | 3.1% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 96 | $31.9M | $332K | 2.7% |
| 237130 | Power and Communication Line and Related Structures Construction | 88 | $55.8M | $634K | 2.4% |
| 623110 | Nursing Care Facilities | 88 | $109.3M | $1.2M | 2.4% |
| 531130 | Lessors of Miniwarehouses and Self-Storage Units | 80 | $135.8M | $1.7M | 2.2% |
| 811111 | General Automotive Repair | 80 | $22.7M | $284K | 2.2% |
| 621340 | Offices of Physical, Occupational and Speech Therapists, and Audiologi | 80 | $56.9M | $711K | 2.2% |
Geographic Distribution
SBA lending activity for ChoiceOne Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 3,544 | $2.26B | 98.2% |
| Ohio (OH) | 64 | $45.7M | 1.8% |
Why Choose ChoiceOne Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 3,608 SBA loans approved, totaling $2.31B in financing
- ✓Industry Expertise: Specialized focus on Electrical Contractors, Limited-Service Restaurants, Full-Service Restaurants
- ✓Competitive Terms: Average interest rate of 6.79% with flexible term lengths averaging 168 months
- ✓Loan Range: Loan sizes from $12K to $5.0M, with an average of $639K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MI, OH
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 ChoiceOne Bank SBA lending
What types of businesses does ChoiceOne Bank typically finance?
ChoiceOne Bank specializes in SBA 7(a) lending to specific industries including electrical contractors, limited-service restaurants, full-service restaurants, child day care services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are ChoiceOne Bank's typical SBA loan terms?
ChoiceOne Bank's SBA 7(a) loans typically feature an average interest rate of 6.79% and average term length of 168 months (approximately 14 years). Loan sizes range from $12K to $5.0M, with an average loan size of $639K.
Do I need a business valuation for a ChoiceOne Bank SBA loan?
Yes, ChoiceOne 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 ChoiceOne Bank compare to other SBA lenders?
ChoiceOne Bank has originated 3,608 SBA loans totaling $2.31B 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 ChoiceOne Bank lend in?
ChoiceOne Bank provides SBA 7(a) financing with particularly strong presence in MI, OH. 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.