Citizens National Bank of Cheboygan
SBA 7(a) Lending Profile · FY 2024 analysis
Industry Focus
Top industries served by Citizens National Bank of Cheboygan
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 721110 | Hotels (except Casino Hotels) and Motels | 40 | $22.0M | $550K | 16.1% |
| 238990 | All Other Specialty Trade Contractors | 32 | $8.3M | $260K | 12.9% |
| 722511 | Full-Service Restaurants | 24 | $6.4M | $268K | 9.7% |
| 311612 | Meat Processed from Carcasses | 16 | $2.5M | $158K | 6.5% |
| 812210 | Funeral Homes and Funeral Services | 16 | $16.8M | $1.0M | 6.5% |
| 562991 | Septic Tank and Related Services | 16 | $5.5M | $343K | 6.5% |
| 532310 | General Rental Centers | 8 | $3.8M | $476K | 3.2% |
| 561730 | Landscaping Services | 8 | $2.4M | $305K | 3.2% |
| 621310 | Offices of Chiropractors | 8 | $656K | $82K | 3.2% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 8 | $1.6M | $206K | 3.2% |
Geographic Distribution
SBA lending activity for Citizens National Bank of Cheboygan by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 248 | $101.0M | 100.0% |
Why Choose Citizens National Bank of Cheboygan?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 248 SBA loans approved, totaling $101.0M in financing
- ✓Industry Expertise: Specialized focus on Hotels (except Casino Hotels) and Motels, All Other Specialty Trade Contractors, Full-Service Restaurants
- ✓Competitive Terms: Average interest rate of 6.09% with flexible term lengths averaging 152 months
- ✓Loan Range: Loan sizes from $31K to $1.6M, with an average of $407K
- ✓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 Citizens National Bank of Cheboygan SBA lending
What types of businesses does Citizens National Bank of Cheboygan typically finance?
Citizens National Bank of Cheboygan specializes in SBA 7(a) lending to specific industries including hotels (except casino hotels) and motels, all other specialty trade contractors, full-service restaurants, meat processed from carcasses. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Citizens National Bank of Cheboygan's typical SBA loan terms?
Citizens National Bank of Cheboygan's SBA 7(a) loans typically feature an average interest rate of 6.09% and average term length of 152 months (approximately 13 years). Loan sizes range from $31K to $1.6M, with an average loan size of $407K.
Do I need a business valuation for a Citizens National Bank of Cheboygan SBA loan?
Yes, Citizens National Bank of Cheboygan 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 Citizens National Bank of Cheboygan compare to other SBA lenders?
Citizens National Bank of Cheboygan has originated 248 SBA loans totaling $101.0M 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 Citizens National Bank of Cheboygan lend in?
Citizens National Bank of Cheboygan 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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Professional valuations are often required for SBA loans over $250,000.
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