ELGA Credit Union
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by ELGA Credit Union · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 3 | $1.3M | $428K | 7.5% |
| 424990 | Other Miscellaneous Nondurable Goods Merchant Wholesalers | 2 | $400K | $200K | 5.0% |
| 323111 | Commercial Printing (except Screen and Books) | 2 | $1.7M | $866K | 5.0% |
| 321911 | Wood Window and Door Manufacturing | 2 | $425K | $213K | 5.0% |
| 722410 | Drinking Places (Alcoholic Beverages) | 2 | $1.2M | $587K | 5.0% |
| 238990 | All Other Specialty Trade Contractors | 1 | $80K | $80K | 2.5% |
| 333515 | Cutting Tool and Machine Tool Accessory Manufacturing | 1 | $275K | $275K | 2.5% |
| 541350 | Building Inspection Services | 1 | $269K | $269K | 2.5% |
| 488510 | Freight Transportation Arrangement | 1 | $263K | $263K | 2.5% |
| 812112 | Beauty Salons | 1 | $106K | $106K | 2.5% |
Geographic Distribution
SBA lending activity for ELGA Credit Union by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Florida (FL) | 36 | $15.2M | 90.0% |
| Michigan (MI) | 4 | $1.0M | 10.0% |
Why Choose ELGA Credit Union?
Based on SBA 7(a) lending track record from 2008-2024
- ✓Proven Track Record: 40 SBA loans approved, totaling $16.2M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Other Miscellaneous Nondurable Goods Merchant Wholesalers, Commercial Printing (except Screen and Books)
- ✓Competitive Terms: Average interest rate of 6.18% with flexible term lengths averaging 170 months
- ✓Loan Range: Loan sizes from $75K to $1.6M, with an average of $405K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in FL, 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 ELGA Credit Union SBA lending
What types of businesses does ELGA Credit Union typically finance?
ELGA Credit Union specializes in SBA 7(a) lending to specific industries including full-service restaurants, other miscellaneous nondurable goods merchant wholesalers, commercial printing (except screen and books), wood window and door manufacturing. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are ELGA Credit Union's typical SBA loan terms?
ELGA Credit Union's SBA 7(a) loans typically feature an average interest rate of 6.18% and average term length of 170 months (approximately 14 years). Loan sizes range from $75K to $1.6M, with an average loan size of $405K.
Do I need a business valuation for a ELGA Credit Union SBA loan?
Yes, ELGA Credit Union 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 ELGA Credit Union compare to other SBA lenders?
ELGA Credit Union has originated 40 SBA loans totaling $16.2M since 2008. 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 ELGA Credit Union lend in?
ELGA Credit Union provides SBA 7(a) financing with particularly strong presence in FL, 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.
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.