Empower FCU
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Empower FCU · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 484121 | General Freight Trucking, Long-Distance, Truckload | 2 | $93K | $47K | 8.0% |
| 236118 | Residential Remodelers | 2 | $115K | $58K | 8.0% |
| 484122 | General Freight Trucking, Long-Distance, Less Than Truckload | 2 | $45K | $22K | 8.0% |
| 311812 | Commercial Bakeries | 2 | $135K | $68K | 8.0% |
| 561730 | Landscaping Services | 1 | $12K | $12K | 4.0% |
| 722511 | Full-Service Restaurants | 1 | $665K | $665K | 4.0% |
| 238310 | Drywall and Insulation Contractors | 1 | $500K | $500K | 4.0% |
| 621310 | Offices of Chiropractors | 1 | $10K | $10K | 4.0% |
| 531210 | Offices of Real Estate Agents and Brokers | 1 | $10K | $10K | 4.0% |
| 621399 | Offices of All Other Miscellaneous Health Practitioners | 1 | $45K | $45K | 4.0% |
Geographic Distribution
SBA lending activity for Empower FCU by state
| State | Loans | Volume | Share |
|---|---|---|---|
| New York (NY) | 25 | $3.0M | 100.0% |
Why Choose Empower FCU?
Based on SBA 7(a) lending track record from 2006-2017
- ✓Proven Track Record: 25 SBA loans approved, totaling $3.0M in financing
- ✓Industry Expertise: Specialized focus on General Freight Trucking, Long-Distance, Truckload, Residential Remodelers, General Freight Trucking, Long-Distance, Less Than Truckload
- ✓Competitive Terms: Average interest rate of 6.34% with flexible term lengths averaging 81 months
- ✓Loan Range: Loan sizes from $10K to $665K, with an average of $118K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in NY
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 Empower FCU SBA lending
What types of businesses does Empower FCU typically finance?
Empower FCU specializes in SBA 7(a) lending to specific industries including general freight trucking, long-distance, truckload, residential remodelers, general freight trucking, long-distance, less than truckload, commercial bakeries. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Empower FCU's typical SBA loan terms?
Empower FCU's SBA 7(a) loans typically feature an average interest rate of 6.34% and average term length of 81 months (approximately 7 years). Loan sizes range from $10K to $665K, with an average loan size of $118K.
Do I need a business valuation for a Empower FCU SBA loan?
Yes, Empower FCU 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 Empower FCU compare to other SBA lenders?
Empower FCU has originated 25 SBA loans totaling $3.0M since 2006. 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 Empower FCU lend in?
Empower FCU provides SBA 7(a) financing with particularly strong presence in NY. 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.