Essential Credit Union
SBA 7(a) Lending Profile · FY 2022 analysis
Industry Focus
Top industries served by Essential Credit Union
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 484110 | General Freight Trucking, Local | 32 | $1.7M | $55K | 10.8% |
| 484220 | Specialized Freight (except Used Goods) Trucking, Local | 24 | $1.5M | $62K | 8.1% |
| 237130 | Power and Communication Line and Related Structures Construction | 24 | $1.5M | $63K | 8.1% |
| 531210 | Offices of Real Estate Agents and Brokers | 16 | $2.1M | $133K | 5.4% |
| 621310 | Offices of Chiropractors | 16 | $1.3M | $79K | 5.4% |
| 424310 | Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers | 16 | $1.4M | $88K | 5.4% |
| 561730 | Landscaping Services | 16 | $226K | $14K | 5.4% |
| 448190 | Other Clothing Stores | 8 | $200K | $25K | 2.7% |
| 621910 | Ambulance Services | 8 | $480K | $60K | 2.7% |
| 453998 | All Other Miscellaneous Store Retailers (except Tobacco Stores) | 8 | $440K | $55K | 2.7% |
Geographic Distribution
SBA lending activity for Essential Credit Union by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Louisiana (LA) | 296 | $17.3M | 100.0% |
Why Choose Essential Credit Union?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 296 SBA loans approved, totaling $17.3M in financing
- ✓Industry Expertise: Specialized focus on General Freight Trucking, Local, Specialized Freight (except Used Goods) Trucking, Local, Power and Communication Line and Related Structures Construction
- ✓Competitive Terms: Average interest rate of 6.35% with flexible term lengths averaging 96 months
- ✓Loan Range: Loan sizes from $8K to $240K, with an average of $58K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in LA
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 Essential Credit Union SBA lending
What types of businesses does Essential Credit Union typically finance?
Essential Credit Union specializes in SBA 7(a) lending to specific industries including general freight trucking, local, specialized freight (except used goods) trucking, local, power and communication line and related structures construction, offices of real estate agents and brokers. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Essential Credit Union's typical SBA loan terms?
Essential Credit Union's SBA 7(a) loans typically feature an average interest rate of 6.35% and average term length of 96 months (approximately 8 years). Loan sizes range from $8K to $240K, with an average loan size of $58K.
Do I need a business valuation for a Essential Credit Union SBA loan?
Yes, Essential 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 Essential Credit Union compare to other SBA lenders?
Essential Credit Union has originated 296 SBA loans totaling $17.3M 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 Essential Credit Union lend in?
Essential Credit Union provides SBA 7(a) financing with particularly strong presence in LA. 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.
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