Essex Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Essex Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 238990 | All Other Specialty Trade Contractors | 2 | $750K | $375K | 4.9% |
| 621111 | Offices of Physicians (except Mental Health Specialists) | 2 | $170K | $85K | 4.9% |
| 812112 | Beauty Salons | 1 | $25K | $25K | 2.4% |
| 238320 | Painting and Wall Covering Contractors | 1 | $30K | $30K | 2.4% |
| 541611 | Administrative Management and General Management Consulting Services | 1 | $950K | $950K | 2.4% |
| 423310 | Lumber, Plywood, Millwork, and Wood Panel Merchant Wholesalers | 1 | $150K | $150K | 2.4% |
| 812310 | Coin-Operated Laundries and Drycleaners | 1 | $63K | $63K | 2.4% |
| 812990 | All Other Personal Services | 1 | $365K | $365K | 2.4% |
| 624190 | Other Individual and Family Services | 1 | $50K | $50K | 2.4% |
| 333515 | Cutting Tool and Machine Tool Accessory Manufacturing | 1 | $175K | $175K | 2.4% |
Geographic Distribution
SBA lending activity for Essex Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Connecticut (CT) | 41 | $8.2M | 100.0% |
Why Choose Essex Bank?
Based on SBA 7(a) lending track record from 1999-2024
- ✓Proven Track Record: 41 SBA loans approved, totaling $8.2M in financing
- ✓Industry Expertise: Specialized focus on All Other Specialty Trade Contractors, Offices of Physicians (except Mental Health Specialists), Beauty Salons
- ✓Competitive Terms: Average interest rate of 5.84% with flexible term lengths averaging 95 months
- ✓Loan Range: Loan sizes from $20K to $1.0M, with an average of $201K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in CT
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 Essex Bank SBA lending
What types of businesses does Essex Bank typically finance?
Essex Bank specializes in SBA 7(a) lending to specific industries including all other specialty trade contractors, offices of physicians (except mental health specialists), beauty salons, painting and wall covering contractors. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Essex Bank's typical SBA loan terms?
Essex Bank's SBA 7(a) loans typically feature an average interest rate of 5.84% and average term length of 95 months (approximately 8 years). Loan sizes range from $20K to $1.0M, with an average loan size of $201K.
Do I need a business valuation for a Essex Bank SBA loan?
Yes, Essex 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 Essex Bank compare to other SBA lenders?
Essex Bank has originated 41 SBA loans totaling $8.2M since 1999. 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 Essex Bank lend in?
Essex Bank provides SBA 7(a) financing with particularly strong presence in CT. 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.
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