Farmers State Bank of Hoffman
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Farmers State Bank of Hoffman · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722410 | Drinking Places (Alcoholic Beverages) | 2 | $173K | $86K | 9.5% |
| 312130 | Wineries | 2 | $181K | $91K | 9.5% |
| 562998 | All Other Miscellaneous Waste Management Services | 2 | $473K | $237K | 9.5% |
| 541921 | Photography Studios, Portrait | 1 | $87K | $87K | 4.8% |
| 621410 | Family Planning Centers | 1 | $56K | $56K | 4.8% |
| 811111 | General Automotive Repair | 1 | $60K | $60K | 4.8% |
Geographic Distribution
SBA lending activity for Farmers State Bank of Hoffman by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 13 | $2.8M | 61.9% |
| Minnesota (MN) | 8 | $1.9M | 38.1% |
Why Choose Farmers State Bank of Hoffman?
Based on SBA 7(a) lending track record from 1991-2018
- ✓Proven Track Record: 21 SBA loans approved, totaling $4.7M in financing
- ✓Industry Expertise: Specialized focus on Drinking Places (Alcoholic Beverages), Wineries, All Other Miscellaneous Waste Management Services
- ✓Competitive Terms: Average interest rate of 6.00% with flexible term lengths averaging 144 months
- ✓Loan Range: Loan sizes from $25K to $1.2M, with an average of $222K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in IL, MN
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 Farmers State Bank of Hoffman SBA lending
What types of businesses does Farmers State Bank of Hoffman typically finance?
Farmers State Bank of Hoffman specializes in SBA 7(a) lending to specific industries including drinking places (alcoholic beverages), wineries, all other miscellaneous waste management services, photography studios, portrait. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Farmers State Bank of Hoffman's typical SBA loan terms?
Farmers State Bank of Hoffman's SBA 7(a) loans typically feature an average interest rate of 6.00% and average term length of 144 months (approximately 12 years). Loan sizes range from $25K to $1.2M, with an average loan size of $222K.
Do I need a business valuation for a Farmers State Bank of Hoffman SBA loan?
Yes, Farmers State Bank of Hoffman 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 Farmers State Bank of Hoffman compare to other SBA lenders?
Farmers State Bank of Hoffman has originated 21 SBA loans totaling $4.7M since 1991. 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 Farmers State Bank of Hoffman lend in?
Farmers State Bank of Hoffman provides SBA 7(a) financing with particularly strong presence in IL, MN. 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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Explore Industry Reports →Need a Business Valuation?
Certified valuations are often required for SBA loans over $250,000.
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