FinWise Bank
SBA 7(a) Lending Profile · FY 2021 analysis
Industry Focus
Top industries served by FinWise Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 541110 | Offices of Lawyers | 272 | $248.2M | $913K | 5.3% |
| 454110 | Electronic Shopping and Mail-Order Houses | 248 | $457.0M | $1.8M | 4.8% |
| 459999 | Other | 168 | $253.7M | $1.5M | 3.3% |
| 423990 | Other Miscellaneous Durable Goods Merchant Wholesalers | 152 | $237.5M | $1.6M | 2.9% |
| 238990 | All Other Specialty Trade Contractors | 96 | $135.4M | $1.4M | 1.9% |
| 455219 | Other | 96 | $71.2M | $742K | 1.9% |
| 458110 | Other | 96 | $131.4M | $1.4M | 1.9% |
| 524210 | Insurance Agencies and Brokerages | 80 | $43.3M | $542K | 1.6% |
| 541219 | Other Accounting Services | 80 | $74.6M | $932K | 1.6% |
| 722511 | Full-Service Restaurants | 80 | $92.7M | $1.2M | 1.6% |
Geographic Distribution
SBA lending activity for FinWise Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| New York (NY) | 2,728 | $3.33B | 52.9% |
| New Jersey (NJ) | 856 | $1.24B | 16.6% |
| Florida (FL) | 352 | $475.2M | 6.8% |
| Pennsylvania (PA) | 184 | $232.6M | 3.6% |
| California (CA) | 232 | $217.5M | 4.5% |
| Utah (UT) | 120 | $128.5M | 2.3% |
| Texas (TX) | 104 | $127.0M | 2.0% |
| Nevada (NV) | 72 | $124.0M | 1.4% |
| Georgia (GA) | 96 | $82.0M | 1.9% |
| South Carolina (SC) | 48 | $65.8M | 0.9% |
| Tennessee (TN) | 24 | $63.4M | 0.5% |
| Delaware (DE) | 32 | $39.6M | 0.6% |
| North Carolina (NC) | 40 | $37.9M | 0.8% |
| Connecticut (CT) | 8 | $34.4M | 0.2% |
| Missouri (MO) | 32 | $29.2M | 0.6% |
| Illinois (IL) | 32 | $24.8M | 0.6% |
| Ohio (OH) | 32 | $24.5M | 0.6% |
| Virginia (VA) | 16 | $24.4M | 0.3% |
| Arizona (AZ) | 24 | $20.9M | 0.5% |
| Massachusetts (MA) | 16 | $14.7M | 0.3% |
| Maryland (MD) | 16 | $10.8M | 0.3% |
| Kentucky (KY) | 8 | $8.0M | 0.2% |
| Indiana (IN) | 8 | $6.8M | 0.2% |
| Washington (WA) | 16 | $4.8M | 0.3% |
| Oregon (OR) | 16 | $4.0M | 0.3% |
| Iowa (IA) | 16 | $3.8M | 0.3% |
| Michigan (MI) | 16 | $3.8M | 0.3% |
| New Hampshire (NH) | 8 | $2.8M | 0.2% |
| Arkansas (AR) | 8 | $800K | 0.2% |
Why Choose FinWise Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 5,160 SBA loans approved, totaling $6.39B in financing
- ✓Industry Expertise: Specialized focus on Offices of Lawyers, Electronic Shopping and Mail-Order Houses, Other
- ✓Competitive Terms: Average interest rate of 8.17% with flexible term lengths averaging 183 months
- ✓Loan Range: Loan sizes from $50K to $5.0M, with an average of $1.2M
- ✓Nationwide Reach: Active lending in 29 states, with strong presence in NY, NJ, FL
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 FinWise Bank SBA lending
What types of businesses does FinWise Bank typically finance?
FinWise Bank specializes in SBA 7(a) lending to specific industries including offices of lawyers, electronic shopping and mail-order houses, other, other miscellaneous durable goods merchant wholesalers. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are FinWise Bank's typical SBA loan terms?
FinWise Bank's SBA 7(a) loans typically feature an average interest rate of 8.17% and average term length of 183 months (approximately 15 years). Loan sizes range from $50K to $5.0M, with an average loan size of $1.2M.
Do I need a business valuation for a FinWise Bank SBA loan?
Yes, FinWise 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 FinWise Bank compare to other SBA lenders?
FinWise Bank has originated 5,160 SBA loans totaling $6.39B 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 FinWise Bank lend in?
FinWise Bank provides SBA 7(a) financing with particularly strong presence in NY, NJ, FL, CA, PA. 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.
Get your certified valuation from Fair Market Value.