First Bank Elk River
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First Bank Elk River
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 323111 | Commercial Gravure Printing | 8 | $320K | $40K | 33.3% |
| 811310 | Commercial and Industrial Machinery and Equipment (except Automotive a | 8 | $200K | $25K | 33.3% |
| 541690 | Other Scientific and Technical Consulting Services | 8 | $800K | $100K | 33.3% |
Geographic Distribution
SBA lending activity for First Bank Elk River by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 24 | $1.3M | 100.0% |
Why Choose First Bank Elk River?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 24 SBA loans approved, totaling $1.3M in financing
- ✓Industry Expertise: Specialized focus on Commercial Gravure Printing, Commercial and Industrial Machinery and Equipment (except Automotive a, Other Scientific and Technical Consulting Services
- ✓Competitive Terms: Average interest rate of 6.50% with flexible term lengths averaging 80 months
- ✓Loan Range: Loan sizes from $25K to $100K, with an average of $55K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in 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 First Bank Elk River SBA lending
What types of businesses does First Bank Elk River typically finance?
First Bank Elk River specializes in SBA 7(a) lending to specific industries including commercial gravure printing, commercial and industrial machinery and equipment (except automotive a, other scientific and technical consulting services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Bank Elk River's typical SBA loan terms?
First Bank Elk River's SBA 7(a) loans typically feature an average interest rate of 6.50% and average term length of 80 months (approximately 7 years). Loan sizes range from $25K to $100K, with an average loan size of $55K.
Do I need a business valuation for a First Bank Elk River SBA loan?
Yes, First Bank Elk River 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 First Bank Elk River compare to other SBA lenders?
First Bank Elk River has originated 24 SBA loans totaling $1.3M 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 First Bank Elk River lend in?
First Bank Elk River provides SBA 7(a) financing with particularly strong presence in 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?
Professional valuations are often required for SBA loans over $250,000.
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