First Bank of Manhattan
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First Bank of Manhattan · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722513 | Limited-Service Restaurants | 1 | $25K | $25K | 50.0% |
| 621310 | Offices of Chiropractors | 1 | $55K | $55K | 50.0% |
Geographic Distribution
SBA lending activity for First Bank of Manhattan by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 2 | $80K | 100.0% |
Why Choose First Bank of Manhattan?
Based on SBA 7(a) lending track record from 2011-2013
- ✓Proven Track Record: 2 SBA loans approved, totaling $80K in financing
- ✓Industry Expertise: Specialized focus on Limited-Service Restaurants, Offices of Chiropractors
- ✓Competitive Terms: Average interest rate of 7.96% with flexible term lengths averaging 68 months
- ✓Loan Range: Loan sizes from $25K to $55K, with an average of $40K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in IL
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 of Manhattan SBA lending
What types of businesses does First Bank of Manhattan typically finance?
First Bank of Manhattan specializes in SBA 7(a) lending to specific industries including limited-service restaurants, offices of chiropractors. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Bank of Manhattan's typical SBA loan terms?
First Bank of Manhattan's SBA 7(a) loans typically feature an average interest rate of 7.96% and average term length of 68 months (approximately 6 years). Loan sizes range from $25K to $55K, with an average loan size of $40K.
Do I need a business valuation for a First Bank of Manhattan SBA loan?
Yes, First Bank of Manhattan 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 of Manhattan compare to other SBA lenders?
First Bank of Manhattan has originated 2 SBA loans totaling $80K since 2011. 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 of Manhattan lend in?
First Bank of Manhattan provides SBA 7(a) financing with particularly strong presence in IL. 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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