First Bank Richmond
SBA 7(a) Lending Profile · FY 2024 analysis
Industry Focus
Top industries served by First Bank Richmond
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 16 | $9.9M | $619K | 12.5% |
| 326199 | All Other Plastics Product Manufacturing | 8 | $8.8M | $1.1M | 6.3% |
| 611110 | Elementary and Secondary Schools | 8 | $19.2M | $2.4M | 6.3% |
| 541512 | Computer Systems Design Services | 8 | $4.3M | $533K | 6.3% |
| 722513 | Limited-Service Restaurants | 8 | $3.6M | $450K | 6.3% |
| 337122 | Nonupholstered Wood Household Furniture Manufacturing | 8 | $13.2M | $1.6M | 6.3% |
| 459991 | Other | 8 | $936K | $117K | 6.3% |
| 812112 | Beauty Salons | 8 | $11.9M | $1.5M | 6.3% |
| 621399 | Offices of All Other Miscellaneous Health Practitioners | 8 | $2.4M | $300K | 6.3% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 8 | $7.6M | $950K | 6.3% |
Geographic Distribution
SBA lending activity for First Bank Richmond by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Indiana (IN) | 104 | $90.8M | 81.3% |
| Idaho (ID) | 8 | $30.0M | 6.3% |
| Arkansas (AR) | 8 | $7.6M | 6.3% |
| Ohio (OH) | 8 | $936K | 6.3% |
Why Choose First Bank Richmond?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 128 SBA loans approved, totaling $129.3M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, All Other Plastics Product Manufacturing, Elementary and Secondary Schools
- ✓Competitive Terms: Average interest rate of 7.72% with flexible term lengths averaging 136 months
- ✓Loan Range: Loan sizes from $117K to $3.8M, with an average of $1.0M
- ✓Nationwide Reach: Active lending in 4 states, with strong presence in IN, OH, AR
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 Richmond SBA lending
What types of businesses does First Bank Richmond typically finance?
First Bank Richmond specializes in SBA 7(a) lending to specific industries including full-service restaurants, all other plastics product manufacturing, elementary and secondary schools, computer systems design services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Bank Richmond's typical SBA loan terms?
First Bank Richmond's SBA 7(a) loans typically feature an average interest rate of 7.72% and average term length of 136 months (approximately 11 years). Loan sizes range from $117K to $3.8M, with an average loan size of $1.0M.
Do I need a business valuation for a First Bank Richmond SBA loan?
Yes, First Bank Richmond 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 Richmond compare to other SBA lenders?
First Bank Richmond has originated 128 SBA loans totaling $129.3M 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 Richmond lend in?
First Bank Richmond provides SBA 7(a) financing with particularly strong presence in IN, OH, AR, ID. 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.