First Central State Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First Central State Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 111998 | All Other Miscellaneous Crop Farming | 18 | $1.8M | $100K | 5.5% |
| 621310 | Offices of Chiropractors | 16 | $979K | $61K | 4.9% |
| 111150 | Corn Farming | 8 | $446K | $56K | 2.5% |
| 722330 | Mobile Food Services | 7 | $1.6M | $226K | 2.2% |
| 238110 | Poured Concrete Foundation and Structure Contractors | 7 | $849K | $121K | 2.2% |
| 812910 | Pet Care (except Veterinary) Services | 6 | $346K | $58K | 1.8% |
| 713940 | Fitness and Recreational Sports Centers | 6 | $605K | $101K | 1.8% |
| 811111 | General Automotive Repair | 6 | $560K | $93K | 1.8% |
| 322212 | Folding Paperboard Box Manufacturing | 5 | $3.5M | $710K | 1.5% |
| 811121 | Automotive Body, Paint, and Interior Repair and Maintenance | 5 | $598K | $120K | 1.5% |
Geographic Distribution
SBA lending activity for First Central State Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Iowa (IA) | 302 | $51.4M | 92.9% |
| Illinois (IL) | 22 | $4.8M | 6.8% |
| Minnesota (MN) | 1 | $184K | 0.3% |
Why Choose First Central State Bank?
Based on SBA 7(a) lending track record from 1991-2023
- ✓Proven Track Record: 325 SBA loans approved, totaling $56.4M in financing
- ✓Industry Expertise: Specialized focus on All Other Miscellaneous Crop Farming, Offices of Chiropractors, Corn Farming
- ✓Competitive Terms: Average interest rate of 5.75% with flexible term lengths averaging 90 months
- ✓Loan Range: Loan sizes from $4K to $3.9M, with an average of $174K
- ✓Nationwide Reach: Active lending in 3 states, with strong presence in IA, 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 First Central State Bank SBA lending
What types of businesses does First Central State Bank typically finance?
First Central State Bank specializes in SBA 7(a) lending to specific industries including all other miscellaneous crop farming, offices of chiropractors, corn farming, mobile food services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Central State Bank's typical SBA loan terms?
First Central State Bank's SBA 7(a) loans typically feature an average interest rate of 5.75% and average term length of 90 months (approximately 8 years). Loan sizes range from $4K to $3.9M, with an average loan size of $174K.
Do I need a business valuation for a First Central State Bank SBA loan?
Yes, First Central State 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 First Central State Bank compare to other SBA lenders?
First Central State Bank has originated 325 SBA loans totaling $56.4M 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 First Central State Bank lend in?
First Central State Bank provides SBA 7(a) financing with particularly strong presence in IA, 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.
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?
Certified valuations are often required for SBA loans over $250,000.
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