First Citizens Bank
SBA 7(a) Lending Profile · FY 2022 analysis
Industry Focus
Top industries served by First Citizens Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 484110 | General Freight Trucking, Local | 64 | $5.4M | $85K | 13.8% |
| 722511 | Full-Service Restaurants | 32 | $4.1M | $127K | 6.9% |
| 812320 | Drycleaning and Laundry Services (except Coin-Operated) | 16 | $6.4M | $398K | 3.4% |
| 449129 | Other | 16 | $1.4M | $87K | 3.4% |
| 453998 | All Other Miscellaneous Store Retailers (except Tobacco Stores) | 16 | $3.5M | $220K | 3.4% |
| 221310 | Water Supply and Irrigation Systems | 16 | $880K | $55K | 3.4% |
| 562991 | Septic Tank and Related Services | 16 | $1.2M | $72K | 3.4% |
| 484121 | General Freight Trucking, Long Distance, Truckload | 16 | $2.0M | $128K | 3.4% |
| 713940 | Fitness and Recreational Sports Centers | 16 | $1.4M | $90K | 3.4% |
| 441120 | Used Car Dealers | 16 | $2.4M | $150K | 3.4% |
Geographic Distribution
SBA lending activity for First Citizens Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 320 | $38.9M | 69.0% |
| Iowa (IA) | 104 | $33.0M | 22.4% |
| Alabama (AL) | 32 | $6.4M | 6.9% |
| North Dakota (ND) | 8 | $760K | 1.7% |
Why Choose First Citizens Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 464 SBA loans approved, totaling $79.1M in financing
- ✓Industry Expertise: Specialized focus on General Freight Trucking, Local, Full-Service Restaurants, Drycleaning and Laundry Services (except Coin-Operated)
- ✓Competitive Terms: Average interest rate of 5.43% with flexible term lengths averaging 105 months
- ✓Loan Range: Loan sizes from $14K to $1.5M, with an average of $170K
- ✓Nationwide Reach: Active lending in 4 states, with strong presence in MN, IA, AL
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 Citizens Bank SBA lending
What types of businesses does First Citizens Bank typically finance?
First Citizens Bank specializes in SBA 7(a) lending to specific industries including general freight trucking, local, full-service restaurants, drycleaning and laundry services (except coin-operated), other. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Citizens Bank's typical SBA loan terms?
First Citizens Bank's SBA 7(a) loans typically feature an average interest rate of 5.43% and average term length of 105 months (approximately 9 years). Loan sizes range from $14K to $1.5M, with an average loan size of $170K.
Do I need a business valuation for a First Citizens Bank SBA loan?
Yes, First Citizens 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 Citizens Bank compare to other SBA lenders?
First Citizens Bank has originated 464 SBA loans totaling $79.1M 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 Citizens Bank lend in?
First Citizens Bank provides SBA 7(a) financing with particularly strong presence in MN, IA, AL, ND. 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.
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