First Community CU
SBA 7(a) Lending Profile · FY 2022 analysis
Industry Focus
Top industries served by First Community CU
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 811111 | General Automotive Repair | 8 | $240K | $30K | 11.1% |
| 812199 | Other Personal Care Services | 8 | $1.4M | $170K | 11.1% |
| 311920 | Coffee and Tea Manufacturing | 8 | $1.7M | $213K | 11.1% |
| 811310 | Commercial and Industrial Machinery and Equipment (except Automotive a | 8 | $2.1M | $263K | 11.1% |
| 238320 | Painting and Wall Covering Contractors | 8 | $2.0M | $250K | 11.1% |
| 812210 | Funeral Homes and Funeral Services | 8 | $36.0M | $4.5M | 11.1% |
| 445291 | Baked Goods Stores | 8 | $714K | $89K | 11.1% |
| 541410 | Interior Design Services | 8 | $2.0M | $245K | 11.1% |
| 621330 | Offices of Mental Health Practitioners (except Physicians) | 8 | $2.5M | $315K | 11.1% |
Geographic Distribution
SBA lending activity for First Community CU by state
| State | Loans | Volume | Share |
|---|---|---|---|
| North Dakota (ND) | 40 | $40.8M | 55.6% |
| Texas (TX) | 16 | $4.5M | 22.2% |
| Minnesota (MN) | 16 | $3.4M | 22.2% |
Why Choose First Community CU?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 72 SBA loans approved, totaling $48.6M in financing
- ✓Industry Expertise: Specialized focus on General Automotive Repair, Other Personal Care Services, Coffee and Tea Manufacturing
- ✓Competitive Terms: Average interest rate of 5.35% with flexible term lengths averaging 155 months
- ✓Loan Range: Loan sizes from $30K to $4.5M, with an average of $675K
- ✓Nationwide Reach: Active lending in 3 states, with strong presence in ND, TX, 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 Community CU SBA lending
What types of businesses does First Community CU typically finance?
First Community CU specializes in SBA 7(a) lending to specific industries including general automotive repair, other personal care services, coffee and tea manufacturing, commercial and industrial machinery and equipment (except automotive a. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Community CU's typical SBA loan terms?
First Community CU's SBA 7(a) loans typically feature an average interest rate of 5.35% and average term length of 155 months (approximately 13 years). Loan sizes range from $30K to $4.5M, with an average loan size of $675K.
Do I need a business valuation for a First Community CU SBA loan?
Yes, First Community CU 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 Community CU compare to other SBA lenders?
First Community CU has originated 72 SBA loans totaling $48.6M 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 Community CU lend in?
First Community CU provides SBA 7(a) financing with particularly strong presence in ND, TX, 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?
Professional valuations are often required for SBA loans over $250,000.
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