First National Bank of Nokomis
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First National Bank of Nokomis · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 611620 | Sports and Recreation Instruction | 1 | $25K | $25K | 10.0% |
| 115310 | Support Activities for Forestry | 1 | $62K | $62K | 10.0% |
| 811111 | General Automotive Repair | 1 | $110K | $110K | 10.0% |
Geographic Distribution
SBA lending activity for First National Bank of Nokomis by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 10 | $499K | 100.0% |
Why Choose First National Bank of Nokomis?
Based on SBA 7(a) lending track record from 1997-2018
- ✓Proven Track Record: 10 SBA loans approved, totaling $499K in financing
- ✓Industry Expertise: Specialized focus on Sports and Recreation Instruction, Support Activities for Forestry, General Automotive Repair
- ✓Competitive Terms: Average interest rate of 4.95% with flexible term lengths averaging 154 months
- ✓Loan Range: Loan sizes from $15K to $110K, with an average of $50K
- ✓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 National Bank of Nokomis SBA lending
What types of businesses does First National Bank of Nokomis typically finance?
First National Bank of Nokomis specializes in SBA 7(a) lending to specific industries including sports and recreation instruction, support activities for forestry, general automotive repair. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First National Bank of Nokomis's typical SBA loan terms?
First National Bank of Nokomis's SBA 7(a) loans typically feature an average interest rate of 4.95% and average term length of 154 months (approximately 13 years). Loan sizes range from $15K to $110K, with an average loan size of $50K.
Do I need a business valuation for a First National Bank of Nokomis SBA loan?
Yes, First National Bank of Nokomis 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 National Bank of Nokomis compare to other SBA lenders?
First National Bank of Nokomis has originated 10 SBA loans totaling $499K since 1997. 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 National Bank of Nokomis lend in?
First National Bank of Nokomis 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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