First National Bank of the Lakes
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First National Bank of the Lakes · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 811111 | General Automotive Repair | 2 | $475K | $238K | 8.0% |
| 512110 | Motion Picture and Video Production | 2 | $148K | $74K | 8.0% |
| 812990 | All Other Personal Services | 1 | $150K | $150K | 4.0% |
| 713950 | Bowling Centers | 1 | $527K | $527K | 4.0% |
| 492110 | Couriers and Express Delivery Services | 1 | $284K | $284K | 4.0% |
| 561622 | Locksmiths | 1 | $150K | $150K | 4.0% |
Geographic Distribution
SBA lending activity for First National Bank of the Lakes by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 25 | $3.5M | 100.0% |
Why Choose First National Bank of the Lakes?
Based on SBA 7(a) lending track record from 1993-2007
- ✓Proven Track Record: 25 SBA loans approved, totaling $3.5M in financing
- ✓Industry Expertise: Specialized focus on General Automotive Repair, Motion Picture and Video Production, All Other Personal Services
- ✓Competitive Terms: Average interest rate of — with flexible term lengths averaging 93 months
- ✓Loan Range: Loan sizes from $15K to $527K, with an average of $142K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in 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 National Bank of the Lakes SBA lending
What types of businesses does First National Bank of the Lakes typically finance?
First National Bank of the Lakes specializes in SBA 7(a) lending to specific industries including general automotive repair, motion picture and video production, all other personal services, bowling centers. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First National Bank of the Lakes's typical SBA loan terms?
First National Bank of the Lakes's SBA 7(a) loans typically feature an average interest rate of — and average term length of 93 months (approximately 8 years). Loan sizes range from $15K to $527K, with an average loan size of $142K.
Do I need a business valuation for a First National Bank of the Lakes SBA loan?
Yes, First National Bank of the Lakes 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 the Lakes compare to other SBA lenders?
First National Bank of the Lakes has originated 25 SBA loans totaling $3.5M since 1993. 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 the Lakes lend in?
First National Bank of the Lakes provides SBA 7(a) financing with particularly strong presence in 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.
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