First Place Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First Place Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 541511 | Custom Computer Programming Services | 4 | $555K | $139K | 4.2% |
| 561740 | Carpet and Upholstery Cleaning Services | 3 | $295K | $98K | 3.1% |
| 541512 | Computer Systems Design Services | 2 | $350K | $175K | 2.1% |
| 621340 | Offices of Physical, Occupational and Speech Therapists, and Audiologists | 2 | $60K | $30K | 2.1% |
| 812112 | Beauty Salons | 2 | $260K | $130K | 2.1% |
| 337110 | Wood Kitchen Cabinet and Countertop Manufacturing | 2 | $125K | $63K | 2.1% |
| 423450 | Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers | 2 | $100K | $50K | 2.1% |
| 423220 | Home Furnishing Merchant Wholesalers | 2 | $160K | $80K | 2.1% |
| 811192 | Car Washes | 2 | $75K | $38K | 2.1% |
| 561450 | Credit Bureaus | 1 | $350K | $350K | 1.0% |
Geographic Distribution
SBA lending activity for First Place Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 96 | $18.1M | 100.0% |
Why Choose First Place Bank?
Based on SBA 7(a) lending track record from 1993-2008
- ✓Proven Track Record: 96 SBA loans approved, totaling $18.1M in financing
- ✓Industry Expertise: Specialized focus on Custom Computer Programming Services, Carpet and Upholstery Cleaning Services, Computer Systems Design Services
- ✓Competitive Terms: Average interest rate of — with flexible term lengths averaging 85 months
- ✓Loan Range: Loan sizes from $10K to $2.0M, with an average of $188K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in MI
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 Place Bank SBA lending
What types of businesses does First Place Bank typically finance?
First Place Bank specializes in SBA 7(a) lending to specific industries including custom computer programming services, carpet and upholstery cleaning services, computer systems design services, offices of physical, occupational and speech therapists, and audiologists. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Place Bank's typical SBA loan terms?
First Place Bank's SBA 7(a) loans typically feature an average interest rate of — and average term length of 85 months (approximately 7 years). Loan sizes range from $10K to $2.0M, with an average loan size of $188K.
Do I need a business valuation for a First Place Bank SBA loan?
Yes, First Place 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 Place Bank compare to other SBA lenders?
First Place Bank has originated 96 SBA loans totaling $18.1M 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 Place Bank lend in?
First Place Bank provides SBA 7(a) financing with particularly strong presence in MI. 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?
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