First Resource Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First Resource Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 236118 | Residential Remodelers | 64 | $49.1M | $767K | 7.3% |
| 722511 | Full-Service Restaurants | 40 | $55.7M | $1.4M | 4.5% |
| 532490 | Other Commercial and Industrial Machinery and Equipment Rental and Lea | 32 | $6.5M | $204K | 3.6% |
| 327991 | Cut Stone and Stone Product Manufacturing | 32 | $18.6M | $582K | 3.6% |
| 238990 | All Other Specialty Trade Contractors | 32 | $6.7M | $210K | 3.6% |
| 423450 | Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesal | 32 | $17.0M | $531K | 3.6% |
| 722513 | Limited-Service Restaurants | 24 | $7.1M | $297K | 2.7% |
| 423910 | Sporting and Recreational Goods and Supplies Merchant Wholesalers | 24 | $48.0M | $2.0M | 2.7% |
| 312111 | Soft Drink Manufacturing | 24 | $30.7M | $1.3M | 2.7% |
| 332321 | Metal Window and Door Manufacturing | 24 | $3.6M | $150K | 2.7% |
Geographic Distribution
SBA lending activity for First Resource Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 768 | $452.4M | 87.3% |
| Pennsylvania (PA) | 32 | $59.2M | 3.6% |
| New Jersey (NJ) | 16 | $42.7M | 1.8% |
| California (CA) | 16 | $24.8M | 1.8% |
| Wisconsin (WI) | 16 | $12.0M | 1.8% |
| Colorado (CO) | 8 | $3.8M | 0.9% |
| Delaware (DE) | 8 | $3.7M | 0.9% |
| Florida (FL) | 8 | $800K | 0.9% |
| Washington (WA) | 8 | $400K | 0.9% |
Why Choose First Resource Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 880 SBA loans approved, totaling $599.7M in financing
- ✓Industry Expertise: Specialized focus on Residential Remodelers, Full-Service Restaurants, Other Commercial and Industrial Machinery and Equipment Rental and Lea
- ✓Competitive Terms: Average interest rate of 8.65% with flexible term lengths averaging 128 months
- ✓Loan Range: Loan sizes from $50K to $5.0M, with an average of $681K
- ✓Nationwide Reach: Active lending in 9 states, with strong presence in MN, PA, CA
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 Resource Bank SBA lending
What types of businesses does First Resource Bank typically finance?
First Resource Bank specializes in SBA 7(a) lending to specific industries including residential remodelers, full-service restaurants, other commercial and industrial machinery and equipment rental and lea, cut stone and stone product manufacturing. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Resource Bank's typical SBA loan terms?
First Resource Bank's SBA 7(a) loans typically feature an average interest rate of 8.65% and average term length of 128 months (approximately 11 years). Loan sizes range from $50K to $5.0M, with an average loan size of $681K.
Do I need a business valuation for a First Resource Bank SBA loan?
Yes, First Resource 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 Resource Bank compare to other SBA lenders?
First Resource Bank has originated 880 SBA loans totaling $599.7M 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 Resource Bank lend in?
First Resource Bank provides SBA 7(a) financing with particularly strong presence in MN, PA, CA, WI, NJ. 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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