Foresight Bank
SBA 7(a) Lending Profile · FY 2022 analysis
Industry Focus
Top industries served by Foresight Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 24 | $6.1M | $255K | 11.5% |
| 238990 | All Other Specialty Trade Contractors | 16 | $2.5M | $155K | 7.7% |
| 531390 | Other Activities Related to Real Estate | 16 | $2.1M | $133K | 7.7% |
| 311421 | Fruit and Vegetable Canning | 8 | $2.8M | $350K | 3.8% |
| 453220 | Gift, Novelty, and Souvenir Stores | 8 | $280K | $35K | 3.8% |
| 339930 | Doll, Toy, and Game Manufacturing | 8 | $640K | $80K | 3.8% |
| 312120 | Breweries | 8 | $1.8M | $223K | 3.8% |
| 812112 | Beauty Salons | 8 | $9.0M | $1.1M | 3.8% |
| 561410 | Document Preparation Services | 8 | $2.9M | $360K | 3.8% |
| 453910 | Pet and Pet Supplies Stores | 8 | $4.4M | $556K | 3.8% |
Geographic Distribution
SBA lending activity for Foresight Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 96 | $35.9M | 46.2% |
| Minnesota (MN) | 104 | $21.8M | 50.0% |
| South Carolina (SC) | 8 | $12.6M | 3.8% |
Why Choose Foresight Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 208 SBA loans approved, totaling $70.2M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, All Other Specialty Trade Contractors, Other Activities Related to Real Estate
- ✓Competitive Terms: Average interest rate of 6.16% with flexible term lengths averaging 112 months
- ✓Loan Range: Loan sizes from $32K to $1.6M, with an average of $338K
- ✓Nationwide Reach: Active lending in 3 states, with strong presence in MN, IL, SC
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 Foresight Bank SBA lending
What types of businesses does Foresight Bank typically finance?
Foresight Bank specializes in SBA 7(a) lending to specific industries including full-service restaurants, all other specialty trade contractors, other activities related to real estate, fruit and vegetable canning. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Foresight Bank's typical SBA loan terms?
Foresight Bank's SBA 7(a) loans typically feature an average interest rate of 6.16% and average term length of 112 months (approximately 9 years). Loan sizes range from $32K to $1.6M, with an average loan size of $338K.
Do I need a business valuation for a Foresight Bank SBA loan?
Yes, Foresight 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 Foresight Bank compare to other SBA lenders?
Foresight Bank has originated 208 SBA loans totaling $70.2M 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 Foresight Bank lend in?
Foresight Bank provides SBA 7(a) financing with particularly strong presence in MN, IL, SC. 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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