Gogebic Range Bank
SBA 7(a) Lending Profile · FY 2021 analysis
Industry Focus
Top industries served by Gogebic Range Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 8 | $2.5M | $309K | 11.1% |
| 333310 | Other | 8 | $1.3M | $162K | 11.1% |
| 812910 | Pet Care (except Veterinary) Services | 8 | $226K | $28K | 11.1% |
| 531130 | Lessors of Miniwarehouses and Self-Storage Units | 8 | $448K | $56K | 11.1% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 8 | $3.2M | $400K | 11.1% |
| 335999 | All Other Miscellaneous Electrical Equipment and Component Manufacturi | 8 | $2.4M | $295K | 11.1% |
| 713990 | All Other Amusement and Recreation Industries | 8 | $3.2M | $400K | 11.1% |
| 513110 | Other | 8 | $360K | $45K | 11.1% |
| 238310 | Drywall and Insulation Contractors | 8 | $560K | $70K | 11.1% |
Geographic Distribution
SBA lending activity for Gogebic Range Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 40 | $9.6M | 55.6% |
| Wisconsin (WI) | 32 | $4.6M | 44.4% |
Why Choose Gogebic Range Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 72 SBA loans approved, totaling $14.1M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Other, Pet Care (except Veterinary) Services
- ✓Competitive Terms: Average interest rate of 6.06% with flexible term lengths averaging 172 months
- ✓Loan Range: Loan sizes from $28K to $400K, with an average of $196K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MI, WI
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 Gogebic Range Bank SBA lending
What types of businesses does Gogebic Range Bank typically finance?
Gogebic Range Bank specializes in SBA 7(a) lending to specific industries including full-service restaurants, other, pet care (except veterinary) services, lessors of miniwarehouses and self-storage units. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Gogebic Range Bank's typical SBA loan terms?
Gogebic Range Bank's SBA 7(a) loans typically feature an average interest rate of 6.06% and average term length of 172 months (approximately 14 years). Loan sizes range from $28K to $400K, with an average loan size of $196K.
Do I need a business valuation for a Gogebic Range Bank SBA loan?
Yes, Gogebic Range 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 Gogebic Range Bank compare to other SBA lenders?
Gogebic Range Bank has originated 72 SBA loans totaling $14.1M 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 Gogebic Range Bank lend in?
Gogebic Range Bank provides SBA 7(a) financing with particularly strong presence in MI, WI. 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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