Granite Bank
SBA 7(a) Lending Profile · FY 2024 analysis
Industry Focus
Top industries served by Granite Bank · FY 2024
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 484220 | Specialized Freight (except Used Goods) Trucking, Local | 4 | $498K | $124K | 17.4% |
| 713990 | All Other Amusement and Recreation Industries | 3 | $1.0M | $333K | 13.0% |
| 238910 | Site Preparation Contractors | 2 | $870K | $435K | 8.7% |
| 811111 | General Automotive Repair | 2 | $298K | $149K | 8.7% |
| 236118 | Residential Remodelers | 2 | $455K | $228K | 8.7% |
| 339113 | Surgical Appliance and Supplies Manufacturing | 1 | $25K | $25K | 4.3% |
| 621999 | All Other Miscellaneous Ambulatory Health Care Services | 1 | $399K | $399K | 4.3% |
| 541213 | Tax Preparation Services | 1 | $100K | $100K | 4.3% |
| 541310 | Architectural Services | 1 | $150K | $150K | 4.3% |
| 491110 | Postal Service | 1 | $844K | $844K | 4.3% |
Geographic Distribution
SBA lending activity for Granite Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 19 | $5.7M | 82.6% |
| Georgia (GA) | 1 | $500K | 4.3% |
| North Carolina (NC) | 1 | $250K | 4.3% |
| Texas (TX) | 1 | $250K | 4.3% |
| North Dakota (ND) | 1 | $176K | 4.3% |
Why Choose Granite Bank?
Based on SBA 7(a) lending track record in FY 2024
- ✓Proven Track Record: 23 SBA loans approved, totaling $6.9M in financing
- ✓Industry Expertise: Specialized focus on Specialized Freight (except Used Goods) Trucking, Local, All Other Amusement and Recreation Industries, Site Preparation Contractors
- ✓Competitive Terms: Average interest rate of 9.58% with flexible term lengths averaging 97 months
- ✓Loan Range: Loan sizes from $24K to $1.4M, with an average of $299K
- ✓Nationwide Reach: Active lending in 5 states, with strong presence in MN, GA, NC
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 Granite Bank SBA lending
What types of businesses does Granite Bank typically finance?
Granite Bank specializes in SBA 7(a) lending to specific industries including specialized freight (except used goods) trucking, local, all other amusement and recreation industries, site preparation contractors, general automotive repair. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Granite Bank's typical SBA loan terms?
Granite Bank's SBA 7(a) loans typically feature an average interest rate of 9.58% and average term length of 97 months (approximately 8 years). Loan sizes range from $24K to $1.4M, with an average loan size of $299K.
Do I need a business valuation for a Granite Bank SBA loan?
Yes, Granite 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 Granite Bank compare to other SBA lenders?
Granite Bank has originated 23 SBA loans totaling $6.9M in FY 2024. 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 Granite Bank lend in?
Granite Bank provides SBA 7(a) financing with particularly strong presence in MN, GA, NC, ND, TX. 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?
Certified valuations are often required for SBA loans over $250,000.
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