Homestead Savings Bank
SBA 7(a) Lending Profile · FY 2020 analysis
Industry Focus
Top industries served by Homestead Savings Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 8 | $17.7M | $2.2M | 33.3% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 8 | $5.8M | $725K | 33.3% |
| 722410 | Drinking Places (Alcoholic Beverages) | 8 | $8.3M | $1.0M | 33.3% |
Geographic Distribution
SBA lending activity for Homestead Savings Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 24 | $31.8M | 100.0% |
Why Choose Homestead Savings Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 24 SBA loans approved, totaling $31.8M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Snack and Nonalcoholic Beverage Bars, Drinking Places (Alcoholic Beverages)
- ✓Competitive Terms: Average interest rate of 6.17% with flexible term lengths averaging 260 months
- ✓Loan Range: Loan sizes from $725K to $2.2M, with an average of $1.3M
- ✓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 Homestead Savings Bank SBA lending
What types of businesses does Homestead Savings Bank typically finance?
Homestead Savings Bank specializes in SBA 7(a) lending to specific industries including full-service restaurants, snack and nonalcoholic beverage bars, drinking places (alcoholic beverages). They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Homestead Savings Bank's typical SBA loan terms?
Homestead Savings Bank's SBA 7(a) loans typically feature an average interest rate of 6.17% and average term length of 260 months (approximately 22 years). Loan sizes range from $725K to $2.2M, with an average loan size of $1.3M.
Do I need a business valuation for a Homestead Savings Bank SBA loan?
Yes, Homestead Savings 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 Homestead Savings Bank compare to other SBA lenders?
Homestead Savings Bank has originated 24 SBA loans totaling $31.8M 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 Homestead Savings Bank lend in?
Homestead Savings 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?
Professional valuations are often required for SBA loans over $250,000.
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