Honor CU
SBA 7(a) Lending Profile · FY 2021 analysis
Industry Focus
Top industries served by Honor CU
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 812199 | Other Personal Care Services | 16 | $5.1M | $319K | 18.2% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 16 | $6.3M | $392K | 18.2% |
| 623311 | Continuing Care Retirement Communities | 8 | $4.0M | $500K | 9.1% |
| 722513 | Limited-Service Restaurants | 8 | $1.3M | $167K | 9.1% |
| 812112 | Beauty Salons | 8 | $2.1M | $256K | 9.1% |
| 624410 | Child Day Care Services | 8 | $5.4M | $672K | 9.1% |
| 811111 | General Automotive Repair | 8 | $2.6M | $324K | 9.1% |
| 445240 | Other | 8 | $3.3M | $411K | 9.1% |
| 722511 | Full-Service Restaurants | 8 | $2.4M | $300K | 9.1% |
Geographic Distribution
SBA lending activity for Honor CU by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 88 | $32.4M | 100.0% |
Why Choose Honor CU?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 88 SBA loans approved, totaling $32.4M in financing
- ✓Industry Expertise: Specialized focus on Other Personal Care Services, Snack and Nonalcoholic Beverage Bars, Continuing Care Retirement Communities
- ✓Competitive Terms: Average interest rate of 8.48% with flexible term lengths averaging 231 months
- ✓Loan Range: Loan sizes from $167K to $672K, with an average of $368K
- ✓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 Honor CU SBA lending
What types of businesses does Honor CU typically finance?
Honor CU specializes in SBA 7(a) lending to specific industries including other personal care services, snack and nonalcoholic beverage bars, continuing care retirement communities, limited-service restaurants. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Honor CU's typical SBA loan terms?
Honor CU's SBA 7(a) loans typically feature an average interest rate of 8.48% and average term length of 231 months (approximately 19 years). Loan sizes range from $167K to $672K, with an average loan size of $368K.
Do I need a business valuation for a Honor CU SBA loan?
Yes, Honor CU 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 Honor CU compare to other SBA lenders?
Honor CU has originated 88 SBA loans totaling $32.4M 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 Honor CU lend in?
Honor CU 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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