Independence Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Independence Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 81 | $13.0M | $160K | 2.7% |
| 484110 | General Freight Trucking, Local | 70 | $8.2M | $117K | 2.3% |
| 811111 | General Automotive Repair | 68 | $9.7M | $143K | 2.2% |
| 238990 | All Other Specialty Trade Contractors | 61 | $12.4M | $203K | 2.0% |
| 484121 | General Freight Trucking, Long-Distance, Truckload | 61 | $8.0M | $131K | 2.0% |
| 561730 | Landscaping Services | 52 | $7.3M | $140K | 1.7% |
| 722513 | Limited-Service Restaurants | 41 | $4.9M | $120K | 1.4% |
| 236115 | New Single-Family Housing Construction (except For-Sale Builders) | 40 | $5.4M | $135K | 1.3% |
| 236118 | Residential Remodelers | 40 | $4.3M | $108K | 1.3% |
| 541990 | All Other Professional, Scientific, and Technical Services | 38 | $12.1M | $318K | 1.3% |
Geographic Distribution
SBA lending activity for Independence Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Rhode Island (RI) | 282 | $93.5M | 9.3% |
| Massachusetts (MA) | 304 | $88.4M | 10.0% |
| California (CA) | 295 | $38.3M | 9.8% |
| Florida (FL) | 229 | $30.4M | 7.6% |
| Connecticut (CT) | 87 | $27.3M | 2.9% |
| Texas (TX) | 203 | $25.1M | 6.7% |
| New York (NY) | 133 | $19.1M | 4.4% |
| Georgia (GA) | 99 | $15.3M | 3.3% |
| Montana (MT) | 122 | $15.0M | 4.0% |
| Ohio (OH) | 73 | $11.6M | 2.4% |
| Illinois (IL) | 94 | $11.6M | 3.1% |
| Alaska (AK) | 8 | $9.9M | 0.3% |
| New Jersey (NJ) | 69 | $9.3M | 2.3% |
| Pennsylvania (PA) | 70 | $9.2M | 2.3% |
| North Carolina (NC) | 74 | $8.6M | 2.4% |
| Louisiana (LA) | 46 | $7.5M | 1.5% |
| Virginia (VA) | 67 | $7.4M | 2.2% |
| Maryland (MD) | 55 | $7.0M | 1.8% |
| Colorado (CO) | 60 | $6.8M | 2.0% |
| MP (MP) | 3 | $6.5M | 0.1% |
| Michigan (MI) | 53 | $6.5M | 1.8% |
| Missouri (MO) | 51 | $6.4M | 1.7% |
| West Virginia (WV) | 13 | $5.6M | 0.4% |
| Arizona (AZ) | 42 | $5.5M | 1.4% |
| Indiana (IN) | 42 | $5.1M | 1.4% |
| South Carolina (SC) | 41 | $5.0M | 1.4% |
| Alabama (AL) | 34 | $4.4M | 1.1% |
| Wisconsin (WI) | 29 | $3.9M | 1.0% |
| Tennessee (TN) | 28 | $3.8M | 0.9% |
| Minnesota (MN) | 20 | $3.8M | 0.7% |
| New Hampshire (NH) | 23 | $3.8M | 0.8% |
| Oregon (OR) | 31 | $3.7M | 1.0% |
| Oklahoma (OK) | 25 | $2.8M | 0.8% |
| Washington (WA) | 26 | $2.7M | 0.9% |
| Arkansas (AR) | 19 | $2.5M | 0.6% |
| Iowa (IA) | 20 | $2.4M | 0.7% |
| Utah (UT) | 19 | $2.4M | 0.6% |
| Nevada (NV) | 21 | $2.3M | 0.7% |
| VI (VI) | 7 | $2.2M | 0.2% |
| Nebraska (NE) | 15 | $1.9M | 0.5% |
| PR (PR) | 2 | $1.8M | 0.1% |
| New Mexico (NM) | 13 | $1.6M | 0.4% |
| Mississippi (MS) | 14 | $1.6M | 0.5% |
| Kentucky (KY) | 12 | $1.6M | 0.4% |
| Kansas (KS) | 12 | $1.5M | 0.4% |
| District of Columbia (DC) | 7 | $1.0M | 0.2% |
| Vermont (VT) | 8 | $975K | 0.3% |
| Delaware (DE) | 6 | $710K | 0.2% |
| Wyoming (WY) | 5 | $600K | 0.2% |
| South Dakota (SD) | 4 | $525K | 0.1% |
| Maine (ME) | 4 | $425K | 0.1% |
| Hawaii (HI) | 2 | $300K | 0.1% |
| Idaho (ID) | 2 | $275K | 0.1% |
| North Dakota (ND) | 2 | $250K | 0.1% |
Why Choose Independence Bank?
Based on SBA 7(a) lending track record from 1991-2020
- ✓Proven Track Record: 3,025 SBA loans approved, totaling $537.8M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, General Freight Trucking, Local, General Automotive Repair
- ✓Competitive Terms: Average interest rate of 6.23% with flexible term lengths averaging 117 months
- ✓Loan Range: Loan sizes from $5K to $4.5M, with an average of $178K
- ✓Nationwide Reach: Active lending in 54 states, with strong presence in MA, CA, RI
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 Independence Bank SBA lending
What types of businesses does Independence Bank typically finance?
Independence Bank specializes in SBA 7(a) lending to specific industries including full-service restaurants, general freight trucking, local, general automotive repair, all other specialty trade contractors. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Independence Bank's typical SBA loan terms?
Independence Bank's SBA 7(a) loans typically feature an average interest rate of 6.23% and average term length of 117 months (approximately 10 years). Loan sizes range from $5K to $4.5M, with an average loan size of $178K.
Do I need a business valuation for a Independence Bank SBA loan?
Yes, Independence 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 Independence Bank compare to other SBA lenders?
Independence Bank has originated 3,025 SBA loans totaling $537.8M since 1991. 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 Independence Bank lend in?
Independence Bank provides SBA 7(a) financing with particularly strong presence in MA, CA, RI, FL, 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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