Independent Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Independent Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 541330 | Engineering Services | 40 | $56.0M | $1.4M | 4.7% |
| 237310 | Highway, Street, and Bridge Construction | 32 | $38.5M | $1.2M | 3.7% |
| 621111 | Offices of Physicians (except Mental Health Specialists) | 24 | $15.4M | $642K | 2.8% |
| 339950 | Sign Manufacturing | 24 | $1.7M | $72K | 2.8% |
| 561730 | Landscaping Services | 24 | $5.7M | $237K | 2.8% |
| 445131 | Other | 24 | $4.0M | $167K | 2.8% |
| 611699 | All Other Miscellaneous Schools and Instruction | 24 | $11.9M | $495K | 2.8% |
| 441330 | Other | 24 | $6.6M | $277K | 2.8% |
| 238210 | Electrical Contractors | 24 | $5.9M | $245K | 2.8% |
| 423120 | Motor Vehicle Supplies and New Parts Merchant Wholesalers | 24 | $19.0M | $792K | 2.8% |
Geographic Distribution
SBA lending activity for Independent Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Michigan (MI) | 816 | $536.3M | 95.3% |
| Illinois (IL) | 24 | $76.9M | 2.8% |
| Oklahoma (OK) | 8 | $15.1M | 0.9% |
| Texas (TX) | 8 | $6.6M | 0.9% |
Why Choose Independent Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 856 SBA loans approved, totaling $634.9M in financing
- ✓Industry Expertise: Specialized focus on Engineering Services, Highway, Street, and Bridge Construction, Offices of Physicians (except Mental Health Specialists)
- ✓Competitive Terms: Average interest rate of 8.72% with flexible term lengths averaging 121 months
- ✓Loan Range: Loan sizes from $25K to $5.0M, with an average of $742K
- ✓Nationwide Reach: Active lending in 4 states, with strong presence in MI, IL, TX
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 Independent Bank SBA lending
What types of businesses does Independent Bank typically finance?
Independent Bank specializes in SBA 7(a) lending to specific industries including engineering services, highway, street, and bridge construction, offices of physicians (except mental health specialists), sign manufacturing. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Independent Bank's typical SBA loan terms?
Independent Bank's SBA 7(a) loans typically feature an average interest rate of 8.72% and average term length of 121 months (approximately 10 years). Loan sizes range from $25K to $5.0M, with an average loan size of $742K.
Do I need a business valuation for a Independent Bank SBA loan?
Yes, Independent 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 Independent Bank compare to other SBA lenders?
Independent Bank has originated 856 SBA loans totaling $634.9M 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 Independent Bank lend in?
Independent Bank provides SBA 7(a) financing with particularly strong presence in MI, IL, TX, OK. 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.
Get your certified valuation from Fair Market Value.