Lake Central Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Lake Central Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 441110 | New Car Dealers | 1 | $100K | $100K | 12.5% |
| 114210 | Hunting and Trapping | 1 | $40K | $40K | 12.5% |
Geographic Distribution
SBA lending activity for Lake Central Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 8 | $921K | 100.0% |
Why Choose Lake Central Bank?
Based on SBA 7(a) lending track record from 1991-2000
- ✓Proven Track Record: 8 SBA loans approved, totaling $921K in financing
- ✓Industry Expertise: Specialized focus on New Car Dealers, Hunting and Trapping
- ✓Competitive Terms: Average interest rate of — with flexible term lengths averaging 130 months
- ✓Loan Range: Loan sizes from $40K to $250K, with an average of $115K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in MN
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 Lake Central Bank SBA lending
What types of businesses does Lake Central Bank typically finance?
Lake Central Bank specializes in SBA 7(a) lending to specific industries including new car dealers, hunting and trapping. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Lake Central Bank's typical SBA loan terms?
Lake Central Bank's SBA 7(a) loans typically feature an average interest rate of — and average term length of 130 months (approximately 11 years). Loan sizes range from $40K to $250K, with an average loan size of $115K.
Do I need a business valuation for a Lake Central Bank SBA loan?
Yes, Lake Central 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 Lake Central Bank compare to other SBA lenders?
Lake Central Bank has originated 8 SBA loans totaling $921K 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 Lake Central Bank lend in?
Lake Central Bank provides SBA 7(a) financing with particularly strong presence in MN. 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.
Get your certified valuation from Fair Market Value.