Lake Elmo Bank
SBA 7(a) Lending Profile · FY 2025 analysis
Industry Focus
Top industries served by Lake Elmo Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 532289 | Other | 16 | $25.3M | $1.6M | 20.0% |
| 561720 | Janitorial Services | 16 | $1.8M | $115K | 20.0% |
| 812990 | All Other Personal Services | 8 | $2.5M | $318K | 10.0% |
| 621498 | All Other Outpatient Care Centers | 8 | $6.4M | $800K | 10.0% |
| 237990 | Other Heavy and Civil Engineering Construction | 8 | $2.8M | $350K | 10.0% |
| 713990 | All Other Amusement and Recreation Industries | 8 | $2.5M | $318K | 10.0% |
| 238990 | All Other Specialty Trade Contractors | 8 | $40.0M | $5.0M | 10.0% |
| 321920 | Wood Container and Pallet Manufacturing | 8 | $18.5M | $2.3M | 10.0% |
Geographic Distribution
SBA lending activity for Lake Elmo Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 56 | $71.8M | 70.0% |
| Illinois (IL) | 16 | $25.3M | 20.0% |
| Wyoming (WY) | 8 | $2.8M | 10.0% |
Why Choose Lake Elmo Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 80 SBA loans approved, totaling $99.9M in financing
- ✓Industry Expertise: Specialized focus on Other, Janitorial Services, All Other Personal Services
- ✓Competitive Terms: Average interest rate of 7.56% with flexible term lengths averaging 110 months
- ✓Loan Range: Loan sizes from $100K to $5.0M, with an average of $1.2M
- ✓Nationwide Reach: Active lending in 3 states, with strong presence in MN, IL, WY
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 Elmo Bank SBA lending
What types of businesses does Lake Elmo Bank typically finance?
Lake Elmo Bank specializes in SBA 7(a) lending to specific industries including other, janitorial services, all other personal services, all other outpatient care centers. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Lake Elmo Bank's typical SBA loan terms?
Lake Elmo Bank's SBA 7(a) loans typically feature an average interest rate of 7.56% and average term length of 110 months (approximately 9 years). Loan sizes range from $100K to $5.0M, with an average loan size of $1.2M.
Do I need a business valuation for a Lake Elmo Bank SBA loan?
Yes, Lake Elmo 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 Elmo Bank compare to other SBA lenders?
Lake Elmo Bank has originated 80 SBA loans totaling $99.9M 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 Lake Elmo Bank lend in?
Lake Elmo Bank provides SBA 7(a) financing with particularly strong presence in MN, IL, WY. 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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