Locus Bank Inc
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Locus Bank Inc · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 423610 | Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers | 5 | $1.7M | $345K | 6.3% |
| 441120 | Used Car Dealers | 5 | $1.9M | $386K | 6.3% |
| 722511 | Full-Service Restaurants | 5 | $928K | $186K | 6.3% |
| 722513 | Limited-Service Restaurants | 4 | $947K | $237K | 5.1% |
| 713940 | Fitness and Recreational Sports Centers | 4 | $669K | $167K | 5.1% |
| 238990 | All Other Specialty Trade Contractors | 3 | $1.3M | $447K | 3.8% |
| 325611 | Soap and Other Detergent Manufacturing | 3 | $1.7M | $567K | 3.8% |
| 621340 | Offices of Physical, Occupational and Speech Therapists, and Audiologists | 3 | $478K | $159K | 3.8% |
| 713990 | All Other Amusement and Recreation Industries | 3 | $739K | $246K | 3.8% |
| 621610 | Home Health Care Services | 3 | $871K | $290K | 3.8% |
Geographic Distribution
SBA lending activity for Locus Bank Inc by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Virginia (VA) | 79 | $23.8M | 100.0% |
Why Choose Locus Bank Inc?
Based on SBA 7(a) lending track record from 2016-2023
- ✓Proven Track Record: 79 SBA loans approved, totaling $23.8M in financing
- ✓Industry Expertise: Specialized focus on Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers, Used Car Dealers, Full-Service Restaurants
- ✓Competitive Terms: Average interest rate of 6.64% with flexible term lengths averaging 123 months
- ✓Loan Range: Loan sizes from $20K to $2.3M, with an average of $301K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in VA
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 Locus Bank Inc SBA lending
What types of businesses does Locus Bank Inc typically finance?
Locus Bank Inc specializes in SBA 7(a) lending to specific industries including electrical apparatus and equipment, wiring supplies, and related equipment merchant wholesalers, used car dealers, full-service restaurants, limited-service restaurants. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Locus Bank Inc's typical SBA loan terms?
Locus Bank Inc's SBA 7(a) loans typically feature an average interest rate of 6.64% and average term length of 123 months (approximately 10 years). Loan sizes range from $20K to $2.3M, with an average loan size of $301K.
Do I need a business valuation for a Locus Bank Inc SBA loan?
Yes, Locus Bank Inc 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 Locus Bank Inc compare to other SBA lenders?
Locus Bank Inc has originated 79 SBA loans totaling $23.8M since 2016. 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 Locus Bank Inc lend in?
Locus Bank Inc provides SBA 7(a) financing with particularly strong presence in VA. 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.
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