Magnet Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Magnet Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 812320 | Drycleaning and Laundry Services (except Coin-Operated) | 1 | $438K | $438K | 100.0% |
Geographic Distribution
SBA lending activity for Magnet Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Florida (FL) | 1 | $438K | 100.0% |
Why Choose Magnet Bank?
Based on SBA 7(a) lending track record from 2007-2007
- ✓Proven Track Record: 1 SBA loans approved, totaling $438K in financing
- ✓Industry Expertise: Specialized focus on Drycleaning and Laundry Services (except Coin-Operated)
- ✓Competitive Terms: Average interest rate of — with flexible term lengths averaging 126 months
- ✓Loan Range: Loan sizes from $438K to $438K, with an average of $438K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in FL
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 Magnet Bank SBA lending
What types of businesses does Magnet Bank typically finance?
Magnet Bank specializes in SBA 7(a) lending to specific industries including drycleaning and laundry services (except coin-operated). They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Magnet Bank's typical SBA loan terms?
Magnet Bank's SBA 7(a) loans typically feature an average interest rate of — and average term length of 126 months (approximately 11 years). Loan sizes range from $438K to $438K, with an average loan size of $438K.
Do I need a business valuation for a Magnet Bank SBA loan?
Yes, Magnet 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 Magnet Bank compare to other SBA lenders?
Magnet Bank has originated 1 SBA loans totaling $438K since 2007. 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 Magnet Bank lend in?
Magnet Bank provides SBA 7(a) financing with particularly strong presence in FL. 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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