Minnesota Lakes Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Minnesota Lakes Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 3 | $501K | $167K | 6.8% |
| 541211 | Offices of Certified Public Accountants | 3 | $460K | $153K | 6.8% |
| 561730 | Landscaping Services | 3 | $325K | $108K | 6.8% |
| 541340 | Drafting Services | 2 | $225K | $113K | 4.5% |
| 332420 | Metal Tank (Heavy Gauge) Manufacturing | 2 | $2.5M | $1.3M | 4.5% |
| 722513 | Limited-Service Restaurants | 2 | $608K | $304K | 4.5% |
| 238140 | Masonry Contractors | 2 | $296K | $148K | 4.5% |
| 488999 | All Other Support Activities for Transportation | 1 | $365K | $365K | 2.3% |
| 323111 | Commercial Printing (except Screen and Books) | 1 | $119K | $119K | 2.3% |
| 441110 | New Car Dealers | 1 | $1.2M | $1.2M | 2.3% |
Geographic Distribution
SBA lending activity for Minnesota Lakes Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 43 | $14.4M | 97.7% |
| Montana (MT) | 1 | $1.1M | 2.3% |
Why Choose Minnesota Lakes Bank?
Based on SBA 7(a) lending track record from 1996-2023
- ✓Proven Track Record: 44 SBA loans approved, totaling $15.5M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Offices of Certified Public Accountants, Landscaping Services
- ✓Competitive Terms: Average interest rate of 6.13% with flexible term lengths averaging 99 months
- ✓Loan Range: Loan sizes from $20K to $2.1M, with an average of $352K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MN, MT
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 Minnesota Lakes Bank SBA lending
What types of businesses does Minnesota Lakes Bank typically finance?
Minnesota Lakes Bank specializes in SBA 7(a) lending to specific industries including full-service restaurants, offices of certified public accountants, landscaping services, drafting services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Minnesota Lakes Bank's typical SBA loan terms?
Minnesota Lakes Bank's SBA 7(a) loans typically feature an average interest rate of 6.13% and average term length of 99 months (approximately 8 years). Loan sizes range from $20K to $2.1M, with an average loan size of $352K.
Do I need a business valuation for a Minnesota Lakes Bank SBA loan?
Yes, Minnesota Lakes 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 Minnesota Lakes Bank compare to other SBA lenders?
Minnesota Lakes Bank has originated 44 SBA loans totaling $15.5M since 1996. 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 Minnesota Lakes Bank lend in?
Minnesota Lakes Bank provides SBA 7(a) financing with particularly strong presence in MN, MT. 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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