Northern Federal Credit Union
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Northern Federal Credit Union · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 561730 | Landscaping Services | 1 | $430K | $430K | 50.0% |
| 326111 | Plastics Bag and Pouch Manufacturing | 1 | $32K | $32K | 50.0% |
Geographic Distribution
SBA lending activity for Northern Federal Credit Union by state
| State | Loans | Volume | Share |
|---|---|---|---|
| New York (NY) | 2 | $462K | 100.0% |
Why Choose Northern Federal Credit Union?
Based on SBA 7(a) lending track record from 2013-2020
- ✓Proven Track Record: 2 SBA loans approved, totaling $462K in financing
- ✓Industry Expertise: Specialized focus on Landscaping Services, Plastics Bag and Pouch Manufacturing
- ✓Competitive Terms: Average interest rate of 6.13% with flexible term lengths averaging 102 months
- ✓Loan Range: Loan sizes from $32K to $430K, with an average of $231K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in NY
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 Northern Federal Credit Union SBA lending
What types of businesses does Northern Federal Credit Union typically finance?
Northern Federal Credit Union specializes in SBA 7(a) lending to specific industries including landscaping services, plastics bag and pouch manufacturing. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Northern Federal Credit Union's typical SBA loan terms?
Northern Federal Credit Union's SBA 7(a) loans typically feature an average interest rate of 6.13% and average term length of 102 months (approximately 9 years). Loan sizes range from $32K to $430K, with an average loan size of $231K.
Do I need a business valuation for a Northern Federal Credit Union SBA loan?
Yes, Northern Federal Credit Union 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 Northern Federal Credit Union compare to other SBA lenders?
Northern Federal Credit Union has originated 2 SBA loans totaling $462K since 2013. 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 Northern Federal Credit Union lend in?
Northern Federal Credit Union provides SBA 7(a) financing with particularly strong presence in NY. 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.