Northern State Bank of Thief River Falls
SBA 7(a) Lending Profile · FY 2024 analysis
Industry Focus
Top industries served by Northern State Bank of Thief River Falls
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 8 | $1.0M | $125K | 100.0% |
Geographic Distribution
SBA lending activity for Northern State Bank of Thief River Falls by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 8 | $1.0M | 100.0% |
Why Choose Northern State Bank of Thief River Falls?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 8 SBA loans approved, totaling $1.0M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants
- ✓Competitive Terms: Average interest rate of 8.25% with flexible term lengths averaging 84 months
- ✓Loan Range: Loan sizes from $125K to $125K, with an average of $125K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in MN
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 State Bank of Thief River Falls SBA lending
What types of businesses does Northern State Bank of Thief River Falls typically finance?
Northern State Bank of Thief River Falls specializes in SBA 7(a) lending to specific industries including full-service restaurants. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Northern State Bank of Thief River Falls's typical SBA loan terms?
Northern State Bank of Thief River Falls's SBA 7(a) loans typically feature an average interest rate of 8.25% and average term length of 84 months (approximately 7 years). Loan sizes range from $125K to $125K, with an average loan size of $125K.
Do I need a business valuation for a Northern State Bank of Thief River Falls SBA loan?
Yes, Northern State Bank of Thief River Falls 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 State Bank of Thief River Falls compare to other SBA lenders?
Northern State Bank of Thief River Falls has originated 8 SBA loans totaling $1.0M 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 Northern State Bank of Thief River Falls lend in?
Northern State Bank of Thief River Falls provides SBA 7(a) financing with particularly strong presence in MN. 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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