Norway Savings Bank
SBA 7(a) Lending Profile · FY 2022 analysis
Industry Focus
Top industries served by Norway Savings Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722513 | Limited-Service Restaurants | 48 | $25.1M | $523K | 9.1% |
| 713940 | Fitness and Recreational Sports Centers | 40 | $6.0M | $149K | 7.6% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 24 | $4.3M | $178K | 4.5% |
| 722330 | Mobile Food Services | 24 | $1.6M | $67K | 4.5% |
| 722410 | Drinking Places (Alcoholic Beverages) | 24 | $7.3M | $305K | 4.5% |
| 459120 | Other | 24 | $9.5M | $397K | 4.5% |
| 722511 | Full-Service Restaurants | 24 | $1.8M | $76K | 4.5% |
| 541330 | Engineering Services | 24 | $2.4M | $100K | 4.5% |
| 444130 | Hardware Stores | 16 | $5.4M | $335K | 3.0% |
| 444190 | Other Building Material Dealers | 16 | $4.6M | $289K | 3.0% |
Geographic Distribution
SBA lending activity for Norway Savings Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Maine (ME) | 496 | $159.4M | 93.9% |
| New Hampshire (NH) | 24 | $43.2M | 4.5% |
| Colorado (CO) | 8 | $2.3M | 1.5% |
Why Choose Norway Savings Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 528 SBA loans approved, totaling $204.9M in financing
- ✓Industry Expertise: Specialized focus on Limited-Service Restaurants, Fitness and Recreational Sports Centers, Snack and Nonalcoholic Beverage Bars
- ✓Competitive Terms: Average interest rate of 7.11% with flexible term lengths averaging 93 months
- ✓Loan Range: Loan sizes from $10K to $5.0M, with an average of $388K
- ✓Nationwide Reach: Active lending in 3 states, with strong presence in ME, NH, CO
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 Norway Savings Bank SBA lending
What types of businesses does Norway Savings Bank typically finance?
Norway Savings Bank specializes in SBA 7(a) lending to specific industries including limited-service restaurants, fitness and recreational sports centers, snack and nonalcoholic beverage bars, mobile food services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Norway Savings Bank's typical SBA loan terms?
Norway Savings Bank's SBA 7(a) loans typically feature an average interest rate of 7.11% and average term length of 93 months (approximately 8 years). Loan sizes range from $10K to $5.0M, with an average loan size of $388K.
Do I need a business valuation for a Norway Savings Bank SBA loan?
Yes, Norway Savings 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 Norway Savings Bank compare to other SBA lenders?
Norway Savings Bank has originated 528 SBA loans totaling $204.9M 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 Norway Savings Bank lend in?
Norway Savings Bank provides SBA 7(a) financing with particularly strong presence in ME, NH, CO. 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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