Ocean State CU
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Ocean State CU · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 811310 | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 2 | $275K | $138K | 25.0% |
| 541940 | Veterinary Services | 2 | $225K | $113K | 25.0% |
| 812990 | All Other Personal Services | 1 | $286K | $286K | 12.5% |
| 336611 | Ship Building and Repairing | 1 | $250K | $250K | 12.5% |
Geographic Distribution
SBA lending activity for Ocean State CU by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Rhode Island (RI) | 6 | $1.1M | 75.0% |
| Massachusetts (MA) | 2 | $275K | 25.0% |
Why Choose Ocean State CU?
Based on SBA 7(a) lending track record from 2009-2011
- ✓Proven Track Record: 8 SBA loans approved, totaling $1.4M in financing
- ✓Industry Expertise: Specialized focus on Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance, Veterinary Services, All Other Personal Services
- ✓Competitive Terms: Average interest rate of 5.88% with flexible term lengths averaging 69 months
- ✓Loan Range: Loan sizes from $52K to $300K, with an average of $173K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in RI, MA
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 Ocean State CU SBA lending
What types of businesses does Ocean State CU typically finance?
Ocean State CU specializes in SBA 7(a) lending to specific industries including commercial and industrial machinery and equipment (except automotive and electronic) repair and maintenance, veterinary services, all other personal services, ship building and repairing. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Ocean State CU's typical SBA loan terms?
Ocean State CU's SBA 7(a) loans typically feature an average interest rate of 5.88% and average term length of 69 months (approximately 6 years). Loan sizes range from $52K to $300K, with an average loan size of $173K.
Do I need a business valuation for a Ocean State CU SBA loan?
Yes, Ocean State CU 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 Ocean State CU compare to other SBA lenders?
Ocean State CU has originated 8 SBA loans totaling $1.4M since 2009. 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 Ocean State CU lend in?
Ocean State CU provides SBA 7(a) financing with particularly strong presence in RI, MA. 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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