Providence Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Providence Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 624410 | Child Care Services | 1 | $475K | $475K | 6.7% |
| 812990 | All Other Personal Services | 1 | $221K | $221K | 6.7% |
| 238350 | Finish Carpentry Contractors | 1 | $150K | $150K | 6.7% |
| 621310 | Offices of Chiropractors | 1 | $50K | $50K | 6.7% |
| 811111 | General Automotive Repair | 1 | $1.2M | $1.2M | 6.7% |
Geographic Distribution
SBA lending activity for Providence Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| North Carolina (NC) | 15 | $3.7M | 100.0% |
Why Choose Providence Bank?
Based on SBA 7(a) lending track record from 2000-2015
- ✓Proven Track Record: 15 SBA loans approved, totaling $3.7M in financing
- ✓Industry Expertise: Specialized focus on Child Care Services, All Other Personal Services, Finish Carpentry Contractors
- ✓Competitive Terms: Average interest rate of 5.55% with flexible term lengths averaging 147 months
- ✓Loan Range: Loan sizes from $30K to $1.2M, with an average of $248K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in NC
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 Providence Bank SBA lending
What types of businesses does Providence Bank typically finance?
Providence Bank specializes in SBA 7(a) lending to specific industries including child care services, all other personal services, finish carpentry contractors, offices of chiropractors. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Providence Bank's typical SBA loan terms?
Providence Bank's SBA 7(a) loans typically feature an average interest rate of 5.55% and average term length of 147 months (approximately 12 years). Loan sizes range from $30K to $1.2M, with an average loan size of $248K.
Do I need a business valuation for a Providence Bank SBA loan?
Yes, Providence 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 Providence Bank compare to other SBA lenders?
Providence Bank has originated 15 SBA loans totaling $3.7M since 2000. 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 Providence Bank lend in?
Providence Bank provides SBA 7(a) financing with particularly strong presence in NC. 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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