Salem Five Cents Savings Bank
SBA 7(a) Lending Profile · FY 2021 analysis
Industry Focus
Top industries served by Salem Five Cents Savings Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 236118 | Residential Remodelers | 136 | $28.0M | $206K | 6.2% |
| 812112 | Beauty Salons | 88 | $5.9M | $67K | 4.0% |
| 561720 | Janitorial Services | 72 | $25.8M | $359K | 3.3% |
| 561730 | Landscaping Services | 72 | $12.4M | $173K | 3.3% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 64 | $11.6M | $181K | 2.9% |
| 621610 | Home Health Care Services | 56 | $21.8M | $389K | 2.6% |
| 561621 | Security Systems Services (except Locksmiths) | 56 | $149.6M | $2.7M | 2.6% |
| 713940 | Fitness and Recreational Sports Centers | 48 | $14.8M | $308K | 2.2% |
| 238210 | Electrical Contractors | 48 | $6.9M | $144K | 2.2% |
| 812910 | Pet Care (except Veterinary) Services | 48 | $7.7M | $159K | 2.2% |
Geographic Distribution
SBA lending activity for Salem Five Cents Savings Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Massachusetts (MA) | 2,112 | $630.1M | 96.4% |
| New Hampshire (NH) | 80 | $29.6M | 3.6% |
Why Choose Salem Five Cents Savings Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 2,192 SBA loans approved, totaling $659.7M in financing
- ✓Industry Expertise: Specialized focus on Residential Remodelers, Beauty Salons, Janitorial Services
- ✓Competitive Terms: Average interest rate of 7.82% with flexible term lengths averaging 108 months
- ✓Loan Range: Loan sizes from $15K to $5.0M, with an average of $301K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MA, NH
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 Salem Five Cents Savings Bank SBA lending
What types of businesses does Salem Five Cents Savings Bank typically finance?
Salem Five Cents Savings Bank specializes in SBA 7(a) lending to specific industries including residential remodelers, beauty salons, janitorial services, landscaping services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Salem Five Cents Savings Bank's typical SBA loan terms?
Salem Five Cents Savings Bank's SBA 7(a) loans typically feature an average interest rate of 7.82% and average term length of 108 months (approximately 9 years). Loan sizes range from $15K to $5.0M, with an average loan size of $301K.
Do I need a business valuation for a Salem Five Cents Savings Bank SBA loan?
Yes, Salem Five Cents 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 Salem Five Cents Savings Bank compare to other SBA lenders?
Salem Five Cents Savings Bank has originated 2,192 SBA loans totaling $659.7M 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 Salem Five Cents Savings Bank lend in?
Salem Five Cents Savings Bank provides SBA 7(a) financing with particularly strong presence in MA, NH. 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.
Get your certified valuation from Fair Market Value.