Seamen's Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Seamen's Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 114112 | Shellfish Fishing | 2 | $453K | $227K | 20.0% |
| 811310 | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 1 | $302K | $302K | 10.0% |
| 423610 | Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers | 1 | $338K | $338K | 10.0% |
| 722513 | Limited-Service Restaurants | 1 | $230K | $230K | 10.0% |
| 713940 | Fitness and Recreational Sports Centers | 1 | $125K | $125K | 10.0% |
Geographic Distribution
SBA lending activity for Seamen's Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Massachusetts (MA) | 9 | $1.8M | 90.0% |
| Connecticut (CT) | 1 | $100K | 10.0% |
Why Choose Seamen's Bank?
Based on SBA 7(a) lending track record from 2007-2021
- ✓Proven Track Record: 10 SBA loans approved, totaling $1.9M in financing
- ✓Industry Expertise: Specialized focus on Shellfish Fishing, Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance, Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
- ✓Competitive Terms: Average interest rate of 5.70% with flexible term lengths averaging 86 months
- ✓Loan Range: Loan sizes from $50K to $338K, with an average of $192K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MA, CT
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 Seamen's Bank SBA lending
What types of businesses does Seamen's Bank typically finance?
Seamen's Bank specializes in SBA 7(a) lending to specific industries including shellfish fishing, commercial and industrial machinery and equipment (except automotive and electronic) repair and maintenance, electrical apparatus and equipment, wiring supplies, and related equipment merchant wholesalers, limited-service restaurants. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Seamen's Bank's typical SBA loan terms?
Seamen's Bank's SBA 7(a) loans typically feature an average interest rate of 5.70% and average term length of 86 months (approximately 7 years). Loan sizes range from $50K to $338K, with an average loan size of $192K.
Do I need a business valuation for a Seamen's Bank SBA loan?
Yes, Seamen's 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 Seamen's Bank compare to other SBA lenders?
Seamen's Bank has originated 10 SBA loans totaling $1.9M since 2007. 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 Seamen's Bank lend in?
Seamen's Bank provides SBA 7(a) financing with particularly strong presence in MA, CT. 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?
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