SoFi Bank, National Association
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by SoFi Bank, National Association · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 22 | $21.0M | $954K | 3.8% |
| 524210 | Insurance Agencies and Brokerages | 15 | $6.1M | $408K | 2.6% |
| 541990 | All Other Professional, Scientific, and Technical Services | 13 | $1.1M | $81K | 2.3% |
| 541213 | Tax Preparation Services | 12 | $428K | $36K | 2.1% |
| 812112 | Beauty Salons | 11 | $844K | $77K | 1.9% |
| 812990 | All Other Personal Services | 9 | $501K | $56K | 1.6% |
| 722513 | Limited-Service Restaurants | 9 | $2.9M | $325K | 1.6% |
| 441120 | Used Car Dealers | 8 | $445K | $56K | 1.4% |
| 541611 | Administrative Management and General Management Consulting Services | 8 | $422K | $53K | 1.4% |
| 541511 | Custom Computer Programming Services | 8 | $930K | $116K | 1.4% |
Geographic Distribution
SBA lending activity for SoFi Bank, National Association by state
| State | Loans | Volume | Share |
|---|---|---|---|
| California (CA) | 270 | $124.7M | 46.9% |
| Nevada (NV) | 8 | $2.4M | 1.4% |
| Florida (FL) | 36 | $1.8M | 6.3% |
| Georgia (GA) | 27 | $1.8M | 4.7% |
| Texas (TX) | 18 | $1.4M | 3.1% |
| New York (NY) | 24 | $1.2M | 4.2% |
| Illinois (IL) | 20 | $976K | 3.5% |
| New Jersey (NJ) | 12 | $857K | 2.1% |
| Arizona (AZ) | 11 | $812K | 1.9% |
| Oregon (OR) | 10 | $729K | 1.7% |
| Virginia (VA) | 7 | $640K | 1.2% |
| Missouri (MO) | 7 | $626K | 1.2% |
| Utah (UT) | 5 | $575K | 0.9% |
| Indiana (IN) | 9 | $530K | 1.6% |
| North Carolina (NC) | 10 | $506K | 1.7% |
| Pennsylvania (PA) | 8 | $450K | 1.4% |
| Nebraska (NE) | 5 | $414K | 0.9% |
| Tennessee (TN) | 8 | $404K | 1.4% |
| Ohio (OH) | 8 | $373K | 1.4% |
| Michigan (MI) | 13 | $355K | 2.3% |
| Wisconsin (WI) | 5 | $345K | 0.9% |
| Colorado (CO) | 11 | $334K | 1.9% |
| Washington (WA) | 5 | $241K | 0.9% |
| New Mexico (NM) | 4 | $235K | 0.7% |
| Maryland (MD) | 6 | $210K | 1.0% |
| Alabama (AL) | 3 | $190K | 0.5% |
| Oklahoma (OK) | 3 | $182K | 0.5% |
| Kentucky (KY) | 3 | $172K | 0.5% |
| Louisiana (LA) | 3 | $169K | 0.5% |
| South Carolina (SC) | 1 | $150K | 0.2% |
| Rhode Island (RI) | 1 | $135K | 0.2% |
| Massachusetts (MA) | 3 | $128K | 0.5% |
| Maine (ME) | 1 | $100K | 0.2% |
| Vermont (VT) | 1 | $100K | 0.2% |
| Arkansas (AR) | 2 | $65K | 0.3% |
| Hawaii (HI) | 2 | $38K | 0.3% |
| Kansas (KS) | 2 | $35K | 0.3% |
| Mississippi (MS) | 1 | $25K | 0.2% |
| Minnesota (MN) | 1 | $20K | 0.2% |
| Idaho (ID) | 1 | $20K | 0.2% |
| Connecticut (CT) | 1 | $14K | 0.2% |
Why Choose SoFi Bank, National Association?
Based on SBA 7(a) lending track record from 1991-2019
- ✓Proven Track Record: 576 SBA loans approved, totaling $144.4M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Insurance Agencies and Brokerages, All Other Professional, Scientific, and Technical Services
- ✓Competitive Terms: Average interest rate of 6.85% with flexible term lengths averaging 124 months
- ✓Loan Range: Loan sizes from $5K to $5.0M, with an average of $251K
- ✓Nationwide Reach: Active lending in 41 states, with strong presence in CA, FL, GA
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 SoFi Bank, National Association SBA lending
What types of businesses does SoFi Bank, National Association typically finance?
SoFi Bank, National Association specializes in SBA 7(a) lending to specific industries including full-service restaurants, insurance agencies and brokerages, all other professional, scientific, and technical services, tax preparation services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are SoFi Bank, National Association's typical SBA loan terms?
SoFi Bank, National Association's SBA 7(a) loans typically feature an average interest rate of 6.85% and average term length of 124 months (approximately 10 years). Loan sizes range from $5K to $5.0M, with an average loan size of $251K.
Do I need a business valuation for a SoFi Bank, National Association SBA loan?
Yes, SoFi Bank, National Association 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 SoFi Bank, National Association compare to other SBA lenders?
SoFi Bank, National Association has originated 576 SBA loans totaling $144.4M since 1991. 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 SoFi Bank, National Association lend in?
SoFi Bank, National Association provides SBA 7(a) financing with particularly strong presence in CA, FL, GA, NY, IL. 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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Certified valuations are often required for SBA loans over $250,000.
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