Solon State Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Solon State Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 811122 | Automotive Glass Replacement Shops | 2 | $92K | $46K | 18.2% |
| 811111 | General Automotive Repair | 2 | $165K | $83K | 18.2% |
| 812310 | Coin-Operated Laundries and Drycleaners | 1 | $33K | $33K | 9.1% |
Geographic Distribution
SBA lending activity for Solon State Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Iowa (IA) | 11 | $518K | 100.0% |
Why Choose Solon State Bank?
Based on SBA 7(a) lending track record from 1994-2001
- ✓Proven Track Record: 11 SBA loans approved, totaling $518K in financing
- ✓Industry Expertise: Specialized focus on Automotive Glass Replacement Shops, General Automotive Repair, Coin-Operated Laundries and Drycleaners
- ✓Competitive Terms: Average interest rate of — with flexible term lengths averaging 75 months
- ✓Loan Range: Loan sizes from $25K to $88K, with an average of $47K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in IA
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 Solon State Bank SBA lending
What types of businesses does Solon State Bank typically finance?
Solon State Bank specializes in SBA 7(a) lending to specific industries including automotive glass replacement shops, general automotive repair, coin-operated laundries and drycleaners. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Solon State Bank's typical SBA loan terms?
Solon State Bank's SBA 7(a) loans typically feature an average interest rate of — and average term length of 75 months (approximately 6 years). Loan sizes range from $25K to $88K, with an average loan size of $47K.
Do I need a business valuation for a Solon State Bank SBA loan?
Yes, Solon State 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 Solon State Bank compare to other SBA lenders?
Solon State Bank has originated 11 SBA loans totaling $518K since 1994. 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 Solon State Bank lend in?
Solon State Bank provides SBA 7(a) financing with particularly strong presence in IA. 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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