Sound Credit Union
SBA 7(a) Lending Profile · FY 2023 analysis
Industry Focus
Top industries served by Sound Credit Union
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 484121 | General Freight Trucking, Long Distance, Truckload | 72 | $6.8M | $95K | 4.4% |
| 722511 | Full-Service Restaurants | 56 | $23.7M | $423K | 3.4% |
| 722330 | Mobile Food Services | 56 | $1.0M | $18K | 3.4% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 48 | $1.8M | $37K | 2.9% |
| 812112 | Beauty Salons | 48 | $1.1M | $23K | 2.9% |
| 541611 | Administrative Management and General Management Consulting Services | 40 | $5.7M | $143K | 2.4% |
| 238210 | Electrical Contractors | 40 | $2.8M | $69K | 2.4% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 40 | $27.6M | $691K | 2.4% |
| 561730 | Landscaping Services | 32 | $2.7M | $86K | 1.9% |
| 236118 | Residential Remodelers | 32 | $726K | $23K | 1.9% |
Geographic Distribution
SBA lending activity for Sound Credit Union by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Washington (WA) | 1,648 | $348.6M | 100.0% |
Why Choose Sound Credit Union?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 1,648 SBA loans approved, totaling $348.6M in financing
- ✓Industry Expertise: Specialized focus on General Freight Trucking, Long Distance, Truckload, Full-Service Restaurants, Mobile Food Services
- ✓Competitive Terms: Average interest rate of 10.49% with flexible term lengths averaging 104 months
- ✓Loan Range: Loan sizes from $7K to $4.2M, with an average of $212K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in WA
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 Sound Credit Union SBA lending
What types of businesses does Sound Credit Union typically finance?
Sound Credit Union specializes in SBA 7(a) lending to specific industries including general freight trucking, long distance, truckload, full-service restaurants, mobile food services, snack and nonalcoholic beverage bars. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Sound Credit Union's typical SBA loan terms?
Sound Credit Union's SBA 7(a) loans typically feature an average interest rate of 10.49% and average term length of 104 months (approximately 9 years). Loan sizes range from $7K to $4.2M, with an average loan size of $212K.
Do I need a business valuation for a Sound Credit Union SBA loan?
Yes, Sound Credit Union 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 Sound Credit Union compare to other SBA lenders?
Sound Credit Union has originated 1,648 SBA loans totaling $348.6M 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 Sound Credit Union lend in?
Sound Credit Union provides SBA 7(a) financing with particularly strong presence in WA. 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.
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