South Shore Bank
SBA 7(a) Lending Profile · FY 2022 analysis
Industry Focus
Top industries served by South Shore Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 32 | $7.0M | $219K | 8.9% |
| 624110 | Child and Youth Services | 24 | $5.2M | $217K | 6.7% |
| 722513 | Limited-Service Restaurants | 24 | $4.2M | $177K | 6.7% |
| 238210 | Electrical Contractors | 24 | $5.2M | $215K | 6.7% |
| 532411 | Commercial Air, Rail, and Water Transportation Equipment Rental and Le | 16 | $3.9M | $246K | 4.4% |
| 541620 | Environmental Consulting Services | 16 | $1.5M | $95K | 4.4% |
| 811111 | General Automotive Repair | 16 | $2.8M | $175K | 4.4% |
| 424460 | Fish and Seafood Merchant Wholesalers | 16 | $2.4M | $150K | 4.4% |
| 621112 | Offices of Physicians, Mental Health Specialists | 16 | $1.8M | $115K | 4.4% |
| 561730 | Landscaping Services | 8 | $320K | $40K | 2.2% |
Geographic Distribution
SBA lending activity for South Shore Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Massachusetts (MA) | 352 | $82.7M | 97.8% |
| Rhode Island (RI) | 8 | $21.4M | 2.2% |
Why Choose South Shore Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 360 SBA loans approved, totaling $104.1M in financing
- ✓Industry Expertise: Specialized focus on Plumbing, Heating, and Air-Conditioning Contractors, Child and Youth Services, Limited-Service Restaurants
- ✓Competitive Terms: Average interest rate of 5.73% with flexible term lengths averaging 97 months
- ✓Loan Range: Loan sizes from $10K to $2.7M, with an average of $289K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MA, RI
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 South Shore Bank SBA lending
What types of businesses does South Shore Bank typically finance?
South Shore Bank specializes in SBA 7(a) lending to specific industries including plumbing, heating, and air-conditioning contractors, child and youth services, limited-service restaurants, electrical contractors. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are South Shore Bank's typical SBA loan terms?
South Shore Bank's SBA 7(a) loans typically feature an average interest rate of 5.73% and average term length of 97 months (approximately 8 years). Loan sizes range from $10K to $2.7M, with an average loan size of $289K.
Do I need a business valuation for a South Shore Bank SBA loan?
Yes, South Shore 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 South Shore Bank compare to other SBA lenders?
South Shore Bank has originated 360 SBA loans totaling $104.1M 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 South Shore Bank lend in?
South Shore Bank provides SBA 7(a) financing with particularly strong presence in MA, RI. 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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