Summit CU
SBA 7(a) Lending Profile · FY 2021 analysis
Industry Focus
Top industries served by Summit CU
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 811111 | General Automotive Repair | 80 | $19.0M | $237K | 4.5% |
| 311811 | Retail Bakeries | 56 | $8.9M | $159K | 3.2% |
| 722410 | Drinking Places (Alcoholic Beverages) | 48 | $3.1M | $65K | 2.7% |
| 624410 | Child Day Care Services | 48 | $10.8M | $224K | 2.7% |
| 454390 | Other Direct Selling Establishments | 40 | $14.1M | $352K | 2.3% |
| 238350 | Finish Carpentry Contractors | 40 | $3.5M | $87K | 2.3% |
| 484121 | General Freight Trucking, Long Distance, Truckload | 40 | $9.9M | $247K | 2.3% |
| 722511 | Full-Service Restaurants | 40 | $17.6M | $441K | 2.3% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 40 | $19.7M | $492K | 2.3% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 32 | $11.8M | $369K | 1.8% |
Geographic Distribution
SBA lending activity for Summit CU by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Wisconsin (WI) | 1,744 | $425.2M | 99.1% |
| Minnesota (MN) | 16 | $19.4M | 0.9% |
Why Choose Summit CU?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 1,760 SBA loans approved, totaling $444.6M in financing
- ✓Industry Expertise: Specialized focus on General Automotive Repair, Retail Bakeries, Drinking Places (Alcoholic Beverages)
- ✓Competitive Terms: Average interest rate of 6.59% with flexible term lengths averaging 136 months
- ✓Loan Range: Loan sizes from $10K to $2.0M, with an average of $253K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in WI, MN
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 Summit CU SBA lending
What types of businesses does Summit CU typically finance?
Summit CU specializes in SBA 7(a) lending to specific industries including general automotive repair, retail bakeries, drinking places (alcoholic beverages), child day care services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Summit CU's typical SBA loan terms?
Summit CU's SBA 7(a) loans typically feature an average interest rate of 6.59% and average term length of 136 months (approximately 11 years). Loan sizes range from $10K to $2.0M, with an average loan size of $253K.
Do I need a business valuation for a Summit CU SBA loan?
Yes, Summit CU 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 Summit CU compare to other SBA lenders?
Summit CU has originated 1,760 SBA loans totaling $444.6M 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 Summit CU lend in?
Summit CU provides SBA 7(a) financing with particularly strong presence in WI, MN. 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.
Get your certified valuation from Fair Market Value.