The Bank of Elk River
SBA 7(a) Lending Profile · FY 2020 analysis
Industry Focus
Top industries served by The Bank of Elk River
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 621310 | Offices of Chiropractors | 72 | $11.7M | $163K | 11.8% |
| 238910 | Site Preparation Contractors | 40 | $10.7M | $267K | 6.6% |
| 332710 | Machine Shops | 40 | $42.8M | $1.1M | 6.6% |
| 238210 | Electrical Contractors | 24 | $11.2M | $465K | 3.9% |
| 611620 | Sports and Recreation Instruction | 24 | $6.5M | $270K | 3.9% |
| 811111 | General Automotive Repair | 24 | $10.0M | $417K | 3.9% |
| 561790 | Other Services to Buildings and Dwellings | 24 | $37.8M | $1.6M | 3.9% |
| 811192 | Car Washes | 16 | $4.0M | $250K | 2.6% |
| 444190 | Other Building Material Dealers | 16 | $21.0M | $1.3M | 2.6% |
| 441210 | Recreational Vehicle Dealers | 16 | $1.7M | $103K | 2.6% |
Geographic Distribution
SBA lending activity for The Bank of Elk River by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 600 | $370.2M | 98.7% |
| Wisconsin (WI) | 8 | $6.0M | 1.3% |
Why Choose The Bank of Elk River?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 608 SBA loans approved, totaling $376.2M in financing
- ✓Industry Expertise: Specialized focus on Offices of Chiropractors, Site Preparation Contractors, Machine Shops
- ✓Competitive Terms: Average interest rate of 6.59% with flexible term lengths averaging 118 months
- ✓Loan Range: Loan sizes from $25K to $5.0M, with an average of $619K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MN, WI
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 The Bank of Elk River SBA lending
What types of businesses does The Bank of Elk River typically finance?
The Bank of Elk River specializes in SBA 7(a) lending to specific industries including offices of chiropractors, site preparation contractors, machine shops, electrical contractors. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The Bank of Elk River's typical SBA loan terms?
The Bank of Elk River's SBA 7(a) loans typically feature an average interest rate of 6.59% and average term length of 118 months (approximately 10 years). Loan sizes range from $25K to $5.0M, with an average loan size of $619K.
Do I need a business valuation for a The Bank of Elk River SBA loan?
Yes, The Bank of Elk River 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 The Bank of Elk River compare to other SBA lenders?
The Bank of Elk River has originated 608 SBA loans totaling $376.2M 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 The Bank of Elk River lend in?
The Bank of Elk River provides SBA 7(a) financing with particularly strong presence in MN, WI. 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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Professional valuations are often required for SBA loans over $250,000.
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