The Bank of Romney
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by The Bank of Romney
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 238210 | Electrical Contractors | 8 | $2.2M | $270K | 50.0% |
| 111940 | Hay Farming | 8 | $1.4M | $172K | 50.0% |
Geographic Distribution
SBA lending activity for The Bank of Romney by state
| State | Loans | Volume | Share |
|---|---|---|---|
| West Virginia (WV) | 16 | $3.5M | 100.0% |
Why Choose The Bank of Romney?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 16 SBA loans approved, totaling $3.5M in financing
- ✓Industry Expertise: Specialized focus on Electrical Contractors, Hay Farming
- ✓Competitive Terms: Average interest rate of 6.13% with flexible term lengths averaging 102 months
- ✓Loan Range: Loan sizes from $172K to $270K, with an average of $221K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in WV
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 Romney SBA lending
What types of businesses does The Bank of Romney typically finance?
The Bank of Romney specializes in SBA 7(a) lending to specific industries including electrical contractors, hay farming. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The Bank of Romney's typical SBA loan terms?
The Bank of Romney's SBA 7(a) loans typically feature an average interest rate of 6.13% and average term length of 102 months (approximately 9 years). Loan sizes range from $172K to $270K, with an average loan size of $221K.
Do I need a business valuation for a The Bank of Romney SBA loan?
Yes, The Bank of Romney 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 Romney compare to other SBA lenders?
The Bank of Romney has originated 16 SBA loans totaling $3.5M 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 Romney lend in?
The Bank of Romney provides SBA 7(a) financing with particularly strong presence in WV. 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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