The Citizens National Bank of Somerset
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by The Citizens National Bank of Somerset · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 336612 | Boat Building | 1 | $2.5M | $2.5M | 50.0% |
Geographic Distribution
SBA lending activity for The Citizens National Bank of Somerset by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Kentucky (KY) | 2 | $2.6M | 100.0% |
Why Choose The Citizens National Bank of Somerset?
Based on SBA 7(a) lending track record from 2001-2011
- ✓Proven Track Record: 2 SBA loans approved, totaling $2.6M in financing
- ✓Industry Expertise: Specialized focus on Boat Building
- ✓Competitive Terms: Average interest rate of 5.75% with flexible term lengths averaging 116 months
- ✓Loan Range: Loan sizes from $68K to $2.5M, with an average of $1.3M
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in KY
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 Citizens National Bank of Somerset SBA lending
What types of businesses does The Citizens National Bank of Somerset typically finance?
The Citizens National Bank of Somerset specializes in SBA 7(a) lending to specific industries including boat building. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The Citizens National Bank of Somerset's typical SBA loan terms?
The Citizens National Bank of Somerset's SBA 7(a) loans typically feature an average interest rate of 5.75% and average term length of 116 months (approximately 10 years). Loan sizes range from $68K to $2.5M, with an average loan size of $1.3M.
Do I need a business valuation for a The Citizens National Bank of Somerset SBA loan?
Yes, The Citizens National Bank of Somerset 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 Citizens National Bank of Somerset compare to other SBA lenders?
The Citizens National Bank of Somerset has originated 2 SBA loans totaling $2.6M since 2001. 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 Citizens National Bank of Somerset lend in?
The Citizens National Bank of Somerset provides SBA 7(a) financing with particularly strong presence in KY. 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.
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Certified valuations are often required for SBA loans over $250,000.
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