The First National Bank in Wadena
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by The First National Bank in Wadena · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 812112 | Beauty Salons | 1 | $135K | $135K | 8.3% |
| 441120 | Used Car Dealers | 1 | $350K | $350K | 8.3% |
| 326191 | Plastics Plumbing Fixture Manufacturing | 1 | $35K | $35K | 8.3% |
| 326291 | Rubber Product Manufacturing for Mechanical Use | 1 | $42K | $42K | 8.3% |
| 524210 | Insurance Agencies and Brokerages | 1 | $30K | $30K | 8.3% |
| 493130 | Farm Product Warehousing and Storage | 1 | $72K | $72K | 8.3% |
Geographic Distribution
SBA lending activity for The First National Bank in Wadena by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 12 | $1.1M | 100.0% |
Why Choose The First National Bank in Wadena?
Based on SBA 7(a) lending track record from 1993-2010
- ✓Proven Track Record: 12 SBA loans approved, totaling $1.1M in financing
- ✓Industry Expertise: Specialized focus on Beauty Salons, Used Car Dealers, Plastics Plumbing Fixture Manufacturing
- ✓Competitive Terms: Average interest rate of 6.00% with flexible term lengths averaging 145 months
- ✓Loan Range: Loan sizes from $24K to $350K, with an average of $93K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in 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 The First National Bank in Wadena SBA lending
What types of businesses does The First National Bank in Wadena typically finance?
The First National Bank in Wadena specializes in SBA 7(a) lending to specific industries including beauty salons, used car dealers, plastics plumbing fixture manufacturing, rubber product manufacturing for mechanical use. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The First National Bank in Wadena's typical SBA loan terms?
The First National Bank in Wadena's SBA 7(a) loans typically feature an average interest rate of 6.00% and average term length of 145 months (approximately 12 years). Loan sizes range from $24K to $350K, with an average loan size of $93K.
Do I need a business valuation for a The First National Bank in Wadena SBA loan?
Yes, The First National Bank in Wadena 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 First National Bank in Wadena compare to other SBA lenders?
The First National Bank in Wadena has originated 12 SBA loans totaling $1.1M since 1993. 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 First National Bank in Wadena lend in?
The First National Bank in Wadena provides SBA 7(a) financing with particularly strong presence in 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?
Certified valuations are often required for SBA loans over $250,000.
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