The First National Bank of Litchfield
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by The First National Bank of Litchfield · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722410 | Drinking Places (Alcoholic Beverages) | 1 | $100K | $100K | 7.7% |
| 332999 | All Other Miscellaneous Fabricated Metal Product Manufacturing | 1 | $362K | $362K | 7.7% |
| 333112 | Lawn and Garden Tractor and Home Lawn and Garden Equipment Manufacturing | 1 | $1.9M | $1.9M | 7.7% |
| 339114 | Dental Equipment and Supplies Manufacturing | 1 | $350K | $350K | 7.7% |
| 112210 | Hog and Pig Farming | 1 | $1.0M | $1.0M | 7.7% |
Geographic Distribution
SBA lending activity for The First National Bank of Litchfield by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 13 | $4.9M | 100.0% |
Why Choose The First National Bank of Litchfield?
Based on SBA 7(a) lending track record from 1993-2011
- ✓Proven Track Record: 13 SBA loans approved, totaling $4.9M in financing
- ✓Industry Expertise: Specialized focus on Drinking Places (Alcoholic Beverages), All Other Miscellaneous Fabricated Metal Product Manufacturing, Lawn and Garden Tractor and Home Lawn and Garden Equipment Manufacturing
- ✓Competitive Terms: Average interest rate of 5.63% with flexible term lengths averaging 166 months
- ✓Loan Range: Loan sizes from $41K to $1.9M, with an average of $378K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in IL
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 of Litchfield SBA lending
What types of businesses does The First National Bank of Litchfield typically finance?
The First National Bank of Litchfield specializes in SBA 7(a) lending to specific industries including drinking places (alcoholic beverages), all other miscellaneous fabricated metal product manufacturing, lawn and garden tractor and home lawn and garden equipment manufacturing, dental equipment and supplies manufacturing. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The First National Bank of Litchfield's typical SBA loan terms?
The First National Bank of Litchfield's SBA 7(a) loans typically feature an average interest rate of 5.63% and average term length of 166 months (approximately 14 years). Loan sizes range from $41K to $1.9M, with an average loan size of $378K.
Do I need a business valuation for a The First National Bank of Litchfield SBA loan?
Yes, The First National Bank of Litchfield 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 of Litchfield compare to other SBA lenders?
The First National Bank of Litchfield has originated 13 SBA loans totaling $4.9M 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 of Litchfield lend in?
The First National Bank of Litchfield provides SBA 7(a) financing with particularly strong presence in IL. 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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