The Litchfield National Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by The Litchfield National Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 332710 | Machine Shops | 1 | $100K | $100K | 10.0% |
| 441110 | New Car Dealers | 1 | $1.6M | $1.6M | 10.0% |
| 238350 | Finish Carpentry Contractors | 1 | $140K | $140K | 10.0% |
| 323113 | Commercial Screen Printing | 1 | $48K | $48K | 10.0% |
Geographic Distribution
SBA lending activity for The Litchfield National Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 10 | $2.2M | 100.0% |
Why Choose The Litchfield National Bank?
Based on SBA 7(a) lending track record from 1991-2020
- ✓Proven Track Record: 10 SBA loans approved, totaling $2.2M in financing
- ✓Industry Expertise: Specialized focus on Machine Shops, New Car Dealers, Finish Carpentry Contractors
- ✓Competitive Terms: Average interest rate of 7.15% with flexible term lengths averaging 113 months
- ✓Loan Range: Loan sizes from $25K to $1.6M, with an average of $224K
- ✓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 Litchfield National Bank SBA lending
What types of businesses does The Litchfield National Bank typically finance?
The Litchfield National Bank specializes in SBA 7(a) lending to specific industries including machine shops, new car dealers, finish carpentry contractors, commercial screen printing. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The Litchfield National Bank's typical SBA loan terms?
The Litchfield National Bank's SBA 7(a) loans typically feature an average interest rate of 7.15% and average term length of 113 months (approximately 9 years). Loan sizes range from $25K to $1.6M, with an average loan size of $224K.
Do I need a business valuation for a The Litchfield National Bank SBA loan?
Yes, The Litchfield National Bank 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 Litchfield National Bank compare to other SBA lenders?
The Litchfield National Bank has originated 10 SBA loans totaling $2.2M since 1991. 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 Litchfield National Bank lend in?
The Litchfield National Bank 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.
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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