The North Salem State Bank
SBA 7(a) Lending Profile · FY 2020 analysis
Industry Focus
Top industries served by The North Salem State Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 312120 | Breweries | 32 | $1.9M | $59K | 15.4% |
| 722511 | Full-Service Restaurants | 32 | $6.4M | $201K | 15.4% |
| 238210 | Electrical Contractors | 16 | $645K | $40K | 7.7% |
| 484110 | General Freight Trucking, Local | 16 | $960K | $60K | 7.7% |
| 561720 | Janitorial Services | 16 | $1.4M | $90K | 7.7% |
| 624120 | Services for the Elderly and Persons with Disabilities | 8 | $2.3M | $284K | 3.8% |
| 424990 | Other Miscellaneous Nondurable Goods Merchant Wholesalers | 8 | $4.1M | $512K | 3.8% |
| 524291 | Claims Adjusting | 8 | $800K | $100K | 3.8% |
| 316110 | Leather and Hide Tanning and Finishing | 8 | $108K | $14K | 3.8% |
| 622210 | Psychiatric and Substance Abuse Hospitals | 8 | $1.6M | $200K | 3.8% |
Geographic Distribution
SBA lending activity for The North Salem State Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Indiana (IN) | 208 | $45.1M | 100.0% |
Why Choose The North Salem State Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 208 SBA loans approved, totaling $45.1M in financing
- ✓Industry Expertise: Specialized focus on Breweries, Full-Service Restaurants, Electrical Contractors
- ✓Competitive Terms: Average interest rate of 5.93% with flexible term lengths averaging 98 months
- ✓Loan Range: Loan sizes from $14K to $1.9M, with an average of $217K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in IN
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 North Salem State Bank SBA lending
What types of businesses does The North Salem State Bank typically finance?
The North Salem State Bank specializes in SBA 7(a) lending to specific industries including breweries, full-service restaurants, electrical contractors, general freight trucking, local. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The North Salem State Bank's typical SBA loan terms?
The North Salem State Bank's SBA 7(a) loans typically feature an average interest rate of 5.93% and average term length of 98 months (approximately 8 years). Loan sizes range from $14K to $1.9M, with an average loan size of $217K.
Do I need a business valuation for a The North Salem State Bank SBA loan?
Yes, The North Salem State 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 North Salem State Bank compare to other SBA lenders?
The North Salem State Bank has originated 208 SBA loans totaling $45.1M 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 North Salem State Bank lend in?
The North Salem State Bank provides SBA 7(a) financing with particularly strong presence in IN. 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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