The State Bank of Faribault
SBA 7(a) Lending Profile · FY 2020 analysis
Industry Focus
Top industries served by The State Bank of Faribault
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 423450 | Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesal | 24 | $8.0M | $333K | 13.0% |
| 484110 | General Freight Trucking, Local | 16 | $1.4M | $90K | 8.7% |
| 722511 | Full-Service Restaurants | 16 | $1.8M | $113K | 8.7% |
| 442210 | Floor Covering Stores | 16 | $2.1M | $129K | 8.7% |
| 812199 | Other Personal Care Services | 8 | $200K | $25K | 4.3% |
| 238210 | Electrical Contractors | 8 | $800K | $100K | 4.3% |
| 484122 | General Freight Trucking, Long-Distance, Less Than Truckload | 8 | $4.0M | $500K | 4.3% |
| 445299 | All Other Specialty Food Stores | 8 | $2.7M | $340K | 4.3% |
| 484121 | General Freight Trucking, Long Distance, Truckload | 8 | $853K | $107K | 4.3% |
| 238990 | All Other Specialty Trade Contractors | 8 | $400K | $50K | 4.3% |
Geographic Distribution
SBA lending activity for The State Bank of Faribault by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 160 | $24.6M | 87.0% |
| Alabama (AL) | 24 | $8.0M | 13.0% |
Why Choose The State Bank of Faribault?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 184 SBA loans approved, totaling $32.6M in financing
- ✓Industry Expertise: Specialized focus on Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesal, General Freight Trucking, Local, Full-Service Restaurants
- ✓Competitive Terms: Average interest rate of 6.17% with flexible term lengths averaging 94 months
- ✓Loan Range: Loan sizes from $20K to $500K, with an average of $177K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MN, AL
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 State Bank of Faribault SBA lending
What types of businesses does The State Bank of Faribault typically finance?
The State Bank of Faribault specializes in SBA 7(a) lending to specific industries including medical, dental, and hospital equipment and supplies merchant wholesal, general freight trucking, local, full-service restaurants, floor covering stores. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The State Bank of Faribault's typical SBA loan terms?
The State Bank of Faribault's SBA 7(a) loans typically feature an average interest rate of 6.17% and average term length of 94 months (approximately 8 years). Loan sizes range from $20K to $500K, with an average loan size of $177K.
Do I need a business valuation for a The State Bank of Faribault SBA loan?
Yes, The State Bank of Faribault 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 State Bank of Faribault compare to other SBA lenders?
The State Bank of Faribault has originated 184 SBA loans totaling $32.6M 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 State Bank of Faribault lend in?
The State Bank of Faribault provides SBA 7(a) financing with particularly strong presence in MN, AL. 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?
Professional valuations are often required for SBA loans over $250,000.
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