Torrington Savings Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Torrington Savings Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 238210 | Electrical Contractors | 24 | $4.0M | $167K | 12.5% |
| 456110 | Other | 16 | $5.2M | $325K | 8.3% |
| 561710 | Exterminating and Pest Control Services | 16 | $2.0M | $125K | 8.3% |
| 444120 | Paint and Wallpaper Stores | 16 | $4.1M | $258K | 8.3% |
| 624410 | Child Day Care Services | 16 | $3.2M | $200K | 8.3% |
| 541110 | Offices of Lawyers | 16 | $1.2M | $75K | 8.3% |
| 722511 | Full-Service Restaurants | 8 | $400K | $50K | 4.2% |
| 311811 | Retail Bakeries | 8 | $160K | $20K | 4.2% |
| 238910 | Site Preparation Contractors | 8 | $600K | $75K | 4.2% |
| 238110 | Poured Concrete Foundation and Structure Contractors | 8 | $200K | $25K | 4.2% |
Geographic Distribution
SBA lending activity for Torrington Savings Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Connecticut (CT) | 192 | $31.7M | 100.0% |
Why Choose Torrington Savings Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 192 SBA loans approved, totaling $31.7M in financing
- ✓Industry Expertise: Specialized focus on Electrical Contractors, Other, Exterminating and Pest Control Services
- ✓Competitive Terms: Average interest rate of 7.19% with flexible term lengths averaging 111 months
- ✓Loan Range: Loan sizes from $20K to $450K, with an average of $165K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in CT
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 Torrington Savings Bank SBA lending
What types of businesses does Torrington Savings Bank typically finance?
Torrington Savings Bank specializes in SBA 7(a) lending to specific industries including electrical contractors, other, exterminating and pest control services, paint and wallpaper stores. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Torrington Savings Bank's typical SBA loan terms?
Torrington Savings Bank's SBA 7(a) loans typically feature an average interest rate of 7.19% and average term length of 111 months (approximately 9 years). Loan sizes range from $20K to $450K, with an average loan size of $165K.
Do I need a business valuation for a Torrington Savings Bank SBA loan?
Yes, Torrington Savings 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 Torrington Savings Bank compare to other SBA lenders?
Torrington Savings Bank has originated 192 SBA loans totaling $31.7M 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 Torrington Savings Bank lend in?
Torrington Savings Bank provides SBA 7(a) financing with particularly strong presence in CT. 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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Explore Industry Reports →Need a Business Valuation?
Professional valuations are often required for SBA loans over $250,000.
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