Westfield Bank
SBA 7(a) Lending Profile · FY 2020 analysis
Industry Focus
Top industries served by Westfield Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 488410 | Motor Vehicle Towing | 24 | $24.1M | $1.0M | 21.4% |
| 423490 | Other Professional Equipment and Supplies Merchant Wholesalers | 16 | $4.0M | $250K | 14.3% |
| 524210 | Insurance Agencies and Brokerages | 8 | $400K | $50K | 7.1% |
| 444180 | Other | 8 | $1.2M | $150K | 7.1% |
| 441330 | Other | 8 | $480K | $60K | 7.1% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 8 | $480K | $60K | 7.1% |
| 811192 | Car Washes | 8 | $2.6M | $320K | 7.1% |
| 445310 | Beer, Wine, and Liquor Stores | 8 | $6.0M | $750K | 7.1% |
| 454390 | Other Direct Selling Establishments | 8 | $1.5M | $188K | 7.1% |
| 621111 | Offices of Physicians (except Mental Health Specialists) | 8 | $800K | $100K | 7.1% |
Geographic Distribution
SBA lending activity for Westfield Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Massachusetts (MA) | 72 | $36.7M | 64.3% |
| Connecticut (CT) | 40 | $6.1M | 35.7% |
Why Choose Westfield Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 112 SBA loans approved, totaling $42.8M in financing
- ✓Industry Expertise: Specialized focus on Motor Vehicle Towing, Other Professional Equipment and Supplies Merchant Wholesalers, Insurance Agencies and Brokerages
- ✓Competitive Terms: Average interest rate of 5.90% with flexible term lengths averaging 87 months
- ✓Loan Range: Loan sizes from $50K to $2.3M, with an average of $382K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in MA, 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 Westfield Bank SBA lending
What types of businesses does Westfield Bank typically finance?
Westfield Bank specializes in SBA 7(a) lending to specific industries including motor vehicle towing, other professional equipment and supplies merchant wholesalers, insurance agencies and brokerages, other. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Westfield Bank's typical SBA loan terms?
Westfield Bank's SBA 7(a) loans typically feature an average interest rate of 5.90% and average term length of 87 months (approximately 7 years). Loan sizes range from $50K to $2.3M, with an average loan size of $382K.
Do I need a business valuation for a Westfield Bank SBA loan?
Yes, Westfield 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 Westfield Bank compare to other SBA lenders?
Westfield Bank has originated 112 SBA loans totaling $42.8M 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 Westfield Bank lend in?
Westfield Bank provides SBA 7(a) financing with particularly strong presence in MA, 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.
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?
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