PRE-QUALIFY for a Gas Station SBA Loan
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Most of us do not know that most gas stations are owned and operated by independent business people who set their own price and only .4% of the gas stations in the country are owned by one of the five major oil companies, according to the NACS. So, if you’re one of the majority who is planning on starting up or wanting to expand your gas station business, we provided you our own list of top banks for SBA loans:
1) Celtic Bank Corporation — SALT LAKE CITY, UT
2017: 54 loans, $1,367,514 average loan, average interest rate of 6.4%
Celtic Bank is headquartered in Salt Lake City, Utah, and is a privately owned industrial bank chartered by the State of Utah. They’re also an SBA Preferred Lender and was named as the 6th largest SBA lender in the nation last FY 2015. Founded in 2001, Celtic Bank is one of the leading nationwide small business lender specializing in SBA 7(a) and SBA 504.
2) Commonwealth Business Bank — LOS ANGELES, CA
2017: 42 loans, $1,378,690 average loan, average interest rate of 5.7%
Commonwealth Business Bank’s SBA department is experienced in simplifying the lending process to better meet each customer’s specific needs. Their SBA 7(a) program has a loan term from 7 up to 25 years.
3) Wallis State Bank — WALLIS, TX
2017: 30 loans, $1,291,203 average loan, average interest rate of 6.2%
With a goal to continue to provide quality financial products and services with an irreplaceable personal touch that has been developed through more than a century of experience, offering a wide variety of SBA loans to help you achieve your goals, Wallis Bank is no doubt #1 on our list.
4) Bank of Hope — Los Angeles, CA
2017: 24 loans, $1,556,250 average loan, average interest rate of 5.8%
Based out of Los Angeles, Bank of Hope specializes in financial services for the Korean-American community. They offer quick decision-making process and competitive approved loan amount. If you’re in a hurry with your loan needs, with Bank of Hope’s experience and quick process, they will not disappoint.
5) The Huntington National Bank — Columbus, OH
2017: 21 loans, $541,729 average loan, average interest rate of 6.7%
Huntington is the #1 SBA 7(a) lender in the number of loans in the regions made up of Indiana, Kentucky, Illinois, Ohio, West Virginia, Western Pennsylvania, Wisconsin, and Michigan (according to U.S. SBA from October 1, 2008, to September 30, 2016). With 8 years of pretty great track record of helping businesses like auto repair shops, you’ll never go wrong in trying to apply for an SBA loan with Huntington.
Here are the rest of our top gas station lenders:
| Rank | Bank | City | State | # of Loans | Avg Loan $ | Avg Int |
|---|---|---|---|---|---|---|
| 1 | Celtic Bank | Salt Lake City | UT | 42 | $1,671,062 | 7.5% |
| 2 | Commonwealth Business Bank | Los Angeles | CA | 35 | $1,531,571 | 6.8% |
| 3 | Pacific City Bank | Los Angeles | CA | 30 | $1,849,300 | 6.7% |
| 4 | Wallis Bank | Wallis | TX | 20 | $1,331,590 | 6.9% |
| 5 | First IC Bank | Doraville | GA | 19 | $1,213,342 | 6.8% |
| 6 | Citizens Bank | Elizabethton | TN | 19 | $1,470,829 | 7.4% |
| 7 | Readycap Lending, LLC | Berkeley Heights | NJ | 18 | $1,734,372 | 7.1% |
| 8 | TD Bank | Wilmington | DE | 16 | $461,250 | 7.7% |
| 9 | Byline Bank | Chicago | IL | 15 | $1,244,267 | 8.1% |
| 10 | U.S. Bank | Cincinnati | OH | 14 | $841,943 | 6.5% |