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Liquor stores do well in almost any economic environment and because of that, banks are typically interested in providing SBA loan for them. Studies have shown that people consistently drink – whether they can afford to or not! So, if you’re looking to apply for a loan, don’t think twice. Here are the top 16 banks for SBA liquor store loans waiting for your call:
1) Hanmi Bank — Los Angeles, CA
2017: 75 loans, $715,460 average loan, average interest rate of 6.0%
Hanmi Bank takes pride in providing fast loan processing and flexible terms. Headquartered in Los Angeles, CA, they’re always ready to help you through the process. With competitive rates and less hassle loan processing, there’s no surprise that Hanmi Bank is #1 in our list. Give them a call when you’re ready for that next step forward for your liquor store business.
2) TD Bank — Wilmington, DE
2017: 39 loans, $73,333 average loan, average interest rate of 9.0%
Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.
3) Bank of Hope — Los Angeles, CA Year to date: 41 loans, $309,049 average loan, average interest rate of 5.5%
2017: 29 loans, $445,069 average loan, average interest rate of 5.9%
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.
4) Huntington Bank — Columbus, OH
2017: 28 loans, $161,571 average loan, average interest rate of 6.1%
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.
5) Wells Fargo Bank — Sioux Falls, SD
2017: 26 loans, $372,808 average loan, average interest rate of 7.2%
Wells Fargo is one of the largest banks in the world and takes pride in being the #1 SBA 7(a) lender by dollars according to the U.S. Small Business Administration as of September 30, 2014. With their years of experience working with thousands of customers, including pharmacy owners, they can offer a deep understanding of business needs, with benefits you won’t find anywhere else. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable.
To help you further in your search for the right Liquor Store Loans that fits you, here’s the complete list of our top 16 banks:
|Rank||Bank||City||State||# Loans||Avg Loan||Avg Int|
|1||Hanmi Bank||Los Angeles||CA||133||$640,135||6.3%|
|4||Bank of Hope||Los Angeles||CA||69||$379,536||6.5%|
|5||Pacific City Bank||Los Angeles||CA||42||$574,410||6.3%|
|6||1st Constitution Bank||Cranbury||NJ||36||$569,306||6.7%|
|7||Wells Fargo||Sioux Falls||SD||36||$386,308||7.6%|
|8||Open Bank||Los Angeles||CA||35||$704,777||6.1%|
|10||Celtic Bank||Salt Lake City||UT||25||$647,444||6.9%|
|13||Hana Small Business Lending||Los Angeles||CA||23||$821,522||6.4%|
|14||CenterStone SBA Lending||Los Angeles||CA||21||$819,690||6.7%|
|15||First IC Bank||Doraville||GA||21||$2,098,476||6.1%|
|17||Metro City Bank||Doraville||GA||19||$2,023,474||6.0%|
|18||Noah Bank||Elkins Park||PA||19||$1,068,421||6.7%|
|24||JPMorgan Chase Bank||Columbus||OH||12||$207,058||7.3%|
|27||Newtek Small Business||Lake Success||NY||11||$531,636||7.5%|
|28||Uniti Bank||Buena Park||CA||11||$756,818||5.8%|
|29||Bank of the West||San Francisco||CA||9||$538,389||6.7%|
|30||New Millennium Bank||New Brunswick||NJ||9||$1,142,222||6.1%|