Is Independence Bank a good SBA lender?

Independence Bank has funded 3,015 SBA loans totaling $535.3M in volume across 54 states, with an average loan size of $178K. The lender's default rate is 3140.00%. Whether they are the right fit depends on your deal profile — loan size, industry, geography, and borrower credit. PeerSense matches your specific deal to Independence Bank or one of 897+ alternatives based on closing probability + pricing.

What is the average SBA loan size at Independence Bank?

The average SBA loan size at Independence Bank is $178K, with a range from $5K to $4.5M. This profile suggests they are best suited for borrowers seeking smaller businesses, working capital, and franchise startups.

What states does Independence Bank lend in?

Independence Bank actively lends across 54 states. Their highest-volume state is Massachusetts. Other top states include California, New York, Florida. Borrower geography matters: a lender's state penetration affects underwriting familiarity, valuation comps, and turnaround speed.

Does Independence Bank fund franchise loans?

Yes — Independence Bank has funded SBA franchise loans across multiple brands. Their highest-volume franchise concept is SUBWAY SANDWICH SHOP, followed by QUIZNOS, FANTASTIC SAM'S, THE UPS STORE. Lender-franchise familiarity matters: lenders that have closed multiple loans for a brand know the FDD inside-out, which speeds underwriting + reduces re-trade risk.

What industries does Independence Bank prefer?

Independence Bank's highest-volume SBA industry by NAICS code is Limited-Service Restaurants. Other active sectors: Personal Care Services, Miscellaneous Retail, Administrative Support. Borrower industry matters: matching your deal to a lender with strong recent volume in your NAICS reduces underwriting friction and improves close-rate odds.

How does PeerSense match deals to Independence Bank?

PeerSense matches your specific SBA deal to Independence Bank based on five factors: deal size vs lender's average + range, your industry vs lender's NAICS history, your state vs lender's geographic penetration, your franchise brand (if applicable) vs lender's brand history, and your credit + experience profile vs lender's known underwriting box. We don't sell leads — we curate fit. No retainer; lender pays referral fee at closing.

SBA LenderRhode IslandHigh VolumeSmall Business

Independence Bank

SBA lender based in Rhode Island serving 54 states and 83 industries

Quick Answer

Independence Bank has funded 3,015 SBA loans across 54 states and 83 industries. Their average loan size is $178K. Whether they are the right SBA lender for your deal depends on size, industry, geography, and credit profile — PeerSense matches your deal against Independence Bank and 897+ alternatives based on closing probability + pricing.

Geographic Reach

54 States

National coverage

Industry Coverage

83 Industries

Diverse lending portfolio

Lending Activity

High Volume

Small Business focus

Top Lending States

Massachusetts#1

California#2

New York#3

Florida#4

Texas#5

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Industry Focus Areas

Limited-Service Restaurants

NAICS 722

Personal Care Services

NAICS 812

Miscellaneous Retail

NAICS 453

Administrative Support

NAICS 561

Motor Vehicle Dealers

NAICS 441

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Why borrowers choose Independence Bank

Independence Bank is best suited for borrowers seeking small-business working capital, startup, and franchise loans, with an average SBA loan of $178K. The lender's deepest industry experience is in Limited-Service Restaurants, and their highest-volume state is Massachusetts. With 3,015 SBA loans funded across 54 states, they are one of a small set of true national SBA lenders. Their portfolio default rate is 3140.00%. If your deal profile aligns with their underwriting box, this lender is worth a quote — PeerSense matches your specific deal against Independence Bank and 897+ alternatives.

Recent SBA Activity at Independence Bank

Franchise lending: Independence Bank has funded SBA loans for multiple franchise concepts, with the highest volume in SUBWAY SANDWICH SHOP, QUIZNOS, and FANTASTIC SAM'S. Lender-franchise familiarity reduces underwriting friction: brands the lender already knows clear faster and re-trade less.

Industry concentration: The lender's highest-volume SBA industries are Limited-Service Restaurants, Personal Care Services, and Miscellaneous Retail. Borrowers in these NAICS sectors typically see better terms and faster approvals.

Geographic concentration: Top markets are Massachusetts, California, New York, Florida, and Texas. Lenders typically underwrite faster in states where they already have closing comps.

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Compare Independence Bank to Similar SBA Lenders

Other SBA lenders headquartered in Rhode Island with similar deal-size profiles. Borrowers should always compare 3–5 lenders before committing.

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302 loans$376K avg34 states

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About Independence Bank SBA Lending

Independence Bank is an SBA lender headquartered in Rhode Island. PeerSense tracks this lender's SBA lending activity, including approval trends, geographic coverage, and industry specializations.

Independence Bank serves borrowers across 54 states and 83 industry sectors, making it a national SBA lender with broad geographic coverage. To find out whether Independence Bank is a good fit for your specific deal, reach out to PeerSense for a free lender match.

PeerSense maintains detailed performance data on hundreds of SBA lenders to help borrowers and brokers identify the right capital source. Rather than spending weeks researching lenders on your own, book a free call and let our team match you with lenders who have a proven track record in your industry and geography.

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