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The Savings Bank

Offering comprehensive banking services tailored to small businesses and entrepreneurs, this financial institution specializes in SBA lending programs to support growth and expansion. With a focus on the local Wakefield community, they provide personalized assistance for business financing needs, including SBA 7(a) loans. Their team is committed to helping clients navigate the loan process efficiently, ensuring access to capital for a variety of business purposes. Whether you’re seeking funding for equipment, working capital, or expansion, they offer flexible terms and dedicated support to meet your business goals. The bank’s expertise in SBA programs makes them a reliable partner for small business owners looking to leverage government-backed loans to achieve their objectives.

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Lender Type

Commercial Bank

Google Rating

4.4

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Question 1

What is this place and what can I find here?

Answer 1

This is a local bank offering SBA loan programs and small business financing solutions. You can find personalized assistance for your business funding needs, including SBA 7(a) loans, to help you grow and succeed.

Question 2

Do I need an appointment or can I walk in?

Answer 2

It"s recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may also be accommodated depending on availability.

Question 3

What are the hours of operation?

Answer 3

The branch operates Monday through Friday from 9:00 AM to 5:00 PM, with additional hours by appointment on Saturdays upon request.

Question 4

Is there a fee to use this?

Answer 4

There are no fees for initial consultations; however, specific loan processing fees and charges may apply depending on the services used.

Question 5

Who is this open to — anyone, or only residents/members?

Answer 5

This bank primarily serves local residents and small businesses in the Wakefield area, but non-residents may also be eligible for certain services with proper documentation.

Question 6

What minimum personal credit score does this bank look for in a guarantor?

Answer 6

A minimum personal credit score of 640 or higher is generally preferred to qualify for SBA loans, though other factors are also considered.

Question 7

How long does the traditional underwriting process take from start to close?

Answer 7

The underwriting process typically takes between 30 to 60 days, depending on the completeness of the application and the complexity of the loan.

The Savings Bank

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