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Community Partners Savings Bank

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Description

Community Partners Savings Bank offers comprehensive SBA lending solutions tailored to small businesses seeking financial growth and stability. With a focus on supporting local entrepreneurs, this bank provides various loan programs including SBA 7(a) loans, which are ideal for working capital, equipment purchases, and business expansion. Their experienced team guides clients through the application process, ensuring clarity and efficiency. The bank’s primary NAICS code, 444210, indicates a specialization in furniture stores, but their lending services extend across multiple industries. They have approved amounts up to $350,000, demonstrating their capacity to support small to medium-sized enterprises. Located at 301 W Main in Salem, IL, they serve the regional community with personalized service and flexible financing options.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.4
Google Review Count
37
Question 1
What is this place and what can I find here?
Answer 1
This is a local community bank offering SBA loan programs and financial services tailored to small businesses in Salem and the surrounding region. You can find assistance with business financing, advice on loan options, and personalized support for your entrepreneurial needs.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins are also welcome during business hours for initial inquiries.
Question 3
What are the hours of operation?
Answer 3
The bank operates from 9:00 AM to 5:00 PM, Monday through Friday, with additional hours by appointment on Saturdays.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations; however, loan processing and application fees may apply depending on the specific financing arrangement.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves residents and small business owners within the Salem region, but they may consider out-of-area applicants based on creditworthiness and business needs.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of 640 is generally preferred, though other factors such as business financials and collateral 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 2 to 4 weeks, depending on the completeness of documentation and loan complexity.
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