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Metropolitan Economic Development Association

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Captured at MEDA Headquarters on 26 Jul, 2023 by Alex Carroll Photography.
Captured at MEDA Headquarters on 26 Jul, 2023 by Alex Carroll Photography.

Description

Metropolitan Economic Development Association offers specialized financial services and SBA loan programs designed to support small businesses and entrepreneurs in the Minneapolis area. With a focus on fostering economic growth, this institution provides access to capital through various SBA offerings, including the popular 7(a) loan program. Their team is dedicated to guiding clients through the loan process, ensuring they understand eligibility requirements and helping them secure funding for business expansion, equipment purchase, or working capital needs. The association emphasizes community development and economic empowerment, making it a valuable resource for local business owners seeking reliable financial support.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.2
Google Review Count
18
Question 1
What is this place and what can I find here?
Answer 1
This is a financial institution that provides SBA loan programs and business development services to small businesses in Minneapolis. You can find assistance with funding, community development, and business growth strategies.
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-in consultations may be available during business hours.
Question 3
What are the hours of operation?
Answer 3
The typical hours are Monday through Friday, 9:00 AM to 5:00 PM, but it is best to call ahead for specific appointment times or special arrangements.
Question 4
Is there a fee to use this?
Answer 4
There are no fees to access consultation services, but loan processing and guarantee fees may apply during the loan application process.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This institution primarily serves small business owners and entrepreneurs in the Minneapolis region, but eligibility is based on business criteria and loan program requirements.
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 recommended, though stronger scores can improve loan approval chances.
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 complexity of the application and completeness of submitted documentation.
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