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Lake Region Bank

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Description

Offering comprehensive SBA financing options, this commercial bank specializes in supporting small businesses with tailored loan solutions. Whether you’re seeking funding for expansion, equipment, or working capital, the bank provides personalized service to meet your needs. Located conveniently at 51 Main St in New London, MN, it has a strong history of assisting local entrepreneurs and businesses across various industries. With a focus on the SBA 7(a) program, it can help clients access loans up to $60,000, making it an ideal choice for small to medium-sized enterprises. The bank’s experienced lending team guides borrowers through the application process, ensuring clarity and support at every step. Its commitment to community development and small business growth makes it a trusted partner for local economic progress.

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Q&A

Lender Type
Commercial Bank
Google Rating
4
Google Review Count
1
Question 1
What is this place and what can I find here?
Answer 1
This is a local commercial bank offering SBA loan programs and small business financing solutions, providing personalized service to help your business grow.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment for personalized service, but walk-in consultations are also available during business hours.
Question 3
What are the hours of operation?
Answer 3
The bank operates from 9:00 AM to 5:00 PM, Monday through Friday.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for visiting; however, loan application and processing fees may apply depending on the financing arrangement.
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 New London area, but some services may be available to non-residents upon qualification.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of 650 is generally preferred, but other factors may also influence approval.
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 complexity of the loan and completeness of documentation.
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