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Iowa Trust and Savings Bank

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Description

Offering comprehensive SBA lending services, this commercial bank specializes in supporting small businesses with financing options tailored to their needs. Whether you’re seeking funding for expansion, equipment purchase, or working capital, they provide flexible loan programs designed to help your business grow. The bank has a strong history of SBA program support, particularly with the 7(a) loan program, and is committed to serving the local community with personalized service. Their team understands the unique challenges faced by small businesses and works closely with clients to find the best financial solutions. With a focus on accessible lending, they support various industries, including professional services, retail, and light manufacturing. The bank’s goal is to foster small business success by offering competitive rates, straightforward application processes, and dedicated support throughout the loan lifecycle.

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Q&A

Lender Type
Commercial Bank
Google Rating
4.1
Google Review Count
14
Question 1
What is this place and what can I find here?
Answer 1
This is a local commercial bank that offers SBA loan programs to small businesses, providing financing options such as the 7(a) loan to support business growth and operations.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to meet with a loan officer, but walk-in consultations may also be 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 to visit or consult; loan application fees and interest rates apply based on the specific loan terms.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves local small businesses and residents within the community, but they consider applications from qualified businesses outside the immediate area as well.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of around 640 is generally preferred, though this can vary based on the loan and borrower profile.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes 2 to 4 weeks, depending on the completeness of your application and documentation.
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