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1st Source Bank

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Description

Offering comprehensive SBA lending solutions, this financial institution specializes in supporting small businesses through various loan programs, including the SBA 7(a) program. Located in South Bend, Indiana, it provides tailored financing options to help entrepreneurs grow and expand their operations. With a focus on small business needs, the bank offers competitive approval amounts, with the largest recorded approval reaching over $200,000. Their experienced team guides clients through the application process, ensuring clarity and support at every step. They serve a wide range of industries, emphasizing their commitment to local economic development and small business success. Whether you’re seeking startup funding, expansion capital, or working capital loans, this bank is equipped to assist with flexible terms and personalized service. Their expertise in SBA lending makes them a reliable partner for small business owners looking to access government-backed financing to achieve their business goals.

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Q&A

Lender Type
Commercial Bank
Google Rating
4.2
Google Review Count
28
Question 1
What is this place and what can I find here?
Answer 1
This is a bank that offers SBA loan programs and small business financing solutions, providing support for entrepreneurs and local businesses.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated assistance, but walk-ins may be accommodated depending on availability.
Question 3
What are the hours of operation?
Answer 3
The bank operates from 9 AM to 5 PM, Monday through Friday, with special hours available by appointment.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations; however, loan processing fees and closing costs may apply depending on the loan terms.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves local residents and small business owners within the region, with some services 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 640 is generally preferred, but approval depends on the overall financial profile and collateral.
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 documentation.
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