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Millennium Bank

Millennium Bank offers comprehensive SBA lending solutions tailored to small and medium-sized businesses seeking financial support for growth, acquisitions, or working capital. With a focus on personalized service, the bank provides expertise in navigating SBA 7(a) loans, ensuring clients receive competitive terms and flexible financing options. Their team specializes in understanding the unique needs of each business, guiding them through the application process from start to finish. Located in Des Plaines, Illinois, Millennium Bank is committed to fostering local economic development while supporting clients nationwide. They provide a range of services including loan structuring, credit analysis, and ongoing account management, making them a reliable partner for business owners looking to expand or stabilize their operations. Their SBA programs are designed to help businesses access capital efficiently, with a dedicated team ready to assist at every step. Whether you’re a startup or an established enterprise, Millennium Bank aims to deliver tailored financial solutions that align with your business goals.

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Lender Type

Commercial Bank

Google Rating

4.4

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Question 1

What is this place and what can I find here?

Answer 1

This is a financial institution offering SBA loan programs designed to help small and medium-sized businesses access capital for growth, acquisitions, or working capital needs. You can find personalized lending solutions, expert guidance through the application process, and support for various business financing needs. The bank specializes in SBA 7(a) loans and provides tailored services to meet your specific business goals.

Question 2

Do I need an appointment or can I walk in?

Answer 2

It"s recommended to schedule an appointment to ensure dedicated time with a loan specialist, but walk-in consultations may be available during business hours. Contact the bank in advance to confirm availability and to prepare your documentation for a smoother process.

Question 3

What are the hours of operation?

Answer 3

The bank typically operates from Monday to Friday, 9:00 AM to 5:00 PM. It"s best to call ahead or check their website for specific hours or any holiday closures.

Question 4

Is there a fee to use this?

Answer 4

There are no fees to access basic information or initial consultations. However, processing fees, guarantee fees, and closing costs may apply depending on the loan specifics. Always review the fee structure with your loan officer before proceeding.

Question 5

Who is this open to — anyone, or only residents/members?

Answer 5

This institution primarily serves small and medium-sized businesses across the country, regardless of residency, as long as they meet the lending criteria. Business owners should have a valid operating history and meet credit requirements.

Question 6

What minimum personal credit score does this bank look for in a guarantor?

Answer 6

Typically, a minimum personal credit score of 650 is preferred, though higher scores improve the chances of approval. The bank evaluates the overall creditworthiness of the guarantor and the business.

Question 7

How long does the traditional underwriting process take from start to close?

Answer 7

The underwriting process generally takes between 30 to 60 days, depending on the completeness of your application and the complexity of your financial situation. Working closely with your loan officer can help expedite the process.

Millennium Bank

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