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Beverly Bank & Trust Company, National Association

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Description

Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses through various loan programs including the SBA 7(a) and 504. With a focus on providing accessible financing options, they cater to a wide range of industries and business needs. Their experienced team guides clients through the application process, ensuring clarity and efficiency. Located in Chicago, IL, the bank is committed to fostering local economic growth while serving clients nationwide. They support loans up to $840,000, making them a strong choice for small to medium-sized enterprises seeking capital. The bank’s expertise in SBA programs helps entrepreneurs secure funding for expansion, equipment purchase, or working capital. They prioritize personalized service and flexible lending solutions tailored to each business’s unique situation. Whether you’re a startup or an established company, they aim to make the borrowing process straightforward and transparent. Their commitment to small business success is reflected in their extensive SBA program support and dedicated customer service team.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.7
Google Review Count
74
Question 1
What is this place and what can I find here?
Answer 1
This is a bank that offers SBA loan programs to support small businesses with funding options like 7(a) and 504 loans. They provide guidance throughout the application process and serve clients nationwide, helping entrepreneurs grow and expand their businesses.
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-ins may be accommodated depending on availability. Contacting the bank in advance can streamline your experience.
Question 3
What are the hours of operation?
Answer 3
The bank"s typical hours are Monday through Friday, 9:00 AM to 5:00 PM. It"s advisable to call ahead to confirm specific hours or to schedule an appointment.
Question 4
Is there a fee to use this?
Answer 4
There are fees associated with SBA loans, including application and guarantee fees, which vary based on the loan size and terms. These fees are disclosed during the application process.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves small business clients across the country, regardless of residency, as long as they meet the loan eligibility criteria. Business owners should contact the bank to confirm specific 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 620 is preferred, but higher scores can improve approval chances and loan terms.
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 complexity of the application and the completeness of submitted documentation.
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