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Chelsea Groton Bank

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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) loan program. Located in Norwich, Connecticut, it provides tailored financing solutions to help entrepreneurs grow and expand their operations. The bank is well-versed in handling loan amounts up to $264,000, making it a reliable partner for small-scale business needs. Its experienced team guides clients through the application process, ensuring clarity and efficiency. With a focus on regional economic development, the bank offers personalized service and flexible terms to meet diverse business requirements. Whether you’re seeking startup funding or working capital, this lender is equipped to assist with your financial goals. Its commitment to small business success is reflected in its supportive approach and extensive industry knowledge. The bank’s primary NAICS code, 451110, indicates a focus on retail trade, aligning with its strength in serving retail businesses. Its strategic location in Norwich allows it to serve the broader Connecticut region effectively. The bank’s history with SBA programs demonstrates a solid track record of supporting small business growth and development.

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Q&A

Lender Type
Commercial Bank
Google Rating
4.3
Google Review Count
27
Question 1
What is this place and what can I find here?
Answer 1
This is a bank that provides SBA loan programs and financial services tailored for small businesses. You can find assistance with funding, loan applications, and business growth strategies.
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-ins are also welcome during business hours for general inquiries.
Question 3
What are the hours of operation?
Answer 3
The bank operates Monday through Friday from 9:00 AM to 5:00 PM, with special hours by appointment on weekends.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations; however, loan processing and closing may involve standard fees and charges.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves residents and small business owners within the region, but non-residents may also qualify with proper documentation.
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 required, though higher scores improve approval chances.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 45 days, depending on the complexity of the application and completeness of documentation.
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