Chelsea Groton Bank
Chelsea Groton Bank is an active SBA lender in Connecticut, a bank offering SBA-guaranteed small-business loans. Currently rated 4.3 stars across 27 Google reviews.
About Chelsea Groton Bank
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.
Industries Chelsea Groton Bank finances
Business types Chelsea Groton Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about Chelsea Groton Bank
What is this place and what can I find here?
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.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment for personalized service, but walk-ins are also welcome during business hours for general inquiries.
What are the hours of operation?
Chelsea Groton Bank is open Monday through Friday 8:00 AM to 7:00 PM and Saturday 8:00 AM to 3:00 PM. Please confirm specific branch hours and any holiday closures directly with the bank.
Is there a fee to use this?
There are no fees for initial consultations; however, loan processing and closing may involve standard fees and charges.
Who is this open to — anyone, or only residents/members?
This bank primarily serves residents and small business owners within the region, but non-residents may also qualify with proper documentation.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally required, though higher scores improve approval chances.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 30 to 45 days, depending on the complexity of the application and completeness of documentation.
Is this open on weekends?
Yes, Chelsea Groton Bank is open on weekends. They offer Saturday hours from 8:00 AM to 3:00 PM. Please verify your local branch maintains these weekend hours.
How do I get there and where do I park?
Chelsea Groton Bank is located in Connecticut — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.
Who owns or operates this listing?
This page is an independent directory listing for Chelsea Groton Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Chelsea Groton Bank itself, which runs its own lending under its own ownership. If you work at Chelsea Groton Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Chelsea Groton Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Chelsea Groton Bank before applying. If you represent Chelsea Groton Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Chelsea Groton Bank via email at customercare@chelseagroton.com or submit a form at chelseagroton.com/contact/. The phone number listed is (860) 823-4962. For SBA loan inquiries, contact their business banking department.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, Chelsea Groton Bank most often finances businesses in general retail, construction & contractors, medical practices & clinics, restaurants & food service, fitness & recreation, and food manufacturing & processing. This reflects Chelsea Groton Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Chelsea Groton Bank which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Chelsea Groton Bank participates in SBA Express depends on its specific SBA lending authority. Contact Chelsea Groton Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this bank have Preferred Lender Provider status with the government?
SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. Chelsea Groton Bank can confirm its current PLP standing — ask before you apply if speed matters to you.
Are start-up companies eligible for financing at this traditional institution?
The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Chelsea Groton Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Chelsea Groton Bank directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Chelsea Groton Bank what down payment it expects for your specific commercial real estate purchase.
Does this bank impose prepayment penalties on short-term working capital facilities?
SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Chelsea Groton Bank to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this bank to buy out an existing equity partner?
SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Chelsea Groton Bank to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Chelsea Groton Bank weighs this case by case under its own policy, so be upfront about your history and ask Chelsea Groton Bank how it evaluates prior bankruptcies.
