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Deerwood Bank

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Description

Deerwood Bank offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth, expansion, or operational needs. Specializing in SBA 7(a) loans, they provide flexible financing options with competitive terms to help entrepreneurs achieve their goals. Located in Waite Park, Minnesota, this commercial bank is committed to serving local and regional businesses with personalized service and expert guidance. Their team understands the nuances of SBA programs and can assist with loan applications, documentation, and approval processes. Whether you’re looking to purchase equipment, expand facilities, or manage cash flow, Deerwood Bank provides tailored solutions designed to meet your specific needs. They also offer support for startups and existing businesses, ensuring that clients receive the right funding options at every stage of their business lifecycle. With a focus on customer success, Deerwood Bank strives to build long-term relationships and contribute to the economic development of their community. Their experienced lenders are dedicated to helping small businesses access the capital they need to thrive, making them a trusted partner in the Minnesota business landscape.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.9
Google Review Count
22
Question 1
What is this place and what can I find here?
Answer 1
This is a commercial bank that offers SBA loan programs, including 7(a) loans, to help small businesses access capital for growth and operational needs. You can find personalized assistance, loan options, and expert guidance tailored to your business goals. They serve clients primarily in Minnesota and the surrounding region, focusing on supporting local economic development.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may be accommodated depending on availability. Contact the branch in advance to confirm the best way to meet with a lender and discuss your financing needs.
Question 3
What are the hours of operation?
Answer 3
The branch typically operates from 9:00 AM to 5:00 PM, Monday through Friday. It is advisable to call ahead or check their website for specific hours and any holiday closures.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for visiting the branch or consulting with a loan officer; however, loan applications and processing may involve fees which will be 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 in Minnesota and the surrounding region. While they focus on local clients, eligibility for specific loan programs depends on meeting certain criteria and creditworthiness.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
Typically, a minimum personal credit score of 640 is preferred, but the final decision depends on the overall credit profile and business financials.
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 completeness of documentation.
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