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Devon Bank

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Description

Devon Bank offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth and operational needs. With a focus on small business financing, the bank provides SBA 7(a) loans, which are ideal for working capital, equipment purchase, or real estate acquisition. Their experienced lending team guides clients through the application process, ensuring a smooth experience from start to finish. The bank’s expertise in SBA programs helps entrepreneurs access funds with favorable terms and competitive rates. Located in Chicago, Illinois, Devon Bank is committed to supporting local businesses and fostering economic development in the region. Whether you’re a startup or an established business, they offer flexible financing options to meet your unique needs. The bank’s strong community presence and personalized service make them a trusted partner for small business owners looking to grow their operations with SBA-backed loans.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.3
Google Review Count
117
Question 1
What is this place and what can I find here?
Answer 1
This is a bank that offers SBA loan programs to small businesses, providing financing options like SBA 7(a) loans to support business growth and operations. You can find personalized service and expert guidance to help you navigate the loan process.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to meet with a loan officer, but walk-in visits may be accommodated depending on availability. Calling ahead ensures you receive dedicated assistance.
Question 3
What are the hours of operation?
Answer 3
The bank"s typical hours are Monday through Friday, 9 am to 5 pm, but it"s best to confirm directly with the branch for specific hours or after-hours appointments.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for simply visiting the bank; however, loan applications and processing may involve standard fees associated with SBA loans. Details are provided during the application process.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves small business owners in the Chicago area, but eligibility for SBA loans depends on meeting specific criteria, including creditworthiness and business location.
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 financial profile of the applicant and the business.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process usually takes between 30 to 60 days, depending on the complexity of the application and completeness of the documentation provided.
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