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Drake Bank

Drake Bank offers comprehensive SBA lending solutions tailored to meet the needs of small and medium-sized businesses seeking financial support. With a focus on SBA 7(a) loans, the bank provides flexible financing options for business expansion, equipment purchase, and working capital. Their experienced team guides clients through the application process, ensuring clarity and efficiency from start to finish. Located in Saint Paul, Minnesota, Drake Bank combines local expertise with a broad understanding of SBA programs to help businesses thrive. The bank’s commitment to personalized service ensures that each borrower receives tailored advice and support throughout their funding journey. Whether you’re a startup or an established enterprise, Drake Bank’s SBA offerings are designed to facilitate growth and success in various industries, including professional services, retail, and manufacturing. Their team is dedicated to helping clients navigate the complexities of SBA lending, making the process straightforward and accessible. With a strong reputation in the region, Drake Bank remains a trusted partner for small business financing needs.

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Lender Type

Commercial Bank

Google Rating

4.1

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Question 1

What is this place and what can I find here?

Answer 1

This is a commercial bank offering SBA loan programs to support small and medium-sized businesses. You can find information about loan options, application processes, and personalized financial guidance here.

Question 2

Do I need an appointment or can I walk in?

Answer 2

It"s recommended to schedule an appointment with a loan officer to ensure dedicated time and personalized assistance, though walk-ins may be accommodated during business hours.

Question 3

What are the hours of operation?

Answer 3

The bank operates from 9:00 AM to 5:00 PM, Monday through Friday. It"s advisable to call ahead to confirm availability for appointments or walk-in visits.

Question 4

Is there a fee to use this?

Answer 4

There are no fees to inquire about SBA loans or to meet with a loan officer; however, specific loan applications may involve closing costs and fees based on the loan agreement.

Question 5

Who is this open to — anyone, or only residents/members?

Answer 5

This bank"s services are primarily available to local businesses in the region, though eligibility for SBA loans depends on meeting specific criteria regardless of residency.

Question 6

What minimum personal credit score does this bank look for in a guarantor?

Answer 6

A minimum personal credit score of 650 is generally preferred, but other factors such as business cash flow and collateral are also considered.

Question 7

How long does the traditional underwriting process take from start to close?

Answer 7

The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.

Drake Bank

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