Farmers & Merchants State Bank of New York Mills, Incorporated
Farmers & Merchants State Bank of New York Mills, Incorporated is an active SBA lender in the United States, a bank offering SBA-guaranteed small-business loans. Currently rated 4.2 stars across 5 Google reviews.
$2M
in SBA approvals since 2010
13
SBA loans funded
General Retail · Auto Dealers & Sales · Hotels & Lodging
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About Farmers & Merchants State Bank of New York Mills, Incorporated
Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses with various loan programs tailored to meet diverse needs. Whether you're seeking funding for expansion, equipment, or working capital, they provide flexible options backed by SBA guarantees. Their team is committed to guiding clients through the application process, ensuring clarity and support at every step. With a focus on personalized service, they help entrepreneurs access the capital necessary to grow and succeed. The bank's expertise in SBA programs ensures that borrowers receive competitive terms and favorable rates, making it easier to achieve business goals. Located in New York Mills, MN, they serve local businesses and beyond, fostering economic development within the community and region. Their experience with SBA 7(a) loans demonstrates their capability to handle a wide range of financing needs, from small startups to established enterprises. The institution prides itself on building lasting relationships with clients, offering tailored financial solutions that align with each business's unique circumstances. Whether you're a new business or an existing one looking to expand, they are ready to assist with your SBA loan journey.
Common questions about Farmers & Merchants State Bank of New York Mills, Incorporated
What is this place and what can I find here?
This is a bank that offers SBA loan programs designed to help small businesses access funding for growth, equipment, or working capital. They provide personalized guidance and support throughout the loan process, making it easier for entrepreneurs to secure the capital they need.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure personalized service, but walk-ins may be accommodated depending on availability. Contact the bank ahead of your visit to confirm their procedures.
What are the hours of operation?
Farmers & Merchants State Bank of New York Mills operates Monday-Friday with lobby hours 8:30 a.m. - 4:30 p.m. and drive-up hours 8:00 a.m. - 5:00 p.m. (excluding federal holidays). Please confirm current hours directly with the bank.
Is there a fee to use this?
There are no fees for accessing the bank's SBA loan consultation services, but loan processing and closing may involve standard fees and costs associated with the specific loan program.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local residents and small business owners within the region, but they may also work with out-of-area clients depending on the loan program and eligibility criteria.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of around 650 is generally preferred, though the exact requirement can vary based on the loan specifics and overall creditworthiness.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the loan and completeness of the application materials.
Is this open on weekends?
No, Farmers & Merchants State Bank of New York Mills is closed on weekends; they operate Monday through Friday only. Confirm any holiday schedule changes with the bank.
How do I get there and where do I park?
Farmers & Merchants State Bank of New York Mills, Incorporated is located at the address listed on this page — 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 Farmers & Merchants State Bank of New York Mills, Incorporated, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Farmers & Merchants State Bank of New York Mills, Incorporated itself, which runs its own lending under its own ownership. If you work at Farmers & Merchants State Bank of New York Mills, Incorporated, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Farmers & Merchants State Bank of New York Mills, Incorporated — 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 Farmers & Merchants State Bank of New York Mills, Incorporated before applying. If you represent Farmers & Merchants State Bank of New York Mills, Incorporated, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Farmers & Merchants State Bank of New York Mills, Incorporated by phone at (218) 385-2300 or online at fmbanknym.com — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Farmers & Merchants State Bank of New York Mills, Incorporated before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Like most SBA lenders, Farmers & Merchants State Bank of New York Mills, Incorporated can finance a broad range of small businesses — common categories include professional services, healthcare practices, restaurants and franchises, retail, light manufacturing, and commercial real estate. Each bank sets its own industry preferences and may avoid sectors it considers higher risk. Ask Farmers & Merchants State Bank of New York Mills, Incorporated directly which industries it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
Yes, Farmers & Merchants State Bank of New York Mills offers SBA Express loans as part of their commercial lending products. Contact them directly to confirm availability and specific terms.
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. Farmers & Merchants State Bank of New York Mills, Incorporated 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. Farmers & Merchants State Bank of New York Mills, Incorporated's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Farmers & Merchants State Bank of New York Mills, Incorporated 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 Farmers & Merchants State Bank of New York Mills, Incorporated 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 Farmers & Merchants State Bank of New York Mills, Incorporated 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 Farmers & Merchants State Bank of New York Mills, Incorporated 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. Farmers & Merchants State Bank of New York Mills, Incorporated weighs this case by case under its own policy, so be upfront about your history and ask Farmers & Merchants State Bank of New York Mills, Incorporated how it evaluates prior bankruptcies.