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First American Bank

First American Bank offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth, expansion, or working capital needs. With a focus on small business financing, the bank provides SBA 7(a) loans, which are flexible and accessible for a variety of business purposes. Their team specializes in guiding clients through the loan application process, ensuring clarity and support at every step. Located in Elk Grove Village, Illinois, the bank serves local businesses while also supporting broader regional economic development. The bank’s SBA program history indicates a strong track record with 7(a) loans, with approval amounts reaching up to $355,000. Whether you’re a startup or an established enterprise, First American Bank is positioned to assist with your financing goals, offering personalized service and expert advice to help you succeed.

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Commercial Bank

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Question 1

What is this place and what can I find here?

Answer 1

This is a financial institution offering SBA loan programs, business banking services, and personalized support for small businesses seeking financing solutions.

Question 2

Do I need an appointment or can I walk in?

Answer 2

It"s recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins are also accepted 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, with additional hours available by appointment.

Question 4

Is there a fee to use this?

Answer 4

There are no fees to visit or inquire; however, loan processing and application fees may apply depending on the service.

Question 5

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

Answer 5

This bank primarily serves local residents and small business owners within the region, but offers services to qualified applicants nationwide for SBA loans.

Question 6

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

Answer 6

A minimum personal credit score of approximately 640 is typically required, though higher scores improve approval chances.

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 completeness of the application and loan complexity.

First American Bank

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