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First Independence Bank

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Description

First Independence Bank offers comprehensive SBA lending services tailored to small businesses seeking financial growth and stability. With a focus on supporting local entrepreneurs, the bank provides various loan options, including SBA 7(a) loans, to assist in business expansion, equipment purchase, or working capital needs. Their experienced team guides clients through the application process, ensuring clarity and support at every step. Located in Detroit, MI, the bank emphasizes personalized service and community development, making it a trusted partner for small business owners looking for flexible financing solutions. The bank’s commitment to fostering economic growth is reflected in its ability to approve loans up to $150,000, catering to a wide range of business sizes and industries. Whether you’re starting a new venture or expanding an existing one, First Independence Bank aims to provide accessible and reliable SBA financing options to help your business succeed.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.5
Google Review Count
46
Question 1
What is this place and what can I find here?
Answer 1
This is a commercial bank offering SBA loan programs and financial services tailored to small businesses, providing support for growth and expansion.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to ensure dedicated service, but walk-ins are also welcome during business hours.
Question 3
What are the hours of operation?
Answer 3
The bank operates from 9 AM to 5 PM, Monday through Friday.
Question 4
Is there a fee to use this?
Answer 4
Yes, fees may apply depending on the loan type and terms; please consult with the bank for specific details.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This service is primarily open to small business owners and entrepreneurs, with some services available to the general public.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
Typically, a minimum credit score of 650 is preferred, but it can vary based on the loan specifics.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The process usually takes between 30 to 60 days, depending on the complexity of the loan application.
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