First Iowa State Bank

This is a community-focused bank offering SBA loan options and personalized financial services tailored to small business needs in Albia, Iowa. You can find support for business expansion, equipment financing, and working capital solutions. The bank's team is dedicated to helping local entrepreneurs succeed with flexible lending options and expert guidance.

It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins are also welcome during business hours. Calling ahead can help streamline your visit and prepare necessary documentation.

The bank typically operates from 8:30 AM to 4:30 PM, Monday through Friday. It's best to contact the branch directly for specific hours or to schedule an appointment outside regular hours.

There are no fees for simply visiting or consulting with the bank. Loan application and processing fees may apply depending on the specific SBA loan product and terms.

This bank primarily serves local residents and small business owners in the Albia area. Business loans are available to qualified applicants within the community and surrounding regions.

A minimum personal credit score of around 640 is generally preferred, but the exact requirement may vary based on the loan size and applicant profile.

The underwriting process typically takes 2 to 4 weeks, depending on the completeness of the application and documentation provided.

Most banks keep weekday business hours and are closed on weekends, and First Iowa State Bank typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call First Iowa State Bank to confirm current weekend availability before you go.

First Iowa State Bank is located in Iowa — 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.

This page is an independent directory listing for First Iowa State Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by First Iowa State Bank itself, which runs its own lending under its own ownership. If you work at First Iowa State Bank, you can claim this listing from this page to manage it.

The core details for First Iowa State Bank — 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 First Iowa State Bank before applying. If you represent First Iowa State Bank, claim this listing to keep its information up to date.

First Iowa State Bank can be reached by phone at (641) 932-2144 (Albia), (641) 664-1362 (Bloomfield), or (319) 293-3794 (Keosauqua), by email at info@1stiowa.bank, or via their online contact form at 1stiowa.bank/about-us/contact-us — confirm specific details with the bank directly.

Like most SBA lenders, First Iowa State Bank 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 First Iowa State Bank directly which industries it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether First Iowa State Bank participates in SBA Express depends on its specific SBA lending authority. Contact First Iowa State Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.

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. First Iowa State Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

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. First Iowa State Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask First Iowa State Bank directly whether it considers start-up loans.

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 First Iowa State Bank what down payment it expects for your specific commercial real estate purchase.

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 First Iowa State Bank to spell out any prepayment penalties before you sign.

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 First Iowa State Bank to confirm it qualifies and how to document it.

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. First Iowa State Bank weighs this case by case under its own policy, so be upfront about your history and ask First Iowa State Bank how it evaluates prior bankruptcies.