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First State Bank Minnesota

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Description

First State Bank Minnesota offers comprehensive SBA lending services tailored to small and medium-sized businesses seeking financial support for growth, equipment, or working capital. With a focus on personalized service, the bank helps clients navigate SBA loan programs including the 7(a) loan program, providing flexible terms and competitive rates. Located in Le Roy, MN, the bank is committed to supporting local businesses and fostering economic development in the region. Their experienced team guides borrowers through the application process, ensuring clarity and efficiency from start to finish. The bank’s expertise in SBA lending makes it a reliable partner for entrepreneurs looking to expand or stabilize their operations. Whether you’re a startup or an established business, First State Bank Minnesota offers solutions designed to meet your unique needs, backed by a strong understanding of the local market and SBA guidelines. They also provide assistance with loan structuring, documentation, and post-approval support to maximize your success. With a history of approving loans up to $1,098,500, they are well-equipped to handle a variety of funding requests. Their commitment to community banking and small business growth makes them a trusted choice for SBA financing in Minnesota.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.7
Google Review Count
3
Question 1
What is this place and what can I find here?
Answer 1
This is a local bank offering SBA loan programs and small business financing solutions. You can find personalized support, loan application assistance, and guidance tailored to your business needs.
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 lending specialist, but walk-ins are also accommodated based on availability.
Question 3
What are the hours of operation?
Answer 3
The bank operates Monday through Friday from 9:00 AM to 5:00 PM, with special hours by appointment on Saturdays.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations, but loan processing and application fees may apply depending on the loan terms.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves local residents and small business owners in the Minnesota region, but qualified applicants from other areas may also be considered.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
Typically, a minimum personal credit score of 640 is preferred, but this can vary based on the loan type and overall financial profile.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process usually takes between 30 to 45 days, depending on the completeness of documentation and loan complexity.
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