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First State Bank of Michigan

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Description

First State Bank of Michigan 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, which are ideal for working capital, equipment purchases, and business expansion. Their experienced team guides clients through the application process, ensuring clarity and efficiency. The bank’s commitment to small business success is reflected in their personalized service and flexible financing solutions. Located in Decatur, Michigan, they serve the surrounding community with a strong understanding of regional economic needs. Whether you’re starting a new venture or expanding an existing business, First State Bank of Michigan is equipped to help you achieve your goals with competitive rates and dedicated support. Their SBA program history demonstrates a proven track record of successful loan approvals, making them a reliable partner for your business financing needs.

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Q&A

Lender Type
Commercial Bank
Google Rating
4.3
Google Review Count
9
Question 1
What is this place and what can I find here?
Answer 1
This is a bank that specializes in SBA loans, offering small businesses access to financing options like the 7(a) program. You can find personalized support for business expansion, equipment purchases, and working capital 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 loan officer, but walk-in consultations may also be accommodated during business hours.
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 additional hours by appointment.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations; applicable loan fees and interest rates are discussed during the application process.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This service is primarily available to small business owners in the Decatur area and surrounding regions who meet the lending criteria.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of around 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 45 days, depending on the completeness of the application and documentation provided.
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