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Grand Marais State Bank

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Description

Grand Marais State Bank offers comprehensive SBA lending services tailored to small and medium-sized businesses seeking financing options. With a focus on supporting local entrepreneurs, the bank provides various loan products, including SBA 7(a) loans, to help fund business expansion, equipment purchases, and working capital needs. The bank’s experienced team guides clients through the application process, ensuring clarity and support at every step. Located in Grand Marais, Minnesota, the bank is committed to fostering economic growth within the community and beyond. Their SBA program history highlights a strong track record with the 7(a) loan program, facilitating up to $100,000 in approval amounts for qualifying businesses. Whether you’re starting a new venture or expanding an existing one, Grand Marais State Bank is dedicated to helping you achieve your business goals with personalized service and flexible financing solutions.

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Q&A

Lender Type
Commercial Bank
Google Rating
4.8
Google Review Count
6
Question 1
What is this place and what can I find here?
Answer 1
This is a local bank offering SBA loan programs designed to support small businesses with financing options such as SBA 7(a) loans. You can find personalized assistance, loan application guidance, and access to various business funding solutions tailored to your needs.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated time with a loan officer, though walk-in consultations may be available during business hours. Calling ahead can help streamline your visit and prepare necessary documentation.
Question 3
What are the hours of operation?
Answer 3
The bank operates during standard business hours, typically from 9:00 AM to 5:00 PM, Monday through Friday. It is advisable to contact the branch directly for specific hours or to schedule an appointment outside regular times.
Question 4
Is there a fee to use this?
Answer 4
There are fees associated with SBA loans, including guarantee fees and closing costs, which vary depending on the loan amount and terms. These fees are disclosed upfront during the application process.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves local residents and businesses within the region, but they also support eligible businesses from outside the immediate area if they meet 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 generally preferred, though stronger scores can improve the likelihood of approval and favorable loan terms.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and the completeness of submitted documentation.
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