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Midland States Bank

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Description

Midland States Bank offers comprehensive SBA lending solutions tailored to small businesses seeking financial growth. With a focus on the 7(a) loan program, this institution provides flexible financing options to support business expansion, equipment purchase, or working capital needs. Their experienced lending team works closely with clients to understand their unique requirements and craft suitable loan packages. The bank is committed to helping entrepreneurs succeed by providing personalized service and competitive rates. Located in Effingham, Illinois, they serve local businesses with a strong understanding of regional market dynamics. Whether you’re a startup or an established enterprise, Midland States Bank aims to facilitate your business goals through accessible SBA financing options.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.4
Google Review Count
23
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 help small businesses grow and succeed. You can find assistance with financing options like the 7(a) loan program, tailored to meet your business 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, but walk-ins are also welcome during business hours.
Question 3
What are the hours of operation?
Answer 3
The bank operates Monday through Friday from 8:30 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 simply visiting or consulting; however, loan processing and application fees may apply depending on the services used.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves local residents and small business owners within the Illinois region, though some services may be available to out-of-area clients.
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 for loan qualification.
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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