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Park State Bank

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Description

Park State Bank offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth, expansion, or operational needs. With a focus on personalized service, the bank provides various loan options including SBA 7(a) loans, which are ideal for working capital, equipment purchase, or real estate acquisition. Their experienced lending team works closely with clients to understand their unique business goals and craft suitable financing solutions. Located in Duluth, Minnesota, the bank is committed to supporting local entrepreneurs and fostering economic development within the region. They also provide guidance on loan application processes, ensuring clients have a smooth experience from start to finish. Whether you’re a startup or an established business, Park State Bank aims to be a reliable partner in your financial journey, leveraging their deep understanding of SBA programs and local market conditions to help you succeed. Their commitment extends to flexible terms and competitive rates, making them a strong choice for small business financing needs.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.8
Google Review Count
12
Question 1
What is this place and what can I find here?
Answer 1
This is a bank that offers SBA lending services and small business banking solutions, providing personalized support for entrepreneurs seeking financing options like SBA 7(a) loans.
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-ins may be accommodated depending on availability.
Question 3
What are the hours of operation?
Answer 3
The bank operates during regular business hours from Monday to Friday, 9 am to 5 pm, with appointments available outside these hours upon request.
Question 4
Is there a fee to use this?
Answer 4
There are no fees to visit the branch; however, loan application and processing fees may apply depending on the services utilized.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves local residents and small businesses within the Duluth region, although some services may be available to out-of-area clients by appointment.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of 640 is generally preferred, but higher scores may improve approval chances.
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 loan and completeness of the application.
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