Peoples State Bank of Plainview

This is a bank that provides SBA loan options and financial services tailored to small businesses seeking growth capital or working capital solutions.

It's recommended to schedule an appointment to ensure dedicated service, but walk-ins are also welcome during business hours.

The bank operates Monday through Friday from 8:30 AM to 4:30 PM, but hours may vary, so it's best to call ahead.

There are no fees for initial consultation; loan fees depend on the specific SBA program and loan terms.

This bank primarily serves small business owners in the Plainview area and surrounding regions, but eligibility depends on meeting loan criteria.

A minimum personal credit score of around 640 is generally preferred, though higher scores improve approval chances.

The underwriting process typically takes 30 to 60 days, depending on the complexity of the application and completeness of documentation.

Most banks keep weekday business hours and are closed on weekends, and Peoples State Bank of Plainview typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call Peoples State Bank of Plainview to confirm current weekend availability before you go.

Peoples State Bank of Plainview is located in Minnesota — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.

This page is an independent directory listing for Peoples State Bank of Plainview, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Peoples State Bank of Plainview itself, which runs its own lending under its own ownership. If you work at Peoples State Bank of Plainview, you can claim this listing from this page to manage it.

The core details for Peoples State Bank of Plainview — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Peoples State Bank of Plainview before applying. If you represent Peoples State Bank of Plainview, claim this listing to keep its information up to date.

You can reach Peoples State Bank of Plainview by phone at (507) 534-3137, online at peoplesstatebank.com, or via their contact form at peoplesstatebank.com/about/contact-us.html. For SBA loans specifically, ask for their business lending team.

Like most SBA lenders, Peoples State Bank of Plainview can finance a broad range of small businesses — common categories include professional services, healthcare practices, restaurants and franchises, retail, light manufacturing, and commercial real estate. Each bank sets its own industry preferences and may avoid sectors it considers higher risk. Ask Peoples State Bank of Plainview directly which industries it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Peoples State Bank of Plainview participates in SBA Express depends on its specific SBA lending authority. Contact Peoples State Bank of Plainview and ask if it offers SBA Express and what the current limits and terms look like for your situation.

SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. Peoples State Bank of Plainview can confirm its current PLP standing — ask before you apply if speed matters to you.

The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Peoples State Bank of Plainview's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Peoples State Bank of Plainview directly whether it considers start-up loans.

For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Peoples State Bank of Plainview what down payment it expects for your specific commercial real estate purchase.

SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Peoples State Bank of Plainview to spell out any prepayment penalties before you sign.

SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Peoples State Bank of Plainview to confirm it qualifies and how to document it.

A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Peoples State Bank of Plainview weighs this case by case under its own policy, so be upfront about your history and ask Peoples State Bank of Plainview how it evaluates prior bankruptcies.