Security Bank Minnesota

This is a local SBA lender offering small business loans, including the popular 7(a) program, with personalized support for entrepreneurs in the region.

It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may be accommodated depending on availability.

The branch operates Monday through Friday from 9 am to 5 pm, with additional hours by appointment.

There are no fees to visit the branch, but loan application and processing fees may apply depending on the loan terms.

This lender primarily serves local small business owners and residents in the Albert Lea region, but they also work with out-of-area clients on a case-by-case basis.

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

The underwriting process typically takes between 30 to 45 days, depending on the completeness of documentation and loan complexity.

Most banks keep weekday business hours and are closed on weekends, and Security Bank Minnesota 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 Security Bank Minnesota to confirm current weekend availability before you go.

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

The core details for Security Bank Minnesota — 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 Security Bank Minnesota before applying. If you represent Security Bank Minnesota, claim this listing to keep its information up to date.

You can reach Security Bank Minnesota by phone at (507) 373-1481 or online at securitybankmn.com — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Security Bank Minnesota before relying on them.

Based on its approved SBA loans, Security Bank Minnesota most often finances businesses in accounting & finance and transportation & trucking. This reflects Security Bank Minnesota's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Security Bank Minnesota which sectors 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 Security Bank Minnesota participates in SBA Express depends on its specific SBA lending authority. Contact Security Bank Minnesota 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. Security Bank Minnesota 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. Security Bank Minnesota's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Security Bank Minnesota 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 Security Bank Minnesota 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 Security Bank Minnesota 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 Security Bank Minnesota 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. Security Bank Minnesota weighs this case by case under its own policy, so be upfront about your history and ask Security Bank Minnesota how it evaluates prior bankruptcies.