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Security First Bank of North Dakota

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Description

Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses through various loan programs. With a focus on the 7A loan program, it provides funding options for business expansion, working capital, and equipment purchases. The bank has a history of approving loans up to $335,000, demonstrating its capacity to handle moderate-sized business financing needs. Located in New Salem, ND, it serves local entrepreneurs and small business owners, helping them access capital to grow and succeed. The bank’s experienced team guides clients through the application process, ensuring clear communication and tailored financial solutions. Its commitment to small business development is reflected in its support for diverse industries, with a particular strength in the hospitality sector. Whether you’re starting a new venture or expanding an existing one, this bank offers the expertise and resources to meet your funding needs.

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Q&A

Lender Type
Commercial Bank
Google Rating
4
Google Review Count
4
Question 1
What is this place and what can I find here?
Answer 1
This is a bank that offers SBA loan programs to small businesses, helping them secure funding for growth, equipment, and working capital needs.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to meet with their SBA lending specialists, but walk-ins may be accommodated depending on availability.
Question 3
What are the hours of operation?
Answer 3
The bank operates from 9:00 AM to 5:00 PM, Monday through Friday, with appointments available outside these hours upon request.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for inquiring about SBA loans, but loan processing and closing may include standard fees and costs.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves residents and small business owners within its regional service area in North Dakota.
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 required, though higher scores improve approval chances.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes 30 to 45 days, depending on the complexity of the loan and completeness of application materials.
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