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Skowhegan Savings Bank

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Description

Skowhegan Savings Bank offers comprehensive SBA lending services tailored to meet the needs of small businesses seeking financial support for growth, equipment, or operational expenses. With a focus on small business financing, the bank provides various SBA loan programs, including the popular 7(a) loan option, which is ideal for a wide range of business purposes. The bank’s experienced lending team works closely with borrowers to streamline the application process and ensure competitive terms. Located in Skowhegan, Maine, this bank is committed to supporting local entrepreneurs and fostering economic development in the region. They have a proven track record of approving large loans, with amounts reaching up to $2,500,000, demonstrating their capacity to handle substantial funding requests. Whether you’re starting a new business or expanding an existing one, Skowhegan Savings Bank provides personalized service and expert guidance to help you achieve your business goals.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.6
Google Review Count
20
Question 1
What is this place and what can I find here?
Answer 1
This is a local bank offering SBA loan programs and financial services tailored to small businesses in the Skowhegan area. You can find assistance with business financing, including large approval loans up to $2.5 million, and expert guidance to help grow your business.
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 lending specialists, but walk-ins are also welcome during business hours. Calling ahead can ensure you receive dedicated assistance promptly.
Question 3
What are the hours of operation?
Answer 3
The bank operates Monday through Friday from 9:00 AM to 5:00 PM. Specific hours for the lending department may vary, so it"s best to contact them in advance.
Question 4
Is there a fee to use this?
Answer 4
There are standard fees associated with SBA loans, including application and processing fees. Details vary depending on the loan specifics and are discussed during the application process.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves small business owners and entrepreneurs in the region. Eligibility is based on business criteria and creditworthiness, not residency alone.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum credit score of approximately 640 is generally recommended, 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 between 30 to 60 days, depending on the completeness of your application and documentation.
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