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State Bank of Lake Park

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State Bank of Lake Park
State Bank of Lake Park

Description

Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses with various loan programs, including the SBA 7(a) loan. Located in Lake Park, Minnesota, it provides tailored financing solutions to help entrepreneurs grow and succeed. The bank is equipped to handle loan amounts up to $166,000, making it suitable for a range of business needs from working capital to equipment purchases. Its experienced team understands the nuances of SBA lending, ensuring a smooth application process and competitive terms. Whether you’re starting a new venture or expanding an existing business, this lender offers the expertise and resources to assist you in achieving your goals. With a focus on personalized service, it strives to build long-term relationships with its clients, providing guidance throughout the loan process and beyond. Its commitment to supporting local businesses makes it a valuable partner for entrepreneurs in the region, fostering economic growth and community development.

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Q&A

Lender Type
Commercial Bank
Google Rating
3
Google Review Count
2
Question 1
What is this place and what can I find here?
Answer 1
This is a local SBA lender offering small business financing solutions, including SBA 7(a) loans, to support entrepreneurs in the Lake Park area and beyond. You can find information about loan programs, application processes, and personalized assistance tailored to your business needs.
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-in consultations may also be accommodated depending on availability. Contact the branch ahead of time for the best experience.
Question 3
What are the hours of operation?
Answer 3
The branch operates Monday through Friday from 9:00 AM to 5:00 PM. It"s advisable to call ahead for specific appointment times or to confirm hours on holidays.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations; however, loan application fees and closing costs may apply depending on the specific financing arrangement. Detailed fee information will be provided during the application process.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This lender primarily serves small business owners and entrepreneurs in the local region, but 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 personal credit score of 620 is generally required, though higher scores improve the likelihood of approval and favorable terms.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 45 days, depending on the complexity of the application and completeness of submitted documentation.
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