State Savings Bank
State Savings Bank is an active SBA lender in Michigan, a bank offering SBA-guaranteed small-business loans. Currently rated 4.3 stars across 11 Google reviews.
$28M
in SBA approvals since 2010
66
SBA loans funded
Hotels & Lodging · Restaurants & Food Service · General Retail
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About State Savings Bank
State Savings Bank offers comprehensive SBA lending services tailored to small and medium-sized businesses seeking financial support for growth, equipment purchase, or working capital. With a focus on personalized service, the bank provides various SBA loan programs including the popular 7(a) program, which helps entrepreneurs access capital with flexible terms. Their experienced team guides clients through the application process, ensuring clarity and efficiency from start to finish. Located in Frankfort, MI, the bank is committed to supporting local businesses and fostering economic development in the region. Whether you're a startup or an established enterprise, State Savings Bank offers solutions designed to meet your unique needs, backed by strong community ties and a history of successful lending.
Industries State Savings Bank finances
Business types State Savings Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about State Savings Bank
What is this place and what can I find here?
This is a community-focused bank offering SBA loan programs and business financing solutions tailored to small and medium-sized enterprises in Michigan.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may be accommodated depending on availability.
What are the hours of operation?
State Savings Bank's Frankfort location has lobby hours Monday–Thursday 9:00 am–4:00 pm and Friday 9:00 am–5:00 pm. The drive-thru is open Monday–Friday 8:30 am–5:00 pm. Confirm current hours by calling (231) 352-9691.
Is there a fee to use this?
There are no fees to visit the bank, but loan applications and services may involve standard processing or origination fees.
Who is this open to — anyone, or only residents/members?
The bank primarily serves local residents and businesses in Michigan, but anyone meeting the qualification criteria can apply for SBA loans.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally preferred for SBA loan guarantors.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.
Is this open on weekends?
Yes, State Savings Bank's Frankfort location offers limited weekend service: the drive-thru is open Saturday 9:00 am–12:00 noon, and Customer Care is reachable Saturday 9:00 am–12:00 noon. Verify with the branch directly.
How do I get there and where do I park?
State Savings Bank is located in Michigan — 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.
Who owns or operates this listing?
This page is an independent directory listing for State Savings Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by State Savings Bank itself, which runs its own lending under its own ownership. If you work at State Savings Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for State Savings Bank — 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 State Savings Bank before applying. If you represent State Savings Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach State Savings Bank's Frankfort location by email at help@ssbankmi.com, or phone (231) 352-9691. For business lending inquiries, confirm the appropriate department when you call.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, State Savings Bank most often finances businesses in hotels & lodging, general retail, and restaurants & food service. This reflects State Savings Bank'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 State Savings Bank which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether State Savings Bank participates in SBA Express depends on its specific SBA lending authority. Contact State Savings Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this bank have Preferred Lender Provider status with the government?
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. State Savings Bank can confirm its current PLP standing — ask before you apply if speed matters to you.
Are start-up companies eligible for financing at this traditional institution?
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. State Savings Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask State Savings Bank directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
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 State Savings Bank what down payment it expects for your specific commercial real estate purchase.
Does this bank impose prepayment penalties on short-term working capital facilities?
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 State Savings Bank to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this bank to buy out an existing equity partner?
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 State Savings Bank to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
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. State Savings Bank weighs this case by case under its own policy, so be upfront about your history and ask State Savings Bank how it evaluates prior bankruptcies.
