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State Savings Bank

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Description

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.

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Q&A

Lender Type
Commercial Bank
Google Rating
4.3
Google Review Count
11
Question 1
What is this place and what can I find here?
Answer 1
This is a community-focused bank offering SBA loan programs and business financing solutions tailored to small and medium-sized enterprises in Michigan.
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-ins may be accommodated depending on availability.
Question 3
What are the hours of operation?
Answer 3
The bank is typically open from 9:00 AM to 5:00 PM, Monday through Friday, but hours may vary, so it"s best to call ahead.
Question 4
Is there a fee to use this?
Answer 4
There are no fees to visit the bank, but loan applications and services may involve standard processing or origination fees.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
The bank primarily serves local residents and businesses in Michigan, but anyone meeting the qualification criteria can apply for SBA loans.
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 preferred for SBA loan guarantors.
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 complexity of the application and completeness of documentation.
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