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Strafford Economic Development Corporation

Strafford Economic Development Corporation
Strafford Economic Development Corporation

Description

Offering comprehensive SBA lending services, this institution specializes in providing financial solutions tailored to small businesses across various industries. With a focus on supporting entrepreneurs, it facilitates access to capital through SBA programs, including the popular 7(a) loan program. Whether you’re seeking funding for expansion, equipment purchase, or working capital, this lender offers flexible terms and personalized guidance to help you achieve your business goals. Located at the historic Cocheco Falls Mill in Dover, NH, the bank combines local expertise with a broad understanding of SBA lending requirements. Its experienced team is dedicated to helping small business owners navigate the application process efficiently, ensuring timely access to funds. The institution’s commitment to community development is reflected in its support for local businesses and its active participation in regional economic growth initiatives. With a record approval amount of up to $120,000, it is well-equipped to serve a diverse range of small business needs, fostering economic vitality in the Dover area and beyond.

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Q&A

Lender Type
Commercial Bank
Question 1
What is this place and what can I find here?
Answer 1
This is a community-focused financial institution offering SBA loan services to small businesses. You can find assistance with loan applications, business financing options, and guidance on SBA programs tailored to your needs.
Question 2
Do I need an appointment or can I walk in?
Answer 2
You can walk in for consultations, but scheduling an appointment is recommended to ensure dedicated time with a loan specialist and a smoother application process.
Question 3
What are the hours of operation?
Answer 3
The bank operates from 9:00 AM to 5:00 PM, Monday through Friday. It is advisable to call ahead to confirm availability or to schedule an appointment.
Question 4
Is there a fee to use this?
Answer 4
There are no fees to consult with the bank or to begin the loan application process. However, certain loan-related fees such as guarantee fees and closing costs may apply upon approval.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This lender primarily serves small businesses in the Dover area and surrounding regions, focusing on supporting local entrepreneurs and residents.
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 recommended, though higher scores improve the likelihood of approval.
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 documentation and loan complexity.
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