The Andover Bank

This is a bank that provides SBA loan services and small business financing options, helping entrepreneurs access capital for growth and operational needs.

It's recommended to schedule an appointment to ensure dedicated time with a lender, but walk-ins may be accommodated based on availability.

The bank operates during standard banking hours, typically Monday through Friday from 9 am to 5 pm, but it's best to call ahead for specific hours.

There are no fees to access basic information; however, loan processing and application fees may apply depending on the specific financing arrangement.

This bank primarily serves small business owners and entrepreneurs in the local region, but eligibility depends on meeting specific loan criteria.

A minimum personal credit score of around 640 is generally preferred, but other factors are also considered in the approval process.

The underwriting process typically takes between 30 to 60 days, depending on the complexity of the loan and completeness of the application.

Most banks keep weekday business hours and are closed on weekends, and The Andover Bank typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call The Andover Bank to confirm current weekend availability before you go.

The Andover Bank is located in Ohio — 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.

This page is an independent directory listing for The Andover Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by The Andover Bank itself, which runs its own lending under its own ownership. If you work at The Andover Bank, you can claim this listing from this page to manage it.

The core details for The Andover 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 The Andover Bank before applying. If you represent The Andover Bank, claim this listing to keep its information up to date.

You can reach The Andover Bank by phone at (440) 293-7605 or online at andover.bank — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with The Andover Bank before relying on them.

Like most SBA lenders, The Andover Bank can finance a broad range of small businesses — common categories include professional services, healthcare practices, restaurants and franchises, retail, light manufacturing, and commercial real estate. Each bank sets its own industry preferences and may avoid sectors it considers higher risk. Ask The Andover Bank directly which industries it actively lends to before you apply.

The Andover Bank participates in the SBA Express program, offering lines of credit and term loans with faster approval than standard 7(a) loans. Contact their Business Team for details.

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. The Andover Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

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. The Andover Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask The Andover Bank directly whether it considers start-up loans.

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 The Andover Bank what down payment it expects for your specific commercial real estate purchase.

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 The Andover Bank to spell out any prepayment penalties before you sign.

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 The Andover Bank to confirm it qualifies and how to document it.

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. The Andover Bank weighs this case by case under its own policy, so be upfront about your history and ask The Andover Bank how it evaluates prior bankruptcies.