The Bank of Magnolia Company
The Bank of Magnolia Company is an active SBA lender in Ohio, a bank offering SBA-guaranteed small-business loans. Currently rated 3.0 stars across 4 Google reviews.
About The Bank of Magnolia Company
The Bank of Magnolia Company offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth and development. Located in Magnolia, Ohio, this institution provides a range of loan options including SBA 7(a) loans, which are ideal for working capital, equipment purchase, or expansion projects. With a focus on personalized service, they assist entrepreneurs in navigating the complexities of SBA financing, ensuring a smooth application process. Their expertise in SBA programs helps clients access funds up to $320,900, making them a reliable partner for local businesses. The bank's commitment to supporting small business success is reflected in their dedicated team and flexible lending solutions designed to meet diverse needs. Whether you're a startup or an established enterprise, they aim to facilitate your growth with tailored financial products and expert guidance.
Common questions about The Bank of Magnolia Company
What is this place and what can I find here?
This is a local bank offering SBA loan programs and small business financing solutions. You can find assistance with funding for expansion, equipment, and working capital needs, along with personalized guidance throughout the loan process.
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 are also welcome during business hours.
What are the hours of operation?
The Bank of Magnolia operates Monday-Thursday 9:00 am–4:00 pm, Friday 9:00 am–5:00 pm, with Saturday lobby hours 9:00 am–12:00 pm and drive-through 8:30 am–12:00 pm. Please confirm current hours with the bank.
Is there a fee to use this?
There are application and closing fees associated with SBA loans, which vary depending on the loan size and terms.
Who is this open to — anyone, or only residents/members?
This bank primarily serves small businesses and residents in the Magnolia area, but eligibility depends on meeting loan requirements.
What minimum personal credit score does this bank look for in a guarantor?
A minimum credit score of around 650 is typically preferred, though other factors are also considered in the approval process.
How long does the traditional underwriting process take from start to close?
The underwriting process usually takes approximately 30 to 45 days, depending on the completeness of your application and documentation.
Is this open on weekends?
Yes, The Bank of Magnolia is open Saturdays from 9:00 am to noon (lobby) and 8:30 am to noon (drive-through). Confirm current Saturday hours directly with the bank.
How do I get there and where do I park?
The Bank of Magnolia has a parking lot added next door to its main facility and operates branches in Magnolia, East Sparta, and Canton. Contact the bank for specific directions and accessible parking details.
Who owns or operates this listing?
This page is an independent directory listing for The Bank of Magnolia Company, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by The Bank of Magnolia Company itself, which runs its own lending under its own ownership. If you work at The Bank of Magnolia Company, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for The Bank of Magnolia Company — 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 Bank of Magnolia Company before applying. If you represent The Bank of Magnolia Company, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach The Bank of Magnolia Company by phone at (330) 866-9392 or online at bankofmagnolia.com — 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 Bank of Magnolia Company before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Like most SBA lenders, The Bank of Magnolia Company 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 Bank of Magnolia Company directly which industries 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 The Bank of Magnolia Company participates in SBA Express depends on its specific SBA lending authority. Contact The Bank of Magnolia Company 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. The Bank of Magnolia Company 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. The Bank of Magnolia Company's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask The Bank of Magnolia Company 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 The Bank of Magnolia Company 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 The Bank of Magnolia Company 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 The Bank of Magnolia Company 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. The Bank of Magnolia Company weighs this case by case under its own policy, so be upfront about your history and ask The Bank of Magnolia Company how it evaluates prior bankruptcies.
