The First State Bank of Red Wing
The First State Bank of Red Wing is an active SBA lender in Minnesota, a bank offering SBA-guaranteed small-business loans. Currently rated 4.1 stars across 7 Google reviews.
About The First State Bank of Red Wing
The First State Bank of Red Wing offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth, expansion, or operational needs. With a focus on small business financing, the bank provides SBA 7(a) loans, which can be used for a variety of purposes including working capital, equipment purchase, and real estate acquisition. Their experienced lending team works closely with clients to understand their unique needs and guide them through the application process, ensuring a smooth experience from start to finish. The bank's strong community presence and dedication to personalized service make it a reliable partner for local entrepreneurs and business owners. They also support other SBA programs and have a track record of approving substantial loan amounts, with the largest recorded approval reaching nearly $1 million. Whether you're a startup or an established business, The First State Bank of Red Wing is committed to helping you access the funding you need to succeed.
Common questions about The First State Bank of Red Wing
What is this place and what can I find here?
This is a community-focused bank offering SBA loan programs and small business financing solutions tailored to local entrepreneurs and business owners.
Do I need an appointment or can I walk in?
It is 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?
The First State Bank of Red Wing's Red Wing office lobby hours are Monday-Thursday 9:00 AM–3:00 PM and Friday 9:00 AM–5:00 PM; drive-up hours are Monday-Thursday 8:00 AM–4:00 PM and Friday 8:00 AM–5:00 PM. Please confirm current hours directly with the bank.
Is there a fee to use this?
There are fees associated with SBA loans, including guarantee and closing costs, which vary based on the loan specifics.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local residents and small business owners within the community, but eligibility depends on meeting lending criteria.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of around 640 is generally recommended for SBA loan qualification.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes 30 to 60 days, depending on the complexity of the application and completeness of documentation.
Is this open on weekends?
The First State Bank of Red Wing's Red Wing office lobby is closed on Saturdays, but the drive-up window is open Saturday 9:00 AM–Noon. Confirm with the bank for current weekend availability.
How do I get there and where do I park?
The First State Bank of Red Wing is located in Minnesota — 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 The First State Bank of Red Wing, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by The First State Bank of Red Wing itself, which runs its own lending under its own ownership. If you work at The First State Bank of Red Wing, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for The First State Bank of Red Wing — 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 First State Bank of Red Wing before applying. If you represent The First State Bank of Red Wing, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach The First State Bank of Red Wing by phone at (651) 388-4714 or online at firststatebankredwing.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 First State Bank of Red Wing before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Like most SBA lenders, The First State Bank of Red Wing 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 First State Bank of Red Wing 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 First State Bank of Red Wing participates in SBA Express depends on its specific SBA lending authority. Contact The First State Bank of Red Wing 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 First State Bank of Red Wing 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 First State Bank of Red Wing's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask The First State Bank of Red Wing 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 First State Bank of Red Wing 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 First State Bank of Red Wing 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 First State Bank of Red Wing 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 First State Bank of Red Wing weighs this case by case under its own policy, so be upfront about your history and ask The First State Bank of Red Wing how it evaluates prior bankruptcies.
