The Garrett State Bank
The Garrett State Bank is an active SBA lender in Indiana, a bank offering SBA-guaranteed small-business loans. Currently rated 4.3 stars across 23 Google reviews.
About The Garrett State Bank
Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses through various loan programs. With a focus on the SBA 7(a) loan program, it provides flexible financing options for business expansion, working capital, and equipment purchases. The bank is committed to helping entrepreneurs succeed by offering personalized guidance and competitive rates. Its experienced lending team works closely with clients to understand their unique needs and craft tailored financing solutions. Located in Garrett, Indiana, the bank serves local businesses and the broader community, fostering economic growth and development. Whether you're starting a new venture or expanding an existing one, this lender offers the resources and expertise to help you achieve your goals. The bank's commitment to small business success is reflected in its attentive service and strategic lending approach, making it a trusted partner for entrepreneurs in the region.
Common questions about The Garrett State Bank
What is this place and what can I find here?
This is a local bank offering SBA loan programs and financial services tailored for small businesses in Garrett, Indiana. You can find assistance with business loans, growth capital, and personalized financial guidance from experienced lenders.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to meet with a loan officer, but walk-in consultations may be available during business hours. Calling ahead ensures dedicated time with a specialist for your needs.
What are the hours of operation?
The Garrett State Bank operates 9:00 AM to 5:00 PM Monday through Friday at all locations. Confirm specific hours for your branch and any outside-hours availability with the bank directly.
Is there a fee to use this?
There are no fees to visit or consult with the bank; however, loan application and processing fees may apply depending on the specific financing arrangement.
Who is this open to — anyone, or only residents/members?
The bank primarily serves local residents and small business owners in Garrett and the surrounding areas, but eligibility for loans depends on meeting SBA and credit requirements.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of around 640 is generally preferred, though higher scores improve the likelihood of approval.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes 2 to 4 weeks, depending on the complexity of the loan and completeness of the application.
Is this open on weekends?
Some Garrett State Bank locations are open 9:00 AM to Noon on Saturday (Garrett Main, Fort Wayne, and Ashley/Hudson offices), while the Garrett South office is closed Saturdays. All locations are closed on Sunday. Confirm with your branch.
How do I get there and where do I park?
The Garrett State Bank is located in Indiana — 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 Garrett State Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by The Garrett State Bank itself, which runs its own lending under its own ownership. If you work at The Garrett State Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for The Garrett State 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 Garrett State Bank before applying. If you represent The Garrett State Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can contact The Garrett State Bank by phone at (260) 357-3133, via their online contact form at garrettstatebank.com/Contact-Us, or visit their website. Confirm routing details with the bank.
What core industries does this commercial bank traditionally choose to finance?
Like most SBA lenders, The Garrett State 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 Garrett State Bank 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 Garrett State Bank participates in SBA Express depends on its specific SBA lending authority. Contact The Garrett State Bank 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 Garrett State Bank 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 Garrett State Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask The Garrett State Bank 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 Garrett State Bank 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 Garrett State Bank 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 Garrett State Bank 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 Garrett State Bank weighs this case by case under its own policy, so be upfront about your history and ask The Garrett State Bank how it evaluates prior bankruptcies.
