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Union Bank

Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses through various loan programs. With a focus on the 7(a) loan program, it provides funding options tailored to meet the needs of entrepreneurs seeking capital for growth, working capital, or acquisition. The bank’s experienced team guides clients through the application process, ensuring clarity and efficiency. Located conveniently in Morrisville, VT, it serves local businesses while also supporting clients across the region. The bank is committed to fostering economic development by providing flexible financing solutions, including support for startups and established enterprises. Its expertise in SBA loans helps businesses access capital with favorable terms and competitive rates, making it a trusted partner for small business success.

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Commercial Bank

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Question 1

What is this place and what can I find here?

Answer 1

This is a bank that offers SBA loan programs, including the 7(a) loan, to support small business growth and development. You can find assistance with loan applications, personalized financial guidance, and access to funding options tailored to your business needs.

Question 2

Do I need an appointment or can I walk in?

Answer 2

It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may also be accommodated depending on availability.

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 confirm hours before visiting or scheduling an appointment.

Question 4

Is there a fee to use this?

Answer 4

There are no fees to visit or inquire; however, loan processing may involve standard application and closing costs associated with SBA loans.

Question 5

Who is this open to — anyone, or only residents/members?

Answer 5

This bank primarily serves small business owners and entrepreneurs in Vermont, though some services may be available to out-of-state clients based on eligibility.

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 preferred, though higher scores improve approval chances.

Question 7

How long does the traditional underwriting process take from start to close?

Answer 7

The underwriting process typically takes 30 to 45 days, depending on the completeness of application documentation and loan complexity.

Union Bank

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