Union Savings Bank
Union Savings Bank is an active SBA lender in Connecticut, a bank offering SBA-guaranteed small-business loans. Currently rated 4.4 stars across 7 Google reviews.
About Union Savings Bank
Offering a range of financial products tailored for small businesses, this commercial bank provides SBA loan options including the popular 7(a) program. Whether you're seeking funding for expansion, equipment, or working capital, they can assist with flexible lending solutions designed to meet your needs. Located in Danbury, CT, the bank is committed to supporting local entrepreneurs and small business growth through personalized service and competitive rates. Their experienced team guides clients through the application process, ensuring clarity and efficiency from start to finish. With a focus on community development, they also offer resources and advice to help small businesses succeed in a competitive marketplace.
Industries Union Savings Bank finances
Business types Union Savings Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about Union Savings Bank
What is this place and what can I find here?
This is a commercial bank that offers SBA loan programs, including the 7(a) loan, to support small business growth and development. You can find personalized financial services, expert guidance, and flexible lending options tailored to your business needs.
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-in consultations may also be available during business hours. Calling ahead can help you prepare for your visit.
What are the hours of operation?
Union Savings Bank's weekday hours are 7:00 AM to 8:00 PM Monday through Friday, and Saturday hours are 8:30 AM to 1:00 PM. Contact the bank directly to confirm current hours and any holiday closures.
Is there a fee to use this?
There are no fees for simply visiting or consulting; however, loan applications and processing may involve fees such as application or closing costs, which will be disclosed upfront.
Who is this open to — anyone, or only residents/members?
This bank primarily serves small business owners and entrepreneurs in the Danbury area, but they welcome qualified applicants from the local community and surrounding regions.
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 can improve approval chances and loan terms.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 2 to 4 weeks, depending on the completeness of your application and the complexity of your loan request.
Is this open on weekends?
Yes, Union Savings Bank is open on Saturdays from 8:30 AM to 1:00 PM. For SBA lending staff availability on weekends, contact the bank directly.
How do I get there and where do I park?
Union Savings Bank is located in Connecticut — 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 Union Savings Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Union Savings Bank itself, which runs its own lending under its own ownership. If you work at Union Savings Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Union Savings 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 Union Savings Bank before applying. If you represent Union Savings Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Union Savings Bank by phone at (203) 830-4200 or online at unionsavings.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 Union Savings Bank before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, Union Savings Bank most often finances businesses in general retail, construction & contractors, restaurants & food service, manufacturing, cleaning, landscaping & janitorial, and wholesale & distribution. This reflects Union Savings Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Union Savings Bank which sectors 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 Union Savings Bank participates in SBA Express depends on its specific SBA lending authority. Contact Union Savings 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. Union Savings 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. Union Savings Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Union Savings 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 Union Savings 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 Union Savings 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 Union Savings 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. Union Savings Bank weighs this case by case under its own policy, so be upfront about your history and ask Union Savings Bank how it evaluates prior bankruptcies.
