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Wadena State Bank

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Description

Wadena State Bank offers comprehensive SBA lending services tailored to meet the needs of small businesses seeking financial support. With a focus on small business growth, the bank provides various loan options including SBA 7(a) loans, which are ideal for working capital, equipment purchases, and expansion projects. The bank’s experienced team guides clients through the application process, ensuring clarity and support at every step. Their expertise in SBA programs helps businesses access funding with favorable terms and competitive rates. Whether you’re looking to start a new venture or expand an existing operation, Wadena State Bank is committed to providing personalized financial solutions that align with your business goals. The bank’s local presence in Wadena allows for personalized service and a deep understanding of regional economic conditions, making it a trusted partner for small business owners in the area.

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Q&A

Lender Type
Commercial Bank
Google Rating
3
Google Review Count
21
Question 1
What is this place and what can I find here?
Answer 1
This is a local bank offering SBA loan programs and small business financing solutions, including personalized support for entrepreneurs and business owners in the Wadena area.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated service, but walk-ins are also welcome during business hours.
Question 3
What are the hours of operation?
Answer 3
The bank operates from 8:30 AM to 4:30 PM, Monday through Friday, with extended hours by appointment.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for simply visiting or consulting; fees may apply for loan processing and services, which will be clearly outlined during your application.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This bank primarily serves residents and small business owners within the Wadena region but welcomes qualified applicants from surrounding areas as well.
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 approval depends on overall financial health and business prospects.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.
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