Bank of Springfield

This is a financial institution offering SBA loan programs designed to help small businesses access funding for growth, equipment, or operational needs. You can find information on loan options, application processes, and personalized support tailored to regional business needs.

It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may be available during business hours depending on staffing.

Typically, the bank operates from 9:00 AM to 5:00 PM, Monday through Friday, but hours may vary, so it's best to contact them directly for specific times.

There are fees associated with SBA loans, including application fees, guarantee fees, and closing costs, which are transparently disclosed during the application process.

This bank primarily serves small business owners and entrepreneurs within Illinois, focusing on regional economic development and local business support.

A minimum personal credit score of around 640 is generally preferred, but specific requirements may vary based on the loan and borrower profile.

The underwriting process typically takes between 30 to 60 days, depending on the completeness of your application and the complexity of your financial situation.

Most banks keep weekday business hours and are closed on weekends, and Bank of Springfield typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call Bank of Springfield to confirm current weekend availability before you go.

Bank of Springfield is located in Illinois — 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.

This page is an independent directory listing for Bank of Springfield, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Bank of Springfield itself, which runs its own lending under its own ownership. If you work at Bank of Springfield, you can claim this listing from this page to manage it.

The core details for Bank of Springfield — 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 Bank of Springfield before applying. If you represent Bank of Springfield, claim this listing to keep its information up to date.

You can reach Bank of Springfield by phone at (217) 529-5555, toll-free at 1-877-698-3278, by email at webinq@bankwithbos.com, or via their contact form at bankwithbos.com/contact-us/. Confirm specific hours and department availability directly with the bank.

Based on its approved SBA loans, Bank of Springfield most often finances businesses in construction & contractors, manufacturing, general retail, restaurants & food service, medical practices & clinics, and cleaning, landscaping & janitorial. This reflects Bank of Springfield'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 Bank of Springfield which sectors it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Bank of Springfield participates in SBA Express depends on its specific SBA lending authority. Contact Bank of Springfield and ask if it offers SBA Express and what the current limits and terms look like for your situation.

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. Bank of Springfield can confirm its current PLP standing — ask before you apply if speed matters to you.

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. Bank of Springfield's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Bank of Springfield directly whether it considers start-up loans.

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 Bank of Springfield what down payment it expects for your specific commercial real estate purchase.

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 Bank of Springfield to spell out any prepayment penalties before you sign.

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 Bank of Springfield to confirm it qualifies and how to document it.

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. Bank of Springfield weighs this case by case under its own policy, so be upfront about your history and ask Bank of Springfield how it evaluates prior bankruptcies.