Boone Bank and Trust Co
Boone Bank and Trust Co is an active SBA lender in Iowa, a bank offering SBA-guaranteed small-business loans. Currently rated 3.5 stars across 8 Google reviews.
$6M
in SBA approvals since 2011
9
SBA loans funded
General Retail · Construction & Contractors · Manufacturing
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About Boone Bank and Trust Co
Boone Bank and Trust Co offers comprehensive SBA lending services tailored to small and medium-sized businesses seeking financial support for growth, expansion, or operational needs. With a focus on personalized service, the bank provides a range of loan options including SBA 7(a) loans, which are ideal for working capital, equipment, and real estate purchases. The bank's experienced team guides clients through the application process, ensuring clarity and efficiency. Their expertise extends to supporting startups and established businesses alike, making them a reliable partner for business financing in Boone, IA. The bank’s commitment to community banking means they understand local market dynamics and can offer flexible solutions aligned with regional economic conditions. Whether you're looking to secure a loan for a new venture or expand an existing business, Boone Bank and Trust Co is dedicated to helping you achieve your financial goals with tailored lending options and attentive service.
Common questions about Boone Bank and Trust Co
What is this place and what can I find here?
This is Boone Bank and Trust Co, a community-focused bank offering SBA lending services, including 7(a) loans, to support small business growth and development in Boone, IA. You can find personalized financial solutions, expert guidance, and community banking services tailored to your 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 specialist, but walk-ins are also welcome during business hours. Calling ahead can help streamline your visit and prepare necessary documentation.
What are the hours of operation?
Boone Bank and Trust Co's main location operates from 8:30 AM to 4:30 PM Monday through Friday (lobby hours). Please confirm current hours directly with the bank.
Is there a fee to use this?
There are no fees to visit the bank, but loan application and processing fees may apply depending on the services used. These fees are disclosed upfront during the loan consultation.
Who is this open to — anyone, or only residents/members?
This bank primarily serves residents and businesses within the Boone, IA area, but also offers services to regional clients seeking SBA loans and banking support.
What minimum personal credit score does this bank look for in a guarantor?
The minimum personal credit score typically required is 620, though higher scores may improve loan approval chances and terms.
How long does the traditional underwriting process take from start to close?
The underwriting process usually takes approximately 30 to 45 days, depending on the completeness of your application and documentation provided.
Is this open on weekends?
Boone Bank and Trust Co's main location offers limited Saturday hours (9:00 AM to 12:00 PM) for drive-up and walk-up services, though the lobby is closed. The South Story location is closed on weekends. Please confirm with the bank regarding weekend SBA lending availability.
How do I get there and where do I park?
Boone Bank and Trust Co is located in Iowa — 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 Boone Bank and Trust Co, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Boone Bank and Trust Co itself, which runs its own lending under its own ownership. If you work at Boone Bank and Trust Co, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Boone Bank and Trust Co — 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 Boone Bank and Trust Co before applying. If you represent Boone Bank and Trust Co, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Boone Bank and Trust Co by phone at (515) 432-6200 or online at boonebankiowa.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 Boone Bank and Trust Co before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Like most SBA lenders, Boone Bank and Trust Co 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 Boone Bank and Trust Co 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 Boone Bank and Trust Co participates in SBA Express depends on its specific SBA lending authority. Contact Boone Bank and Trust Co 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. Boone Bank and Trust Co 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. Boone Bank and Trust Co's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Boone Bank and Trust Co 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 Boone Bank and Trust Co 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 Boone Bank and Trust Co 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 Boone Bank and Trust Co 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. Boone Bank and Trust Co weighs this case by case under its own policy, so be upfront about your history and ask Boone Bank and Trust Co how it evaluates prior bankruptcies.
