Chelsea State Bank

This is a community-focused bank offering SBA loan programs and personalized financial services to support local business growth and development.

It is recommended to schedule an appointment to ensure dedicated time with a lending specialist, but walk-in consultations may also be accommodated depending on availability.

The bank operates Monday through Friday from 9:00 AM to 5:00 PM, with additional hours by appointment.

There are no fees to visit or consult; however, loan processing and application fees may apply depending on the specific financing arrangement.

This bank primarily serves local residents and businesses within the Chelsea region, but qualified applicants from surrounding areas may also be considered.

A minimum personal credit score of 650 is generally required, though higher scores improve approval prospects.

The underwriting process typically takes 2 to 4 weeks, depending on the complexity of the loan and completeness of application materials.

Most banks keep weekday business hours and are closed on weekends, and Chelsea State Bank 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 Chelsea State Bank to confirm current weekend availability before you go.

Chelsea State Bank is located in Michigan — 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 Chelsea State Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Chelsea State Bank itself, which runs its own lending under its own ownership. If you work at Chelsea State Bank, you can claim this listing from this page to manage it.

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

You can reach Chelsea State Bank through their contact form at chelseastate.bank/contact-us, or by phone at (734) 475-1355. Please confirm specific SBA lending contacts with the bank.

Based on its approved SBA loans, Chelsea State Bank most often finances businesses in general retail, construction & contractors, manufacturing, medical practices & clinics, and food manufacturing & processing. This reflects Chelsea State 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 Chelsea State Bank 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 Chelsea State Bank participates in SBA Express depends on its specific SBA lending authority. Contact Chelsea State Bank 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. Chelsea State Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

Chelsea State Bank offers SBA loans available for start-up businesses, as well as for purchasing and refinancing existing businesses. Confirm eligibility and terms directly with the bank.

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