Chemung Canal Trust Company
Chemung Canal Trust Company is an active SBA lender in New York, a bank offering SBA-guaranteed small-business loans. Currently rated 3.7 stars across 52 Google reviews.
$36M
in SBA approvals since 2010
175
SBA loans funded
Construction & Contractors · Manufacturing · Restaurants & Food Service
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About Chemung Canal Trust Company
Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses with a range of loan options. Whether you're seeking funding for expansion, working capital, or equipment purchases, they provide tailored solutions to meet your needs. Their experienced team guides borrowers through the application process, ensuring clarity and efficiency. With a focus on community development, they serve local entrepreneurs and small business owners, fostering growth and economic vitality in the Elmira area. The bank's SBA programs include 7(a) and 504 loans, designed to facilitate business expansion, real estate acquisition, and equipment financing. Their commitment to accessible lending is reflected in competitive terms and personalized service. They also support microloans and express options for faster funding, making them a versatile partner for various business stages. The bank prides itself on a straightforward fee structure and transparent processes, ensuring clients understand all costs involved. Their primary industry focus is retail, with extensive experience helping retail businesses thrive. Located centrally in Elmira, NY, they are well-positioned to serve the regional business community and beyond. Whether you're a startup or an established enterprise, this bank offers the financial tools and expertise to help your business succeed.
Serves SBA borrowers in 2 states
Chemung Canal Trust Company has funded SBA loans for businesses in these states, by borrower location. Tap a state to see every lender serving it.
Industries Chemung Canal Trust Company finances
Business types Chemung Canal Trust Company actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about Chemung Canal Trust Company
What is this place and what can I find here?
This is a trusted SBA lender offering small business loans, including 7(a), 504, microloans, and express options. They provide personalized service to help entrepreneurs access the funding they need to grow and succeed.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may be accommodated depending on availability. Contacting ahead can streamline your visit.
What are the hours of operation?
Chemung Canal Trust Company in Elmira operates Monday through Friday from 9:00 AM to 4:00 PM (both lobby and drive-up). Please confirm current hours directly with the branch.
Is there a fee to use this?
There are no fees for simply visiting or consulting; however, loan applications and processing may involve standard fees, which will be clearly disclosed during the application process.
Who is this open to — anyone, or only residents/members?
This lender primarily serves small business owners and entrepreneurs in the Elmira region, but eligibility depends on meeting specific loan criteria and creditworthiness.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 620 is generally required, though higher scores may improve approval chances.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the loan and completeness of application materials.
Is this open on weekends?
No, Chemung Canal Trust Company is closed on weekends. Business hours are Monday through Friday only. Please confirm directly with the branch.
How do I get there and where do I park?
Chemung Canal Trust Company is located in New York — 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 Chemung Canal Trust Company, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Chemung Canal Trust Company itself, which runs its own lending under its own ownership. If you work at Chemung Canal Trust Company, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Chemung Canal Trust Company — 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 Chemung Canal Trust Company before applying. If you represent Chemung Canal Trust Company, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Chemung Canal Trust Company by phone at (607) 737-3711 or online at chemungcanal.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 Chemung Canal Trust Company before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, Chemung Canal Trust Company most often finances businesses in manufacturing, restaurants & food service, construction & contractors, general retail, medical practices & clinics, and fitness & recreation. This reflects Chemung Canal Trust Company'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 Chemung Canal Trust Company 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 Chemung Canal Trust Company participates in SBA Express depends on its specific SBA lending authority. Contact Chemung Canal Trust Company 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. Chemung Canal Trust Company 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. Chemung Canal Trust Company's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Chemung Canal Trust Company 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 Chemung Canal Trust Company 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 Chemung Canal Trust Company 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 Chemung Canal Trust Company 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. Chemung Canal Trust Company weighs this case by case under its own policy, so be upfront about your history and ask Chemung Canal Trust Company how it evaluates prior bankruptcies.
