Cornerstone State Bank
Cornerstone State Bank is an active SBA lender in Minnesota, a bank offering SBA-guaranteed small-business loans. Currently rated 5.0 stars across 4 Google reviews.
About Cornerstone State Bank
Cornerstone State Bank offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth and expansion. With a focus on serving the local Montgomery community, the bank provides flexible loan options under the SBA 7(a) program, helping entrepreneurs access capital for various needs including working capital, equipment purchases, and real estate acquisitions. Their experienced lending team works closely with clients to understand their unique business requirements and craft suitable financing solutions. The bank's commitment to personalized service ensures that borrowers receive guidance throughout the loan process, from application to funding. Known for supporting small businesses, Cornerstone State Bank leverages its strong community presence to foster economic development and business success in the region. Whether you're starting a new venture or expanding an existing one, they aim to facilitate your growth with reliable financial products and expert advice.
Common questions about Cornerstone State Bank
What is this place and what can I find here?
This is a community-focused bank offering SBA lending services, business loans, and financial guidance for small businesses in the Montgomery area and beyond.
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 also be accommodated depending on availability.
What are the hours of operation?
The bank operates from 9 am to 5 pm, Monday through Friday, with special hours by appointment on weekends.
Is there a fee to use this?
There are no fees for visiting the bank; however, loan application and processing fees may apply depending on the services used.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local residents and small business owners within the region, but offers services to qualified applicants nationwide for SBA loans.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally preferred, though other qualifications may influence approval.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes 30 to 45 days, depending on the complexity of the loan application and completeness of documentation.
Is this open on weekends?
Most banks keep weekday business hours and are closed on weekends, and Cornerstone 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 Cornerstone State Bank to confirm current weekend availability before you go.
How do I get there and where do I park?
Cornerstone State Bank is located in Minnesota — 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 Cornerstone State Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Cornerstone State Bank itself, which runs its own lending under its own ownership. If you work at Cornerstone State Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Cornerstone 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 Cornerstone State Bank before applying. If you represent Cornerstone State Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Cornerstone State Bank by phone at (507) 364-2265 or online at cornerstonestatebank.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 Cornerstone State Bank before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Like most SBA lenders, Cornerstone State Bank 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 Cornerstone State Bank 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 Cornerstone State Bank participates in SBA Express depends on its specific SBA lending authority. Contact Cornerstone State Bank 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. Cornerstone State Bank 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. Cornerstone State Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Cornerstone State Bank 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 Cornerstone State Bank 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 Cornerstone State Bank 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 Cornerstone State Bank 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. Cornerstone State Bank weighs this case by case under its own policy, so be upfront about your history and ask Cornerstone State Bank how it evaluates prior bankruptcies.
