Deerwood Bank

This is a commercial bank that offers SBA loan programs, including 7(a) loans, to help small businesses access capital for growth and operational needs. You can find personalized assistance, loan options, and expert guidance tailored to your business goals. They serve clients primarily in Minnesota and the surrounding region, focusing on supporting local economic development.

It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may be accommodated depending on availability. Contact the branch in advance to confirm the best way to meet with a lender and discuss your financing needs.

The branch typically operates from 9:00 AM to 5:00 PM, Monday through Friday. It is advisable to call ahead or check their website for specific hours and any holiday closures.

There are no fees for visiting the branch or consulting with a loan officer; however, loan applications and processing may involve fees which will be disclosed during the application process.

This bank primarily serves small business clients in Minnesota and the surrounding region. While they focus on local clients, eligibility for specific loan programs depends on meeting certain criteria and creditworthiness.

Typically, a minimum personal credit score of 640 is preferred, but the final decision depends on the overall credit profile and business financials.

The underwriting process generally takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.

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

Deerwood 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.

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

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

You can reach Deerwood Bank by phone at (320) 252-4200, online at deerwoodbank.com, or through their contact form at deerwoodbank.com/contact-us/.

Based on its approved SBA loans, Deerwood Bank most often finances businesses in general retail, restaurants & food service, manufacturing, medical practices & clinics, hotels & lodging, and gas stations & convenience. This reflects Deerwood 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 Deerwood 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 Deerwood Bank participates in SBA Express depends on its specific SBA lending authority. Contact Deerwood 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. Deerwood Bank 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. Deerwood Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Deerwood Bank 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 Deerwood 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 Deerwood 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 Deerwood 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. Deerwood Bank weighs this case by case under its own policy, so be upfront about your history and ask Deerwood Bank how it evaluates prior bankruptcies.