Farmers State Bank of Underwood

This is a community-focused bank offering SBA loan programs, personal banking, and business financing solutions tailored to local businesses and entrepreneurs.

It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins are also welcome during business hours.

The bank operates from 8:30 AM to 4:30 PM, Monday through Friday.

There are no fees to visit the branch; however, loan application and processing fees may apply depending on the loan type.

This bank primarily serves residents and businesses within the local community and surrounding regions, but they also welcome qualified applicants from broader areas.

A minimum personal credit score of 640 is typically required for loan consideration.

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

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

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

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

You can reach Farmers State Bank of Underwood by phone at (218) 826-6112 or online at yourfsb.bank — 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 Farmers State Bank of Underwood before relying on them.

Based on its approved SBA loans, Farmers State Bank of Underwood most often finances businesses in hotels & lodging. This reflects Farmers State Bank of Underwood'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 Farmers State Bank of Underwood 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 Farmers State Bank of Underwood participates in SBA Express depends on its specific SBA lending authority. Contact Farmers State Bank of Underwood 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. Farmers State Bank of Underwood 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. Farmers State Bank of Underwood's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Farmers State Bank of Underwood 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 Farmers State Bank of Underwood 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 Farmers State Bank of Underwood 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 Farmers State Bank of Underwood 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. Farmers State Bank of Underwood weighs this case by case under its own policy, so be upfront about your history and ask Farmers State Bank of Underwood how it evaluates prior bankruptcies.