First Resource Bank

This is a commercial bank that offers SBA loan programs designed to help small businesses secure funding for growth, equipment, or real estate projects. They provide personalized service and flexible financing options tailored to your business needs.

It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may also be available during business hours.

First Resource Bank is open 9:00 AM to 5:00 PM, Monday through Sunday, according to their website schedule. Please confirm current hours with the bank directly.

There are fees associated with SBA loans, including origination and closing costs, which are transparently disclosed during the application process.

This bank primarily serves small business owners and entrepreneurs, with lending support available nationwide, regardless of residency, provided eligibility criteria are met.

A minimum personal credit score of 620 is generally required for SBA loan qualification.

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

Yes, First Resource Bank is open on weekends: 9:00 AM to 5:00 PM on Saturday and Sunday. However, SBA lending staff availability on weekends may differ — contact the bank to confirm.

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

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

You can reach First Resource Bank by phone at (651) 785-9320 or online at myfrbank.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 First Resource Bank before relying on them.

Based on its approved SBA loans, First Resource Bank most often finances businesses in construction & contractors, general retail, manufacturing, restaurants & food service, wholesale & distribution, and real estate & property management. This reflects First Resource 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 First Resource 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 First Resource Bank participates in SBA Express depends on its specific SBA lending authority. Contact First Resource 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. First Resource 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. First Resource Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask First Resource 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 First Resource 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 First Resource 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 First Resource 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. First Resource Bank weighs this case by case under its own policy, so be upfront about your history and ask First Resource Bank how it evaluates prior bankruptcies.