Freeport State Bank
Freeport State Bank is an active SBA lender in Minnesota, a bank offering SBA-guaranteed small-business loans. Currently rated 5.0 stars across 1 Google reviews.
$9M
in SBA approvals since 2010
47
SBA loans funded
Wholesale & Distribution · Manufacturing · Construction & Contractors
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About Freeport State Bank
Freeport State Bank offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth, expansion, or operational needs. With a focus on serving the local community, the bank provides SBA 7(a) loans up to $725,000, helping entrepreneurs access capital with favorable terms. Their experienced team guides clients through the application process, ensuring clarity and efficiency. The bank specializes in supporting small and medium-sized enterprises across various industries, emphasizing personalized service and flexible financing options. Whether you're looking to purchase equipment, expand facilities, or manage working capital, Freeport State Bank is committed to helping local businesses succeed with tailored SBA loan programs.
Industries Freeport State Bank finances
Business types Freeport State Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about Freeport State Bank
What is this place and what can I find here?
This is a community-focused bank offering SBA loan programs and financial services designed to support small businesses in the area.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to meet with their SBA lending specialists, but walk-ins are also welcome during business hours.
What are the hours of operation?
The bank operates Monday through Friday from 8:30 am to 5:00 pm, with special hours by appointment.
Is there a fee to use this?
There are no fees for simply visiting or consulting; fees apply only if you proceed with a loan application and closing costs.
Who is this open to — anyone, or only residents/members?
The bank primarily serves local residents and small business owners within the community, but some services may be available to non-residents upon qualification.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally required for SBA loan applicants and guarantors.
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 application and completeness of documentation.
Is this open on weekends?
Most banks keep weekday business hours and are closed on weekends, and Freeport 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 Freeport State Bank to confirm current weekend availability before you go.
How do I get there and where do I park?
Freeport 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 Freeport State Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Freeport State Bank itself, which runs its own lending under its own ownership. If you work at Freeport 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 Freeport 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 Freeport State Bank before applying. If you represent Freeport State Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
Call Freeport State Bank at 800-252-9856 or 320-836-2126, or visit freeportstatebank.com/team to contact their lending team directly. Confirm current availability with the bank.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, Freeport State Bank most often finances businesses in transportation & trucking, manufacturing, and wholesale & distribution. This reflects Freeport State 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 Freeport State Bank which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
Freeport State Bank offers SBA Express loans as part of their SBA lending programs. Contact them to discuss terms and confirm your eligibility.
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. Freeport 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. Freeport State Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Freeport 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 Freeport 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 Freeport 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 Freeport 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. Freeport State Bank weighs this case by case under its own policy, so be upfront about your history and ask Freeport State Bank how it evaluates prior bankruptcies.
