Merchants Bank

This is a bank that offers SBA-backed loans, business financing, and personalized banking services designed to help small businesses grow and succeed in Rugby, North Dakota.

It is recommended to schedule an appointment to ensure dedicated service, but walk-ins are also welcome during business hours.

Merchants Bank's lobby hours are Monday through Friday 9 AM to 4 PM, with drive-up service 8 AM to 5 PM — confirm with the lender for your specific location and current hours.

There are no fees for simply visiting the bank; fees may apply for specific services or loan processing.

This bank primarily serves residents and small business owners in the Rugby area and surrounding regions.

A minimum personal credit score of 640 is generally required, but approval depends on overall creditworthiness and financial history.

The underwriting process typically takes around 2 to 4 weeks, depending on the completeness of the application and documentation.

Merchants Bank is closed on weekends and does not operate Saturday or Sunday; all locations maintain Monday through Friday hours only.

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

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

You can reach Merchants Bank by phone at (701) 776-5811 or online at merchantsbankrugby.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 Merchants Bank before relying on them.

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