ProGrowth Bank
ProGrowth Bank is an active SBA lender in Minnesota, a bank offering SBA-guaranteed small-business loans. Currently rated 3.0 stars across 2 Google reviews.
$13M
in SBA approvals since 2010
43
SBA loans funded
Catering & Events · General Retail · Cleaning, Landscaping & Janitorial
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About ProGrowth Bank
ProGrowth Bank offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth and development. With a focus on the needs of local entrepreneurs, this bank provides various loan programs including the SBA 7(a) and other financing options to help businesses expand, purchase equipment, or manage cash flow. Their experienced team works closely with clients to understand their unique needs and guide them through the loan process, ensuring a smooth experience from application to funding. Located in Nicollet, Minnesota, they serve the local business community with personalized service and flexible lending solutions designed to foster economic growth and stability. Whether you're starting a new venture or expanding an existing business, ProGrowth Bank is committed to supporting your success with tailored financing options and expert guidance.
Industries ProGrowth Bank finances
Business types ProGrowth Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about ProGrowth Bank
What is this place and what can I find here?
This is a local SBA lender offering small business loans, including SBA 7(a) financing, to support business growth and development in the Nicollet area. You can find personalized assistance, loan options, and guidance through the application process to help your business succeed.
Do I need an appointment or can I walk in?
It is recommended to schedule an appointment to meet with a loan officer, but walk-in visits may be accommodated depending on availability. Calling ahead ensures you receive personalized attention and can prepare the necessary documentation.
What are the hours of operation?
The bank operates during regular business hours, typically Monday through Friday from 8:30 am to 5:00 pm. It's advisable to contact the branch directly for specific hours or to schedule an appointment outside of standard hours.
Is there a fee to use this?
There are no fees for simply visiting or consulting with the bank; however, loan processing and application fees may apply depending on the services used. These fees are discussed upfront during the loan application process.
Who is this open to — anyone, or only residents/members?
This lender primarily serves small business owners in the local region, but eligibility is based on business qualifications rather than residency alone. Entrepreneurs interested in SBA loans should meet the standard criteria and demonstrate the ability to repay the loan.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally recommended for SBA loan approval, though higher scores can improve the chances of approval and better loan terms. Credit history and overall financial health are also important factors.
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 loan, completeness of documentation, and lender workload. Early preparation and clear communication can help expedite the process.
Is this open on weekends?
Most banks keep weekday business hours and are closed on weekends, and ProGrowth 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 ProGrowth Bank to confirm current weekend availability before you go.
How do I get there and where do I park?
ProGrowth 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 ProGrowth Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by ProGrowth Bank itself, which runs its own lending under its own ownership. If you work at ProGrowth Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for ProGrowth 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 ProGrowth Bank before applying. If you represent ProGrowth Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach ProGrowth Bank by phone at (507) 232-3488 or online at progrowth.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 ProGrowth Bank before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, ProGrowth Bank most often finances businesses in construction & contractors and general retail. This reflects ProGrowth 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 ProGrowth Bank which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether ProGrowth Bank participates in SBA Express depends on its specific SBA lending authority. Contact ProGrowth Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.
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. ProGrowth 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. ProGrowth Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask ProGrowth 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 ProGrowth 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 ProGrowth 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 ProGrowth 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. ProGrowth Bank weighs this case by case under its own policy, so be upfront about your history and ask ProGrowth Bank how it evaluates prior bankruptcies.
