State Bank of Lake Park

This is a local SBA lender offering small business financing solutions, including SBA 7(a) loans, to support entrepreneurs in the Lake Park area and beyond. You can find information about loan programs, application processes, and personalized assistance tailored to your business needs.

It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may also be accommodated depending on availability. Contact the branch ahead of time for the best experience.

The branch operates Monday through Friday from 9:00 AM to 5:00 PM. It's advisable to call ahead for specific appointment times or to confirm hours on holidays.

There are no fees for initial consultations; however, loan application fees and closing costs may apply depending on the specific financing arrangement. Detailed fee information will be provided during the application process.

This lender primarily serves small business owners and entrepreneurs in the local region, but eligibility is based on business criteria and creditworthiness, not residency alone.

A minimum personal credit score of 620 is generally required, though higher scores improve the likelihood of approval and favorable terms.

The underwriting process typically takes between 30 to 45 days, depending on the complexity of the application and completeness of submitted documentation.

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

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

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

You can reach State Bank of Lake Park by phone at (218) 238-5955 or online at statebankoflakepark.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 State Bank of Lake Park before relying on them.

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