The Bank of Elk River
The Bank of Elk River is an active SBA lender in Minnesota, a bank offering SBA-guaranteed small-business loans. Currently rated 4.3 stars across 67 Google reviews.
$101M
in SBA approvals since 2010
170
SBA loans funded
Manufacturing · Construction & Contractors · General Retail
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About The Bank of Elk River
The Bank of Elk River offers comprehensive SBA lending services tailored to small and medium-sized businesses seeking financial support. With a focus on facilitating growth and expansion, this institution provides various loan options, including SBA 7(a) loans, to meet diverse business needs. Located in Elk River, MN, it specializes in supporting industries such as manufacturing, retail, and services, helping entrepreneurs access capital for equipment, real estate, and working capital. The bank's experienced team guides clients through the application process, ensuring clarity and efficiency. Whether you're starting a new venture or expanding an existing business, The Bank of Elk River is committed to providing personalized financial solutions backed by a strong understanding of local market dynamics. Its strategic approach emphasizes quick turnaround times and flexible terms to help businesses thrive in competitive environments.
Industries The Bank of Elk River finances
Business types The Bank of Elk River actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about The Bank of Elk River
What is this place and what can I find here?
This is a local bank offering SBA loans and business financing solutions designed to help small and medium-sized businesses grow and succeed.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins are also welcome during business hours.
What are the hours of operation?
The Bank of Elk River operates Monday through Friday from 8:00 AM to 6:00 PM CDT. Please contact them at (763) 441-1000 to confirm current hours.
Is there a fee to use this?
There are no fees for simply visiting or consulting; fees may apply for loan processing and related services.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local residents and businesses within the Elk River area and surrounding regions.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally required, though higher scores improve approval chances.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 30 to 45 days, depending on the complexity of the loan application.
Is this open on weekends?
The Bank of Elk River is open on Saturdays from 8:30 AM to 12:00 PM CDT. Confirm with the bank for holiday hours and weekend SBA lending availability at (763) 441-1000.
How do I get there and where do I park?
The Bank of Elk River 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 The Bank of Elk River, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by The Bank of Elk River itself, which runs its own lending under its own ownership. If you work at The Bank of Elk River, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for The Bank of Elk River — 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 The Bank of Elk River before applying. If you represent The Bank of Elk River, claim this listing to keep its information up to date.
How do I contact this listing directly?
Contact The Bank of Elk River at (763) 441-1000 or submit an inquiry via their online contact form at thebankofelkriver.com/contact.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, The Bank of Elk River most often finances businesses in manufacturing, construction & contractors, medical practices & clinics, general retail, automotive repair & services, and auto dealers & sales. This reflects The Bank of Elk River'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 The Bank of Elk River 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 The Bank of Elk River participates in SBA Express depends on its specific SBA lending authority. Contact The Bank of Elk River 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. The Bank of Elk River 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. The Bank of Elk River's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask The Bank of Elk River 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 The Bank of Elk River 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 The Bank of Elk River 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 The Bank of Elk River 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. The Bank of Elk River weighs this case by case under its own policy, so be upfront about your history and ask The Bank of Elk River how it evaluates prior bankruptcies.
