The Bank of Romney
The Bank of Romney is an active SBA lender in West Virginia, a bank offering SBA-guaranteed small-business loans. Currently rated 3.7 stars across 19 Google reviews.
About The Bank of Romney
The Bank of Romney offers comprehensive SBA loan services tailored to small businesses seeking financial support for growth, expansion, or operational needs. With a focus on serving the local community, this institution provides various loan options, including SBA 7(a) loans, that help entrepreneurs access the capital they need with flexible terms and competitive rates. Located conveniently at 95 E Main St in Romney, WV, the bank specializes in supporting small businesses across diverse industries, particularly those involved in agriculture, retail, and services. Their experienced team guides clients through the application process, ensuring a smooth experience from start to finish. Whether you're a startup or an established business, The Bank of Romney is committed to fostering economic development in the region by offering personalized financial solutions and expert advice. The bank's strong community ties and dedication to customer service make it a trusted partner for local entrepreneurs looking to secure funding for their business ambitions. Their SBA program history indicates a solid track record of supporting small business growth through the SBA 7(a) loan program, with approval amounts reaching up to $172,000, demonstrating their capacity to fund a variety of business needs.
Common questions about The Bank of Romney
What is this place and what can I find here?
This is a local bank that offers SBA loan programs designed to help small businesses access funding for growth and operational needs. You can find personalized financial services and expert guidance to support your business goals.
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-in consultations may also be available during business hours.
What are the hours of operation?
The bank is typically open from 9 AM to 4 PM, Monday through Friday. It's best to call ahead to confirm hours or schedule an appointment.
Is there a fee to use this?
There are no fees for initial consultations, but loan processing and application fees may apply depending on the loan type and amount.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local residents and small businesses within the region, but they may consider applications from non-residents based on eligibility criteria.
What minimum personal credit score does this bank look for in a guarantor?
Typically, a minimum credit score of 640 is preferred, but the final decision depends on the overall financial profile and collateral.
How long does the traditional underwriting process take from start to close?
The underwriting process generally takes between 2 to 4 weeks, depending on the completeness of the application and the complexity of the loan.
Is this open on weekends?
Most banks keep weekday business hours and are closed on weekends, and The Bank of Romney 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 The Bank of Romney to confirm current weekend availability before you go.
How do I get there and where do I park?
The Bank of Romney is located in West Virginia — 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 Romney, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by The Bank of Romney itself, which runs its own lending under its own ownership. If you work at The Bank of Romney, 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 Romney — 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 Romney before applying. If you represent The Bank of Romney, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach The Bank of Romney by phone at (304) 822-3541 or online at bankofromney.net — 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 The Bank of Romney before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Like most SBA lenders, The Bank of Romney can finance a broad range of small businesses — common categories include professional services, healthcare practices, restaurants and franchises, retail, light manufacturing, and commercial real estate. Each bank sets its own industry preferences and may avoid sectors it considers higher risk. Ask The Bank of Romney directly which industries 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 Romney participates in SBA Express depends on its specific SBA lending authority. Contact The Bank of Romney 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 Romney 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 Romney's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask The Bank of Romney 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 Romney 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 Romney 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 Romney 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 Romney weighs this case by case under its own policy, so be upfront about your history and ask The Bank of Romney how it evaluates prior bankruptcies.
