The State Bank of Faribault

This is a bank that specializes in SBA loan programs, providing financing options for small businesses in the Faribault area. You can find assistance with loan applications, guidance on SBA requirements, and personalized support for your business needs.

It's recommended to schedule an appointment to ensure dedicated time with a loan specialist, but walk-ins are also welcome during business hours.

The State Bank of Faribault's main bank operates from 8:30 AM to 5:00 PM Monday through Friday (drive-up opens at 8:00 AM). Please confirm current hours by contacting the bank directly.

There are no fees to access basic consultation services; however, standard loan processing and application fees may apply for financing.

This service is primarily available to small business owners in the region, but eligibility depends on meeting SBA and bank criteria.

Typically, a minimum personal credit score of 640 is preferred for guarantors.

The underwriting process usually takes between 30 to 45 days, depending on the completeness of your application and documentation.

The State Bank of Faribault's main branch in Faribault is open Saturdays from 8:00 AM to 12:00 noon for drive-up and walk-up services. Other branches are closed weekends. Confirm SBA lending staff weekend availability directly with the bank.

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

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

Reach The State Bank of Faribault at (507) 332-7401, toll-free 1-888-532-7401, via contact form at tsbf.com/contact, or at tsbf.com. For SBA loans, ask for their business lending or SBA department.

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