Washington Savings Bank

This is a financial institution offering SBA loan programs and small business financing solutions. You can find assistance with funding your business growth, expansion, or working capital needs.

It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may be accommodated depending on availability.

Typically, they operate Monday through Friday from 9 am to 5 pm, but it's best to contact them directly for specific hours.

There may be application and closing fees associated with SBA loans; these are disclosed during the application process.

This institution primarily serves small businesses within its regional area, but they also support clients nationwide through SBA programs.

A minimum personal credit score of 620 is generally required for loan qualification.

The underwriting process typically takes 30 to 60 days, depending on the complexity of the application and completeness of documentation.

Most banks keep weekday business hours and are closed on weekends, and Washington Savings 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 Washington Savings Bank to confirm current weekend availability before you go.

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

The core details for Washington Savings 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 Washington Savings Bank before applying. If you represent Washington Savings Bank, claim this listing to keep its information up to date.

You can reach Washington Savings Bank by phone at (217) 347-7173, by email at customercare@washingtonsavings.net, or via their contact form at https://www.washingtonsavings.net/contact-us — confirm specific SBA lending availability directly with the bank.

Like most SBA lenders, Washington Savings Bank 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 Washington Savings Bank directly which industries 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 Washington Savings Bank participates in SBA Express depends on its specific SBA lending authority. Contact Washington Savings Bank 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. Washington Savings Bank 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. Washington Savings Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Washington Savings Bank 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 Washington Savings Bank 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 Washington Savings Bank 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 Washington Savings Bank 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. Washington Savings Bank weighs this case by case under its own policy, so be upfront about your history and ask Washington Savings Bank how it evaluates prior bankruptcies.