Top Industries Financed
- Offices of Chiropractors
- Machine Shops
- Site Preparation Contractors
- Electrical Contractors
- General Automotive Repair
Quick Summary
The Bank of Elk River is an SBA-approved lender headquartered in ELK RIVER, Minnesota. They are an SBA Preferred Lender, meaning they can approve loans without prior SBA review. Since 2020, they have approved 76 SBA 7(a) loans totaling $47.0M, with an average loan size of $619K. They serve businesses across 2 states.
About The Bank of Elk River
The Bank of Elk River is an SBA-approved lender headquartered in ELK RIVER, Minnesota. Since 2020, they have approved 76 SBA 7(a) loans totaling $47.0M, with an average loan size of $619K. As an SBA Preferred Lender, they have delegated authority to approve SBA loans without prior SBA review, resulting in faster processing times. They serve businesses across 2 states.
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Frequently Asked Questions
Is The Bank of Elk River an SBA Preferred Lender?
Yes, The Bank of Elk River is an SBA Preferred Lender (PLP). This means they have delegated authority from the SBA to approve loans without prior SBA review, resulting in faster approvals — typically 7–10 business days instead of 4–6 weeks.
How many SBA loans has The Bank of Elk River approved?
According to SBA FOIA public records, The Bank of Elk River has approved 76 SBA 7(a) loans totaling $47.0M since 2020. Their average loan size is $619K.
What states does The Bank of Elk River serve?
The Bank of Elk River serves businesses in 2 states: Minnesota, Wisconsin.
How do I apply for an SBA loan with The Bank of Elk River?
To apply for an SBA 7(a) loan with The Bank of Elk River, contact them directly through the form on this page. Before applying, check your FICO SBSS score (the SBA's pre-screening score) and have your financial statements, business plan, and tax returns ready. Most SBA lenders require 2+ years in business, $100K+ annual revenue, and a personal credit score of 640+.
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