State Savings Bank Specializes in Business Banking Solutions
Although many banks say the same thing, here are six ways we show it.
We operate under the assumption that working together is good business. The more we learn about your business and you learn about us, the better equipped we are to offer suggestions to save you time and help your money work as hard as it can for you. Our CEO’s most commonly used phrase is “communicate, communicate, communicate” and we work at that!
We enjoy meeting with you at your workplace, at the bank, or wherever it's convenient for you. We send periodic e-mails specially geared for business customers with timely news and tips about the bank or topics relevant to business owners. In short, serving business customers is always top of mind at State Savings Bank.
The State Savings Bank Mission Statement begins with “You.” Here’s our whole statement:
“You are our most valued asset. We commit our resources to help you build wealth.”
Whether you have little or whether you have a lot, we have no greater satisfaction than when we can fulfill our commitment to helping your assets grow.
Our customers come from all over central Iowa from Baxter to West Des Moines for their commercial loans, home mortgages, business checking accounts, and more, and we invest in the communities where they live, work, and play. We are a small community bank that makes decisions quickly and locally.
Our employees in Baxter and West Des Moines do not send off loan proposals to a loan committee in a far-off location and wait until their next scheduled meeting for a decision, no matter if commercial, construction, or business. Instead, we work with you locally, make decisions locally, and work with your timeline.
Business finances are a whole different level of complexity than personal finances. While the basics may be similar, there are so many more moving pieces to manage and business customers need more financial products and services to save time and gain efficiency.
We’ve assembled a team of experienced bankers in both the West Des Moines and Baxter locations who understand this complexity, know that no two situations are alike, and work to offer the best business bank checking and savings accounts, online banking, rewards accounts, HSA accounts, lending solutions, cash management solutions and additional services that fit your unique needs.
We recognize you have a personal life away from the office, so while we can help you with your business financial needs, we also offer deposit accounts, mortgages, personal loans, IRAs, Health Savings Accounts (HSAs), and a host of other banking products that you need to manage family finances. Having your business and personal finances at the same place saves time and removes an unnecessary level of complexity in a busy life.
Cybersecurity is a top priority with us and we spend a lot of time understanding and mitigating threats to keep your money and personal information safe. We can meet with you or your staff to share knowledge and educational resources to help you keep your business cyber secure. This is just one example of the "extras" you get when you bank at State Savings Bank.
Ready to build your wealth?
Business Frequently Asked Questions
- Why are there no loan rates on your website?
Determining an interest rate on a loan is based on a number of variables, such as purpose of loan, term of loan, collateral, your credit score and other items. Without knowing those details, it is not possible to offer a rate. We would be glad to talk with you about your circumstances. You can call one of our branch offices: Baxter: 641-758-2989 or West Des Moines 515-457-9533 and ask to speak with a lender.
- Are there different types of business loans?
Yes. The most common types are real estate, operating, and equipment and vehicle loans.
- Do I need a federally issued EIN Number to open a business deposit account or obtain a business loan?
Yes and it is quick and easy to obtain! Click here to get one.
- How fast can a loan decision be made?
All loan decisions are made locally at State Savings Bank which allows us to act on your request and make decisions quickly. Often decisions can be made within a few days to a week if you can quickly provide all the documents we need. Depending on circumstances, it may be possible to speed up a decision if a request is urgent.
- How long does it typically take to get a business loan?
How quickly a loan is funded from the time of loan request to funds disbursement depends on the type of loan and how quickly you can get us all the documents needed. Typically a real estate loan takes 30-60 days. Operating and equipment loans and lines of credit may close in less time. Please call one of our branch offices: Baxter: 641-758-2989 or West Des Moines 515-457-9533 and ask to speak with a lender for details about a specific loan type.
- Who can get a business loan?
Anyone with a business may be eligible to get a business loan. However, depending on your circumstances, such as amount of loan needed or reason for the loan, we may suggest other funding avenues to explore. One size does not fit all and our goal is to help you get the funding you need in a manner that makes best financial sense for your circumstances.
- Must I have a business plan to obtain a loan?
If your business is already in operation, providing business and personal income tax returns, a current personal financial statement, a year-to-date profit/loss statement and a current balance sheet may be sufficient. If you need a loan to start a new business, having a business plan is highly advised. This helps our lenders see how you plan to use the money, determine your ability to repay a loan and whether to recommend that your request be approved. It also allows our lender to share with you information you may not have considered or other available resources to help you as you prepare to start your business.
- What information will I need to provide to get a business loan?
Typically you'll be asked to provide your Tax ID number, your last three years of business and personal income tax returns, a current personal financial statement, a year-to-date profit/loss statement and current balance sheet. Depending on your request and circumstances, you may need to submit other documents also.
- What documents will I need to open a business deposit account?
The USA Patriot Act requires identity verification for all new accounts. Gathering the information required on our commercial new account form or filling it out in advance if you wish, will speed up your account opening process. Depending on your business structure, you may also have to fill out an Addendum form. Additionally, we require a copy of your current driver license, your tax ID number, a copy of your articles of incorporation or other legal entity document.
- Should I have a deposit account at the same place I have a loan?
We believe there are advantages to having your deposit and loan accounts at the same bank. First, we believe that building a relationship with a banker is one of the most important steps you can take to grow your wealth. We assign our business customers an account officer who serves as a personal point of contact for questions, concerns or any business banking issues. The more your officer gets to know you and your business, the more he or she can draw from their experience to offer you guidance and solutions. Second, having all your accounts together in one place is convenient and you are less likely to overlook something or make a mistake that costs you time or money to fix.
- Can I transfer funds from my business account?
Yes! You can use State Savings Bank’s online banking to transfer money between your other State Savings Bank accounts or to make a payment on your loan. Online banking is a convenient way to securely review and manage all SSB accounts in one location.
- Can I set up automatic payments on my business account?
Yes, you are encouraged to setup automatic payments and in some circumstances, we offer a rate reduction if you have your SSB loan automatically paid from a SSB deposit account. For details on this, call our Baxter branch at 641-758-2989 or our West Des Moines Branch at 515-457-9533 and ask to speak to a lender.
- Does my company have to report its beneficial owners to FINCEN?
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury. You can learn more information here: Beneficial Ownership Information Reporting | FinCEN.gov.
- Should I talk to a business banker even if I'm not quite ready for a loan or business deposit account?
Yes! Establishing a relationship with a banker you trust is one of the smartest financial decisions you can make as you start or grow a business. Having a person who already knows you and your business is a valuable resource if a sudden decision, circumstance, or issue pops up. Contact one of our business bankers by calling Baxter at 641-758-2989 or West Des Moines at 515-457-9533.