State Savings Bank

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: 641-227-3161 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. 

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: 641-227-3161 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.

We offer business accounts for all types of businesses. Learn about our business checking accounts here and our business savings accounts here.

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 setup 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 641-227-3161 or our West Des Moines Branch at 515-457-9533 and ask to speak to a lender.

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 641-227-3161 or West Des Moines at 515-457-9533.

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