States Served
Top Industries Financed
- Drycleaning and Laundry Services (except Coin-Operated)
- Highway, Street, and Bridge Construction
- School and Employee Bus Transportation
- Other Clothing Stores
- General Rental Centers
Quick Summary
Lake Region Bank is an SBA-approved lender headquartered in NEW LONDON, Minnesota. They are an SBA Preferred Lender, meaning they can approve loans without prior SBA review. Since 2020, they have approved 20 SBA 7(a) loans totaling $1.9M, with an average loan size of $93K. They primarily serve Minnesota businesses.
About Lake Region Bank
Lake Region Bank is an SBA-approved lender headquartered in NEW LONDON, Minnesota. Since 2020, they have approved 20 SBA 7(a) loans totaling $1.9M, with an average loan size of $93K. As an SBA Preferred Lender, they have delegated authority to approve SBA loans without prior SBA review, resulting in faster processing times. They primarily serve businesses in Minnesota.
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Frequently Asked Questions
Is Lake Region Bank an SBA Preferred Lender?
Yes, Lake Region Bank 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 Lake Region Bank approved?
According to SBA FOIA public records, Lake Region Bank has approved 20 SBA 7(a) loans totaling $1.9M since 2020. Their average loan size is $93K.
What states does Lake Region Bank serve?
Lake Region Bank primarily serves businesses in Minnesota.
How do I apply for an SBA loan with Lake Region Bank?
To apply for an SBA 7(a) loan with Lake Region Bank, 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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