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SBA Loans

SBA Loans from an SBA Preferred Lender

Helping your small business obtain the financing you need with loans ranging from $25,000 to $5 million in areas including Illinois, Missouri, Indiana, Wisconsin, and Iowa.

Grow Your Business With an SBA Loan

Partnership With a Preferred Lender

Accelerate the application and funding process.

Up to $5 Million

Obtain the capital needed to fund your next business project.

Flexible Use of Funds

Finance business operations and expansion.

Longer Repayment Terms

Access flexible terms that work for your business needs.

Lower Down Payments

Make upfront costs more affordable.

SBA Loan Options

SBA 7(a) Loans

SBA 7(a) loans are typically recommended for businesses who are purchasing real estate and feature:

  • Loans ranging from $25,000 to $5 million
  • Funding for short-or long-term working capital, supplies, equipment, or existing business debt refinance
  • Loan variations including SBA Express loans and SBA Veterans Advantage loans with smaller funding amounts but faster turnaround times and line of credit options
Learn More About SBA 7(a) Loans

SBA 504 Loans

SBA 504 loans may be right for you if your business wants to fund fixed assets that promote business growth and job creation.

  • Loans ranging from $300,000 to $5 million
  • Funding for fixed assets such as land, new facilities, construction projects, long term machinery, and equipment
  • Loan variations available to accommodate unique situations such as Small Manufacturers Financing Program and Green Energy Program
Learn More About SBA 504 Loans

Our Other Government Loan Programs at Midland

USDA Rural Development Loans

USDA Rural Development Loans serve rural communities in the US. Details include:

  • Loan amounts up to $25 million
  • Must be located in an eligible rural area, with a population of 50,000 or less
  • Wide range of options for use-of-funds
Learn More About USDA Rural Development Loans

Advantage Illinois Loans

Advantage Illinois Loan Program is a participation loan program (PLP) designed to support small businesses equitably. Details include:

  • Enhanced access to capital
  • Wide range of options for use-of-funds
  • New funds should include supporting new job creation in Illinois
Learn More About Advantage Illinois Loan Program

SBA Loans for a Variety of Business Types, Purposes, and Industries

1. Gather Your Documents Proof of income, identification, and details of the collateral you will use to secure the loan.
2. Complete the Application Start your application process below or call 1‑855‑696‑4352 to speak to a Loan Specialist.
3. Get Approved Our team will review your application and provide a decision.

Frequently Asked Questions

What is the SBA?

The Small Business Administration (SBA) was established in 1953 to support entrepreneurs and small businesses. SBA loans are offered by private lenders like Midland, with the SBA providing a government-backed guarantee on part of the loan.

How does SBA lending work?

SBA loans offer favorable terms and lower barriers compared to conventional loans. They are customized to meet the unique needs of business owners and can be used for various business purposes.

What is the difference between an SBA loan and a business loan from Midland?

SBA loans typically offer longer terms and lower interest rates but require more documentation. Midland offers both SBA and business loans, providing flexible terms and fast approval.

Is an SBA loan from Midland States Bank the same as from another bank?

SBA loans, like the 7a and 504, can be obtained through various lenders. Rates and terms are set within SBA guidelines, and the servicing is done by the bank. Midland States Bank offers strong customer service and support with these loans.

Why choose a Preferred Lender over a non-preferred lender?

Preferred Lenders have delegated authority from the SBA to approve loans, leading to faster processing times. Non-preferred lenders must submit applications to the SBA for approval, which can take longer.

Is Midland States Bank a Preferred Lender?

Yes, Midland States Bank is a Preferred Lender with the SBA, allowing us to process, close, and service most SBA-guaranteed loans without prior review.

Prefer Personal Assistance?

Our team of dedicated professionals are here to support you.

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