Grow Your Business with an SBA Loan
- Get up to $5 million in funding for your small business.
- Pay your loan back on flexible terms
- Get longer repayment terms that work for your business needs
- Lower down payments make upfront costs more affordable
SBA 7 (a) loans are typically recommended for businesses who are purchasing real estate and feature:
SBA 504 Loans may be right for you if your business wants to fund fixed assets that promote business growth and job creation.
Your business should have fewer than 250 to 1,500 employees (depending on industry) and have a maximum of $38.5 million in annual receipts.
Your business should have some amount of equity, such as cash to invest into the project or inventory, equipment, and other physical assets.
Whether you're looking for small business loans or startup business loans, your business will need to have a demonstrable need for the loan and will need to show what it will use its loan for.
The SBA was established in 1953 to provide support to entrepreneurs and small businesses. SBA loans are made by private lenders, like Midland, and the SBA provides a government-backed guarantee on part of the loan.
Unlike conventional term loans, an SBA Loan offers business owners the opportunity to take advantage of favorable terms as part of the SBA program, while removing some of the barriers to traditional financing options. We customize SBA loans based on the unique needs of the business owner. The funds may be used for a variety of business needs.
An SBA 7a loan will generally have a longer-term and lower interest rates — but they also have stricter requirements for documentation. Midland States Bank provides both SBA loans and business loans, with flexible terms, fixed monthly payments, and fast approval. Midland States Bank services both SBA loans and general business loans.
You can get an SBA 7a loan or an SBA 504 loan through a variety of banks, non-bank lenders, and federally insured credit unions. The loan rates and terms are agreed upon by you and the lender at time of approval, provided they do not exceed SBA maximums, and the loan will be serviced by the bank. When you get an SBA loan through Midland States Bank, you benefit from our customer service and support.