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Get affordable, flexible loans tailored to your business needs today.

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small business iconGrow 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
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Our SBA Loan Programs

Midland States Bank is an SBA lender that offers various loans for your business, including general small business loans, real estate and equipment loans. Learn more about our lending program and options or contact a representative today.

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SBA 7a Loans iconSBA 7 (a) Loans

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

  • Loan Size: Up to $5 million
  • Fund short or long-term working capital, supplies, or refinance business debt.
  • Loan Variations include SBA Express loans and SBA Veterans Advantage loans with smaller funding amounts, but faster turnaround times and line of credit options.

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SBA 504 loan iconSBA 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.

  • Loan Size: Up to $5.5 million
  • Funding to purchase or construct existing buildings or land, new facilities, or long-term machinery and equipment.
  • Modernize or improve existing facilities, land, streets, parking lots, or landscaping.

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thumbs up iconAdvantages of Using an SBA Loan

  • Lower down payment requirements than traditional business loans help keep more cash on hand for operations.
  • Qualify and conserve cash with longer repayment terms than traditional business loans - 25 years for real estate, 10 years for non-real estate purchases.
  • Enjoy the flexibility of no prepayment penalties for loan terms of less than 15 years allowing for early repayment to suit business needs and cash flow.
  • More relaxed requirements than traditional business loans help you get more favorable terms that you might not get through conventional borrowing.
  • Closing costs can be included in the loan.
  • No balloon notes mean you have certainty in your repayment terms until the loan is paid in full.
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Qualifications

Be small.

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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.

Have equity.

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Your business should have some amount of equity, such as cash to invest into the project or inventory, equipment, and other physical assets.

Need the loan.

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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.

Frequently Asked Questions

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.

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We Provide SBA Loans for a Variety of Businesses

At Midland States Bank, supporting our communities and small businesses is at the core of who we are. We are proud to offer SBA lending services to a variety of business types, purposes, and industries, including but not limited to: women-owned businesses, minority-owned businesses, veteran-owned businesses, business acquisitions, franchises, manufacturing, healthcare (medical, dental, chiropractic), service companies, self-storage companies, preschools and daycares, carwashes, solar, wind, and renewable energy, established commercial trucking businesses, and auto repair shops.

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It's time to get your business funded with an SBA small business loan today. Contact us to find out more about the loan programs available to your business.

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