Small Business, Big Dreams: SBA loans for growth, innovation, and entrepreneurial success await.
SBA loans, backed by the U.S. Small Business Administration, serve as a lifeline for small businesses seeking growth. These loans offer favorable terms, reduced risk, and government guarantees, making it easier for entrepreneurs to access essential capital. They provide working capital, finance expansions, acquire equipment, or purchase real estate. By securing affordable financing, businesses can expand operations, hire more employees, develop new products or services, and ultimately contribute to their communities’ economic vitality, fostering sustainable growth and resilience.
Our experienced team of Midwest Bank lenders understands the needs of today’s small business and we can help you navigate the loan process every step of the way.
Which SBA Loan Works Best for Your Business?
SBA 7(a) Loan
Government-backed financing for small businesses, offering working capital, equipment purchase, and debt consolidation support with favorable terms.
- Up to $5,000,000
- 10% equity requirement
- Up to 10 years for machinery & equipment/acquisition
- Up to 25 years for repayment
- Uses: start-ups, acquisitions, building purchases, equipment purchases
- Maximum guaranty 75-85%
SBA Express Loan
A streamlined SBA loan program for small businesses, providing quick access to up to $500,000 in capital for various business needs.
- Up to $500,000
- 10% equity requirement
- No fees
- Approved in-house with delegated lenders
- Sames uses as 7(a) loan
- Maximum guaranty 50%
SBA 504 Loan
A fixed-rate, long-term financing option for small businesses to acquire real estate and major assets, fostering growth.
- Up to $5,000,000 SBA Portion
- 10% equity requirement
- Split financing – NEDCO (40%) | Borrower (10%) | Midwest Bank (50%)
- Uses: purchase fixed assets (land, buildings, renovations, long-term equipment)
Why Midwest Bank?
Local community bank
Community matters to Midwest Bank. And at the heart of our communities are small businesses. We understand that and we want to help our local, small businesses grow and thrive.
We’re a family-owned bank. For over 70 years, we’ve served Eastern Nebraska and, in that time, we’ve become the bank that small businesses have come to trust.
Our employees are experts in their fields. Our lenders understand business banking, finances, and how to best help you and your business be successful in the future.
Everything you need
We offer a full range of business banking solutions, from small business loans to business checking accounts, cash management solutions, and more.
Frequently Asked Questions
What is an SBA loan?
A Small Business Administration (SBA) loan is a type of loan program in the United States that is backed and partially guaranteed by the U.S. Small Business Administration, a federal agency. SBA loans are designed to help small businesses access financing when they may not qualify for traditional bank loans or may need more favorable terms. The SBA does not directly lend money to businesses but partners with approved lenders, such as banks and credit unions, to provide financing to eligible small businesses.
Is Midwest Bank an SBA approved lender?
Yes, Midwest Bank is an SBA approved lender and able to provide financing to eligible small businesses.
What’s the difference between an SBA loan and another type of business loan that’s provided by Midwest Bank?
SBA loans are known for their relatively low interest rates, longer repayment terms, and more flexible qualification requirements compared to conventional loans. However, they typically involve a more extensive application and approval process. Borrowers must meet specific eligibility criteria, such as having a small business that operates for profit, demonstrating the ability to repay the loan, and not being able to access credit elsewhere on reasonable terms.
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