Stearns Bank is a nationwide Preferred Lender with the Small Business Administration. We are dedicated to growing small businesses across the nation by offering lower down payments and longer, customized terms to fit your specific needs. By approving and processing SBA loans in-house, we get the job done quickly and efficiently.

Our Small Business (SBA) loan programs include SBA Express Lines of Credit, SBA 7(a) and SBA 504 loans. Review your options to see which type fits your needs best. 

Small Business Administration Loan Table:

  SBA 7(a) SBA Express Lines of Credit SBA 504
Eligibility Must qualify as a small business according to SBA guidelines. Size varies by industry. Same as SBA 7(a) Most business types qualify.
Loan Size Up to $2 million Up to $350,000 $500,000 up to $5 million
Use of proceeds Start-up business, acquisition, real estate purchase, contract payoff, machinery & equipment purchase, renovation, inventory, working capital Working capital lines of credit Acquisition, expansion, renovation, construction purposes
Collateral SBA requires first secured interest in assets being purchased, may require personal assets to be pledged to fully secure the loan. Collateral requirement may vary depending on loan size Stearns Bank holds 1st mortgage on real estate or the 1st secured interest in machinery & equipment. SBA holds the 2nd mortgage on real estate or the 2nd secured interest in machinery & equipment
Loan Terms Working capital: up to 7 years
Equipment: up to 10 years or useful life
Real estate: up to 25 years 		Revolving line of credit available up to 7 years Stearns Bank - Equipment: 7 – 10 years; Real estate: 10 years/20 years amortizing
SBA loan - Equipment: 10 years; Real estate: 20 years

For more information, visit www.sba.gov.