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 small business's needs. By approving and processing SBA loans in-house, we get the job done quickly and efficiently.

Review your loan options to see which type fits your needs best:

  SBA 7(a) SBA Express SBA 504
Eligibility Must qualify as a small business according to SBA guidelines. Same as SBA 7(a) Most business types qualify.
Loan Size $100,000 to $5 million Up to $350,000 $500,000 up to $12.5 million
Use of proceeds Start-up, acquisitions, expansion, refinance, real estate purchase, contract payoff, machinery & equipment purchase, renovation, inventory & working capital Same as SBA 7(a) AND
lines of credit 		Acquisition, expansion, renovation, construction purposes, and refinancing real estate and equipment
Collateral SBA requires first secured interest in assets being purchased, may require personal assets to be pledged to fully secure the loan. Collateral requirement varies depending on loan size Stearns 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 yrs
Equipment: up to 10 yrs or useful life
Real estate: up to 25 yrs 		Revolving line of credit available up to 7 yrs Stearns Bank: Equipment: 7-10 yrs; Real estate: 10 yrs/20 yrs amortizing
SBA: Equipment: 10 yrs; Real estate: 20 yrs