Small Business Administration (SBA) Loans
A Stillman SBA loan is issued by our bank and backed by Small Business Administration (SBA). We can offer small business financing with longer terms, more competitive interest rates, and higher loan to collateral ratios.
They’re often used by small businesses and startups that may have trouble obtaining other types of business loans. There are a couple of SBA loans to choose from, depending on your needs.
SBA Loan Details
We offer three SBA Loan options:
- ✔ SBA 7(a)
This is SBA’s primary program for helping start-up and existing small businesses. Loans of up to $5 million are available and can be used for a variety of general business purposes such as a source of working capital, equipment purchases, or buying a business. - ✔ SBA Rural Lender Advantage
The Rural Lender Advantage is similar to the 7(a) loan program, but it is designed for loans under $350,000. This program allows for a simplified and streamlined application and approval process. - ✔ SBA 504
The 504 Loan Program provides long-term, fixed-rate financing of up to $5.5 million to acquire fixed assets for expansion or modernization, such as heavy machinery and real estate, that has a useful life of 10 years or more.
Why Choose Stillman Bank
Access all your accounts, transfer funds, and make payments through online access and mobile banking. Access to 40,000 ATMs surcharge free through the MoneyPass® ATM network.
Enhanced Mobile Alerts providing instant access to account information including account balances, debit card transaction notifications, and more. (Text messaging fees from your cellular provider may apply).
Related Articles
Common Questions
+ What Terms Are Available with SBA Loans?
With SBA 7(a) loans, terms of up to 10 years are available as working capital loans and buying equipment or 11 years when buying something that has a useful life of 10 years or more. Terms of up to 25 years are available when buying real estate or improving a business property.
SBA Rural Lender Advantage loans offer terms of up to 10 years when used to buy equipment or as a source of working capital; or up to 25 years when used to buy or improve real estate.
SBA 504 loans may have terms of up to 10 years for buying equipment or machinery; or up to 25 years when used to buy, build, or improve commercial real estate.
+ What Are the Eligibility Requirements of an SBA Loan?
- ✔ Be a for-profit business in the U.S.
- ✔ Considered a small business under SBA Size Requirements.
- ✔ Not be a type of ineligible business.
- ✔ Unable to obtain the loan they need at reasonable terms from non-government sources.
- ✔ Be credit worthy, show good character, and an ability to pay back the loan.
+ What Is The Minimum Credit Score For An SBA Loan?
We typically require a credit score of at least 640, although we also consider your credit history and the current debt obligations of your business and yourself.
+ Do I Need a Business Plan to Apply for an SBA Loan?
Yes, you will need a business plan that explains what your business does, your business history, market information, and sales or projection data. Information on how to write a business plan is available on the SBA’s website.
Apply for an SBA Loan or Speak with a Banker Today
If you’re looking for an SBA in northern Illinois and southern Wisconsin, or if you have any questions, you can contact us online, apply online, or speak with a banker at your nearest branch. You can also reach out to someone on our commercial lending team.