For small business’ with big ideas, SBA loans in St. Joseph, MN are just the thing to take you to the next level!
Sentry Bank is a preferred Small Business Association (SBA) lender, meaning we are better able to streamline the application process for your loan than other banks.
The SBA allows special banks to provide loans to small businesses which would normally be too risky to loan to; that’s because the SBA helps guarantee the loan. SBA loans are usually given at lower interest rates and with fewer conditions than traditional bank loans, due to the guarantee from the SBA.
What Kinds Of SBA Loans Does Sentry Bank Offer?
We offer two different types of SBA loans in St. Joseph, MN: 7(a), usually used by new businesses; and Certified Development Company, or CDC/504, usually utilized by expanding businesses.
7(a) SBA loans are usually used for accounts payable, inventory, operating expenses, purchasing/modifying land, purchasing/constructing buildings, long-term machinery/equipment, and some other uses.
These are the most popular of the SBA loans in St. Joseph, MN. They typically have a maximum loan amount of $5 million.
CDC/504 loans can be used for purchasing/modifying land, purchasing/constructing buildings, long-term machinery/equipment, and some other uses.
These loans typically have a maximum loan amount of around $5-5.5 million.
How Do I Apply For SBA Loans In St. Joseph, MN?
To apply for SBA loans in St. Joseph, MN, you’ll need to speak with a commercial lender, like our own Doug Danielson or Mike Grogan.
To prepare for the application process before you meet with your lender, gather your personal and business financial statements, tax returns, collateral documents, articles of incorporation (if an existing business), resume and business plan (if starting a business.)