As a nationwide preferred SBA lender, Stearns Bank is fast! Stearns Bank lenders and decision makers are experienced, accessible and responsive. We get the job done for you!

Decision Timeframe

Once we receive a complete application from you, we can make a lending decision in 7-10 business days.

Upon approval, you will receive a proposal letter from Stearns Bank detailing the documents needed to close your loan.

Eligibility

With an SBA Loan, applications have certain requirements on fund use, terms, and rates. Funds can be used for new business start-ups, acquisitions, debt refinancing, remodels, and expansions. Other uses include working capital, leasehold improvements, machinery and equipment, inventory, land and building.

Terms & Rates

Terms vary depending on the use of funds. Interest rates are based on New York Prime Rate as published in the Wall Street Journal. Rates will adjust quarterly.

• Working capital: up to 7 years
• Machinery and equipment: 10 years (or useful life)
• Real estate: up to 20 years

Preferred SBA Lending Status

Stearns Bank is able to make lending decisions on behalf of the Small Business Administration. We have streamlined the application as much as possible, and strive to make the lending process quick and smooth.

Employee Owned

As a 33% ESOP owned bank, each employee thinks like a business owner! Our goal is to provide you with a level of service and attention not found at other banks.