St. Cloud SBA Loans
Small Business Association (SBA) loans
If you’re a small business with big ideas looking for SBA loans in St. Cloud, MN, you’ve come to the right place.
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.
Why SBA loans?
SBA loans allow banks like us 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. Let us help you learn more about SBA loans in St. Cloud, MN, or, contact your local branch to get started.
WHAT KINDS OF SBA LOANS DOES SENTRY BANK OFFER?
We offer two different types of SBA loans in St. Cloud, 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 the most popular of the SBA loans in St. Cloud, MN. They typically have a maximum loan amount of $5 million.
7(a) loans are usually used for accounts payable, inventory, operating expenses, purchasing/modifying land, purchasing/constructing buildings, long-term machinery/equipment, and some other uses.
SBA CDC/504 loans typically have a maximum loan amount of around $5-5.5 million.
CDC/504 loans can be used for purchasing/modifying land, purchasing/constructing buildings, long-term machinery/equipment, and some other uses.
HOW DO I APPLY FOR SBA LOANS IN ST. CLOUD, MN?
To apply for SBA loans in St. Cloud, MN, you’ll need to speak with a commercial lender, like our own Doug Danielson or Mike Grogan.
You can be prepared for the application process before you meet with your lender by gathering 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.)
Sentry Bank St. Cloud Downtown Branch