Since its founding in 1953, the Small Business Administration (SBA) has been dedicated to the financing, development and advocacy of small businesses nationwide. The administration’s mission is based on the idea that small businesses are the financial backbone of the economy, and their success factors largely into the overall health of the economy. That’s why the SBA puts every effort into helping start or expand small businesses, with services including loans, public presentations, counseling and education, community and industry initiatives, government contracting, financial assistance for disaster recovery, and legislative action.
Community Bank Partnerships
Perhaps the most important resources the administration provides are their loan programs. Many small businesses do not have the necessary capital to get off the ground and are considered too risky to lend to by many financial institutions. The SBA has several loan options for the express purpose of supporting smaller businesses in expansion and acquisition, real estate and equipment purchases, and disaster recovery, among other services. One way they distribute these loans is through partnerships with community banks. We’ve selected a few outstanding community banks that work with the SBA to support small businesses all over the US. They offer specialized service and a range of options for financing your business.
CapitalSource Bank – Los Angeles, CA
CapitalSource Bank wants to make your loan process as easy as possible. They offer long repayment periods and competitive interest rates. Since their founding in 2000, they have originated and serviced more than $3 billion in small business loans. They are an SBA Preferred Lender, which means they can offer you loan approval without going through an SBA office. They provide SBA 7(a) loans for general business purchases, including operational expenses, short-term financing needs, and business acquisitions, with terms from $250,000 to $5 million. The SBA 504 Loan is also available, and funds commercial real estate and equipment purchases, with terms up to $12 million. CapitalSource Bank has 21 branches in Southern California, and lending offices nationwide.
Simsbury Bank – Simsbury, CT
Simsbury Bank offers Real Solutions for your small business needs. You’ll get competitive interest rates and terms, and access to an expert team of lenders who know their community and are prepared to find the ideal loan for your business. As a certified SBA lender, they can offer specialized assistance with the SBA 7(a) and 504 loan programs. They are also authorized to provide loans through the Connecticut Development Authority’s Loan and Loan Guarantee programs. Simsbury Bank has branches in Avon, Bloomsbury, Canton, Granby and Simsbury, Connecticut.
Illinois State Bank – Lake in the Hills, IL
Illinois State Bank is serious about their small business loans. Their SBA Loan programs offer affordable terms for businesses looking to buy equipment or real estate, or expand. You will get lower down payments, longer repayment terms, consideration based on potential income, and fixed or variable rates. And you will never be subject to balloon payments at the end of your payment period. Illinois State Bank provides personal service from lenders who live locally and will help you find the best option for your business. Branches can be found in Illinois and Wisconsin.
Evolve Bank & Trust – Cordova, TN
Evolve Bank & Trust is certified as a Preferred SBA lender, so you know you can trust them with your small business. Being a Preferred SBA lender means Evolve can offer you faster and more efficient service with your loan application. You can get commercial and real estate financing, existing business acquisition loans, equipment financing, and loans of up to $5 million for SBA 7(a) loans and $10 million for SBA 504 loans. You get flexible terms and competitive rates, and can receive up to 90% financing. Evolve Bank & Trust has branches in Brinkley, Parkin, West Memphis and Wynne, Arkansas, and Memphis, Tennessee. Their SBA division is located in Denver, Colorado.
Great Southern Bank – Springfield, MO
Great Southern Bank is a Small Business Lending Fund (SBLF) participant and partner with the SBA. Through that partnership they offer loans to help you get your business started, pay for equipment, finance inventory, expand your business or purchase an existing business. They also offer specialized lines of credit with competitive rates and easy access to funds. Their lending team provides customized loan options to fit your business needs. Great Southern Bank has branches in Arkansas, Iowa, Kansas, Minnesota, Missouri and Nebraska.
Live Oak Bank – Wilmington, NC
Live Oak Bank was founded in 2007 as a financial establishment providing small business loans to niche industries. Originally, the bank only funded small business loans for veterinarians, but over the years the company has expanded its expertise to include dentists, medical professionals, independent pharmacists, funeral home owners, and most recently, investment advisors. They are now the second-largest originator of small business loans in the US and are consistently recognized for offering and maintaining low rates. Whether you are expanding, refinancing, purchasing real estate, or breaking ground on a new project, they can provide a customized loan to meet your needs. And as an SBA Preferred Lender, they can evaluate and approve your loan application in-bank. Live Oak Bank is headquartered in Wilmington, North Carolina, and has a loan production office in Atlanta, Georgia.
Centrix Bank – Bedford, NH
Centrix Bank is an SBLF participant and offers a range of loan services to businesses, professionals, not-for-profits and municipalities. They “C–Beyond” the normal banking practices by offering you personal service, business banking expertise, and flexible and affordable terms. Through the SBA, they offer 504 real estate loans and 7(a) general loans. In December 2012, they were named the 2012 “Leading Participant Bank” in the 504 loan program for New Hampshire and the New England region. Centrix Bank has branches in Bedford, Concord, Dover, Manchester, Milford and Portsmouth, New Hampshire. They also have a loan production office in Nashua, New Hampshire.
FNB Fox Valley – Neenah, WI
First National Bank – Fox Valley has been supporting local businesses for 125 years. Not only have they been designated an SBA Preferred Lender, they have also been named the #1 SBA lender in terms of the number of loans originated in Wisconsin for their peer bank group asset size $100 – $350 million for the past two years. They provide government guaranteed loans for services including commercial real estate purchases, business acquisitions or expansions, equipment financing and fixed asset purchases, cash flow needs, and debt refinancing. Their loan programs promise efficient service and long-term rates with no balloon payments. FNB Fox Valley has branches in Neenah, Menasha, Oshkosh and Appleton, Wisconsin.
Great Western Bank – Sioux Falls, SD
Great Western Bank has been awarded multiple times by the SBA for being a top volume lender in Iowa, Nebraska and South Dakota. In 2012, they loaned more than $30 million in 2012 to small businesses in Nebraska and Iowa. They promise efficient service and low rates for SBA loans, whether you are starting or expanding your business. They’ll customize a loan program based on your business needs and dedicated to your success. Great Western Bank has branches in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska and South Dakota.