**Due to the extremely high demand for small business disaster loans, we are currently processing existing requests and will notify via our website our next availability to accept additional loan applications.
If you’re starting a new business or you’re ready to improve or expand your existing business and searching for funding, then you’ll want to understand what an SBA loan is. It is a term that gets confused with its connection to a government entity, the Small Business Administration (SBA).
The SBA partially guarantees SBA loans, thereby eliminating some of the risks for the financial institution that is issuing the loan. And it is not the SBA who is doing the lending. The SBA works collaboratively with a network of approved financial institutions to offer SBA loans to small businesses with better terms.
An SBA loan offers numerous advantages to borrowers over conventional financing, including:
- Lower down payment to conserve cash for your business
- Longer terms – up to 7 years for working capital, ten years for equipment, and 25 years for real estate
- Lower monthly loan payment
- Long-term, fully-amortizing terms – no balloon
- Flexible collateral requirements
- Loan amounts up to $5 million
21st Century Bank is one of a select group of SBA Preferred Lenders, consistently ranking in the top 10 for Minnesota Lenders.
Benefits of working with an SBA Preferred Lender:
- In-house approval for quick turnaround
- Dedication to serving the small to the mid-size business community
- The expertise and wide range of tools that benefit all of your financial needs
We are a proven local lender!
We are proud recipients of 2017, U.S. Small Business Administration (SBA) Minnesota Lenders Award for our personalized approach to helping local businesses succeed, noted for our commitment, hard work, sound business knowledge, and advice. Along with tailored services to help companies to reach their goals.
We rank among the top five lenders in the state!
In FY2019, we are number one in SBA 504 loans for the second year, ranked number one is total SBA project dollars, and number three in overall combined SBA 7(a) and SBA 504 loans.
Learn first-hand how Bev Source and E & M Manufacturing worked in partnership with 21st Century Bank to position their small business for long-term success. For more information on how an SBA loan program can benefit your small business, contact a lender in your area.