On February 1, Town and Country Bank / Peoples Prosperity Bank merged with Heartland Bank and Trust Company and operate as branches of Heartland Bank. Heartland Bank is a wholly owned subsidiary of HBT Financial, Inc., headquartered in Bloomington, Illinois. The merging of Town and Country Bank / Peoples Prosperity Bank data into Heartland Bank systems begins at close of business on Friday, April 21. To ensure a seamless transition, your online banking, bill pay, and mobile banking services may be unavailable from April 22 until the morning of Monday, April 24.

For the most up-to-date merger information, please visit https://www.hbtbank.com/welcome. Heartland Bank is committed to ensuring a smooth transition with a minimal impact on customers. Please look for additional information in the next few months.

Small Business Administration (SBA) Loans

Small businesses power the American economy, and that's especially true here in Central Illinois and the Metro East. However, while Americans support small businesses in theory, in practice, it can be difficult for new entrepreneurs and small businesses to get the financing they need to start and grow a company. Heartland Bank and Trust Company is committed to investing in local businesses, for the benefit of the entire community. Let's level the playing field for your small business.

As a Preferred SBA Lender, we can offer qualified companies our best rates and extended terms for a variety of business needs. Stand side by side with a local institution — apply today. We personalize the loan packages we create in order to best support your business objectives.

Ready to get started? Download our SBA Application Checklist below.

SBA Application Checklist

Available for start-up businesses, as well as purchasing and refinancing existing businesses

Guaranteed by the U.S. Small Business Administration, SBA small business loans make it easier for banks to offer flexible rates and terms on small business financing. The SBA loan program recognizes the vital role small businesses and entrepreneurs play in growing the economy.

Competitive rates for a wide range of business needs:

  • Commercial real estate purchase
  • Construction
  • Business acquisition or expansion
  • Equipment/inventory purchase
  • Working capital

 SBA 7(a) Loan Program

Our experienced business lending team can help you select the best SBA loan program for your business needs. As an authorized Preferred Lender (PLP), we can typically process SBA authorizations within several days compared to several weeks for non-PLP lenders.

Generally, the 7(a) Loan Program is the most popular when it comes to small business bank loans. 7(a) loans are guaranteed between 50 and 90 percent through the SBA, which makes it easier for banks to lend to small businesses without sufficient collateral. 

7(a) Loans can be used for a variety of common financing needs such as working capital, accounts receivable, inventory, debt refinancing, equipment, real estate, and property renovation. Qualifying businesses can borrow up to $5 million with a 7(a) loan.

SBA 7(a) Guaranty Programs General Overview

Program Maximum Amount Maximum Guaranty Uses Maximum Maturity Guaranty Fee (Paid on guaranteed portion only)
Standard SBA 7(a) Loans $5 million

Loans $150,000 or less: 85%

Loans over $150,000: 75%

 Any term or amortizing loan, Non-revolving only Up to 25 years for real estate, Up to 10 years all other

Loans $350,000 or less: 0%

Loans$350,000 to $700,000: 2.77%

Loans $700,001 to $1 million: 3.27%

Loans over $1 million: 3.5% on first $1 million of guaranteed portion plus 3.75% on guaranteed portion over $1 million
SBA Express $500,000 50% Same as Standard SBA 7(a) plus revolving lines of credit Same as Standard SBA 7(a) plus up to 10 years on revolving lines of credit Same as Standard SBA 7(a)
Veteran-Owned * Same as SBA Express Same as SBA Express Same as SBA Express Same as SBA Express No guaranty fee
CAPLines $5 million Same as Standard SBA 7(a) Revolving lines of credit only Up to 10 years Same as Standard SBA 7(a)
International Trade $5 million

Working capital: 80%

Other uses: 90%

 Must be connected to direct or indirect export sales, Non-revolving only Up to 25 years Same as Standard SBA 7(a)
Export Working Capital $5 million 90% Must be for direct export sales, Short-term working capital only, May support standby letters of credit Typically 1 year but may go up to 3 years Same as Standard SBA 7(a)
Export Express $500,000

Loans $350,000 or less: 90%

Loans over $350,000: 75%

 Must be for direct export sales, Same as Standard SBA 7(a) plus revolving lines of credit and standby letters of credit Same as Standard SBA 7(a) plus up to 7 years on revolving lines of credit Same as Standard SBA 7(a)
Information valid through September 30, 2022.

The above chart provides a general overview of the listed SBA Programs. This overview is based on information made available from the SBA at the time of publication and is subject to change.

* Veteran-owned businesses must be owned at least 51% by a veteran, active-duty military service member, their spouse, or widow of a veteran who died in service or of a service-connected disability.

 SBA 504 Loan Program

As opposed to the general nature of the SBA 7(a) loan, the CDC/504 loan is intended for the purchase of assets, primarily large pieces of equipment and commercial real estate. So, if you're seeking financing for one of these specific objectives, an SBA 504 loan could be a good fit. Qualifying businesses can borrow up to $5.5 million to buy a major asset. Banks work with an SBA-approved Certified Development Companies (CDC) to provide the SBA 504 loans. Enjoy a long-term fixed interest rate on the SBA 504 loan portion.


Generally lower down payments and extended terms than traditional commercial loans

If you're ready to apply for a small business loan, there are many benefits to choosing an SBA loan. SBA loans are created to be small business-friendly. All businesses face challenges with cash flow, especially in the beginning. Enjoy lower down payment options and longer repayment terms, which result in a lower monthly payment, when you choose an SBA small business loan.

Local decision-making and processing

When you're comparing small business lenders, location counts. Town and Country Bank and Peoples Prosperity Bank is rooted in your community. We are locally owned, and all of our employees live in Central Illinois and the Metro East. You can trust that everyone involved in processing your loan application is also part of your community.

Attentive, friendly service from application to closing

Heartland Bank and Trust Company is proud to be one of the best banks for small business loans in Central Illinois and the Metro East. We are approved to offer SBA loan products under SBA's Preferred Lender and Express programs. Whether you're new to business financing or not, our small business lenders are available to assist you throughout the application process, from collecting the necessary documents to being the first to say, "Congratulations!" at your loan closing. Ready to learn more about small business loan options? Request a consultation with our business lending team or visit your local branch in Central Illinois and the Metro East.