Small Business Administration (SBA) Loans

Small businesses power the American economy, and that's especially true here in Central Illinois and 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. Town and Country Bank and Peoples Prosperity Bank 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 504 and 7(a) Programs

Our experienced business lending team can help you select the best SBA loan program for your business needs. Generally, the 7(a) Loan Program is the most popular when it comes to small business bank loans. It can be used for a variety of common financing needs, such as working capital, debt refinancing, and property renovation. Qualifying businesses can borrow up to $5 million with a 7(a) loan.

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.

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 struggle 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 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

Town and Country Bank and Peoples Prosperity Bank is proud to be one of the best banks for small business loans in Central Illinois and 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.