Small Business Administration (SBA)

SBA Loans

During these unique economic times, The Harvard State Bank has partnered with the Small Business Administration (SBA) to offer creative solutions for financing small businesses in an ever changing business environment. Whether your business’s goal is to purchase a building or equipment, procure working capital, or even purchase another business, we can help.


SBA 7(a) Loans

  • Easy eligibility requirements
  • Competitive interest rates
  • Used to purchase fixed assets as well as for working capital and business acquisitions
  • As little as 10% down payment - Save capital for future projects
  • Longer Terms/Amortizations - Increase cash flow & working capital
  • Can fund under collateralized loans - Don't let drops in asset value hold your business back

SBA 504 Loans

  • Used to purchase fixed assets (Real Estate & Equipment)
  • Real Estate must be at least 51% owner occupied
  • As little as 10% down payment - Save capital for future projects
  • Up to 20 year fixed rates on 40% of project costs - Shield against rate risk

SBA for a wide variety of purposes

  • Business acquisition
  • Purchase of land or buildings
  • Working capital & inventory
  • Construction of new facilities
  • Purchase of equipment, fixtures, leasehold improvements
  • Refinancing debt
  • Expansion or renovation

SBA also gives you flexible repayment
options with the following guidelines:

  • Working capital: 5-10 years
  • Machinery & equipment: 5-10 years (not to exceed the life of the asset)
  • Real estate & construction: up to 25 years (not to exceed the life of the asset)

Down payment is based on the purpose
of the loan and can be as little as:

  • 10% for real estate purchase
  • 20% for business acquisition
The Harvard State Bank's maximum rates for SBA 7(a) loans are based on:
Prime +2.25% for terms under 7 years;
Prime +2.75% for terms of 7 years or more

Call your local branch to speak with one of our Lending Officers on how The Harvard State Bank
can partner with your business and show you community banking at its best! 

Cliff Kieser in Harvard (815) 943-4400
Mary Manning in Harvard (815) 943-4400
Stephen Robson in Harvard (815) 943-4400