Business Lending

SBA Loans in MN

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SBA Loans That Give Your Small Business Room to Grow.

At Sunrise Banks, we know that running your own small business is a lot of work — but applying for an SBA loan doesn’t have to be. The different SBA loan options are guaranteed by the federal government and are offered to reward entrepreneurial spirit and propel the economy.

An SBA loan may have unique benefits for your Minnesota or South Dakota business, including:

  • Lower down payments
  • Flexible overhead requirements
  • No collateral needed
  • Flexible terms, making the process of repayment more strategic than stressful
  • The option of counseling and education to help you start and run your business.

Learn more about unique benefits of SBA loans at sba.gov.

Do I qualify for an SBA Loan?

SBA Loan programs have unique eligibility requirements defined by the Small Business Administration. A Sunrise Banks lender can provide you with a full list of eligibility requirements for your loan and help determine your eligibility.

What types of SBA loans are available to me in MN and SD?

SBA 7(a) Loans

7(a) loans are the most common SBA loan program available. They can help provide funding for expansion, working capital, startup financing, as well as equipment, land, and building purchases. 7(a) loans can provide funding of up to $5 million.

SBA Express Loans

SBA Express loans are similar to the 7(a) loan but are for smaller loan requests. There is a more streamlined process so that approval can be obtained quicker. Express loans can provide funding of up to $350,000.

SBA 504 Loans

504 loans offer long-term, fixed-rate financing for major fixed assets that lead to business growth and the creation of new jobs. These types of assets include buildings, land, renovations, or equipment. The maximum loan amount for a 504 loan is $5 million.

For more information regarding loan types, visit the Small Business Administration’s loan page.

What should I expect from the SBA loan process?

The beginning of any SBA loan process includes identifying the project you’re seeking funding for, determining how much you need, and finding a bank to finance your loan.

Since you’re here, you’ve likely already completed those initial steps and are curious about what comes next – the loan application.

Get in touch with a member of our team today:

We can help you determine which SBA loan option best fits your needs.

For More Information Contact:

Bee Moua

651-503-3029 Off Site Link

Bee.Moua@SunriseBanks.com Off Site Link

Business Consulting

Business consulting available for Sunrise Banks customers. Please contact Terri Banaszewski Off Site Link for more info.

Not sure where to start?

Fill out the form below and we can help guide you through the SBA loan process.

  1. Subject to credit approval.