SBA loans that give your small business room to grow.
Sunrise Banks is a preferred SBA lender in Minnesota.
We see our clients as partners, not transactions, and work to help turn your business into a success story.
We believe that at the core of any successful business relationship is trust, transparency and a willingness to customize services for each particular borrower.
SBA loans offer a number of unique benefits for small business owners, including:
- Competitive fees and rates
- Lower down payment requirements
- Flexible terms, making the process of repayment more strategic than stressful
What types of SBA loans are available to me in MN?
At Sunrise, we know that running your own 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 offered as a way to reward entrepreneurial spirit and propel the economy as a whole.
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 an 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.
Visit the SBA’s website Off Site Link for more information.
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. First is the loan application.
The Loan Application
The following information will be required for all SBA loan requests. Additional documentation may be required and can vary depending on the specific type of SBA Loan.
- Sunrise Banks application form
- SBA Form 413 Off Site Link
- SBA Form 1919 Off Site Link
- At least three years of personal tax returns
- Resumes and identification for all involved owners, partners, and managers
- A business plan
Ready for next steps? Get in touch with a member of our team today.
Set Up a Meeting
We can help you determine which SBA loan option best fits your needs.
For More Information Contact:
Business consulting available for Sunrise Banks customers. Please contact Terri Banaszewski Off Site Link for more info.
Subject to credit approval.
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