Funds to help you grow and thrive
You need new equipment. You want to move into a new facility. Whatever your needs, we will work with you to find a financing solution that will help your business succeed.
All loans subject to credit approval.
We offer different loans to fit your business
Loan Option | Who This Loan is For | Loan Details |
|---|---|---|
Working Capital Lines of Credit | Business owners needing cash to cover operating expenses, support their growth and improve cash flow. | Lines of credit are an ideal solution for helping during slower times of the year and maintaining steady cash flow during slower times of the year and maintain day-to-day operations. When opportunities arise, a Working Capital Line of Credit also allows your business to act quickly. |
Term Loans | Business owners looking for a lump sum loan to make a purchase or expand their business. | These loans offer flexibility to business owners. Fixed and variable-rate options are available and terms can be tailored to your borrowing needs. Plus, the added benefit of predictable payment amounts. |
Equipment Loans | Businesses in need of new equipment ranging from technology and office equipment to production and manufacturing equipment. | These loans offer up to 100% financing for equipment purchases and feature competitive terms and rates. |
Construction Loans | Businesses or individuals looking to cover the costs associated with building or renovating commercial and investment properties. | These loans can fund everything from land purchases to the construction costs associated with your project. |
Small Business Administration (SBA) loans
MidWestOne Bank is an SBA-preferred lender, which means quicker processing and local decision making. We participate in all SBA loan programs, including:
Loan Option | Who This Loan is For | Loan Details |
|---|---|---|
SBA Express Loan | Small business owners needing an expedited lending process and smaller loan amount than the SBA's standard 7(a) program. | SBA Express loans offer quicker processing times and lower borrowing maximums compared to other SBA Loans. Borrowers can use these loans to obtain working capital, expand their business, purchase equipment and consolidate debt. |
7(a) Loan Program | Small businesses that make not qualify for a traditional bank loan. These could be start-ups or businesses with a collateral shortfall. | These loans offer financing of up to $5 million with terms ranging from 10 to 25 years. They can be used for working capital loans, equipment and real estate loans. |
504 Loan Program | Businesses needing long-term financing for major fixed assets. | The 504 loan program is to cover business development costs for businesses that are promoting job growth in their area. These allow borrowers financing of up to $5.5 million. |
Agricultural loans
Agricultural loans provide funding for real estate, equipment, buildings and improvements. Operating lines are available for crop inputs, operating needs, livestock and feed, etc. Learn more about our Ag Banking solutions:
Business loan checklist
Speed up the application process by having these items ready to go when you reach out to us:
Start-Up Businesses
- Summary of financing request (purpose, amount, term, collateral, etc.)
- Written business plan with financial projections
- Personal financial statement (view template)
- Previous three years of personal tax returns
- Résumé detailing the education and related experience for each owner
- If applicable, any proposed lease agreements
- For assistance with your business plan, please contact your local Small Business Development Center
Existing Business
- Summary of financing request (purpose, amount, term, collateral, etc.)
- Personal financial statement (view template)
- Previous three years of personal tax returns
- Three years of business tax returns and interim statements (less than 90 days old)
- If available, three years of business projections
- If applicable, any proposed lease agreements