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Stearns Bank Small Business Loan Review

Anne Miller

Anne Miller

Senior Author

Anne Miller

Senior Author

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Stearns Bank Small Business Loan ReviewStearns Bank gets right out there and claims that as a Nationwide Preferred SBA Lender dedicated to growing businesses across the nation by providing flexible, fast financing, they can get you on the FAST Track, approving loans $350,000 or less in hours and larger loans in days. As a member of the SBA Preferred Lender Program (PLP), State Bank is positioned to provide expertise and a streamlined process to help clients efficiently apply for SBA backed loans.

Understanding Your Loan Options

The two major SBA partnership loans are available at Stearns Bank that include the very popular 7(a) program requires security but offers the same business expense loans for equipment, office furniture, former business debts or real estate loans with variable rates for up to 25-year terms. The 504-unsecured loan program that focuses on real estate and machinery funding. The 504 loans include job creation requirements. Manufacturers, for example, must create or retain one new job for each $100,000 of the loan, while all other industries must create or retain one new job for each $65,000 of the CDC 504 loan.

Finally, they offer the SBA Express Loan, a program that allows a small business to obtain a line of credit that will be termed out at a rate that best allows for a balance between short term and long-term needs while serving as a vehicle to assist a business in short and long term goals. The limit on the loan is 350,000 and has “reduced” forms and paperwork in general.

Duration of Loans and Speed of Application

Normally SBA loans can take easily up to 64 days to get approval, and that is after all of the applicant’s documents have been turned in to the lender. However, Preferred Lender status gives State Bank the authority to assess, document, approve and ultimately close the loan without direct SBA approval or review. For the more complicated 504 loans, a completed application to funding is probably more like thirty days because of the company’s Preferred Lender status.

Final Thoughts and Fine Print

The Stearns Bank expects its customers to pay for access to their expertise. In the fine print, you will often find hidden fees and service charges that you did not expect to encounter, increasing the overall cost of your loan. This company does little to explain the cost of the loan, which come in the form of service charges and fees.

Anne Miller

Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.


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