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United Midwest Savings Bank Small Business Loan Review

Anne Miller

Anne Miller

Senior Author

Anne Miller

Senior Author

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United Midwest Savings Bank Small Business Loan ReviewUnited Midwest Savings Bank is a Top 75 SBA Lender headquartered in Ohio with a focus on owner occupied commercial real estate, business acquisitions and debt refinance SBA Lending on a national basis. Their latest project is to push Working Capital and Equipment loans up to $150,000 for start-ups and expansions nationwide.

Understanding Your Loan Options

United Midwest is also a large company that offers many kinds of financial products and services, including small business loans. Their commercial loan options for business include fixed rates, adjustable rates, commercial real estate, renovation and construction loans as well as lines of credit for short term expenses, among all sorts of other services. Each has its own characteristics but they are all subject to evaluation in relation to your own business’ financial situation, potentially only your credit score in some instances.

According to their website, United Midwest provides SBA loans for the kinds of business expenditures that are covered by two SBA programs. The two major SBA partnership loans, including the 7(a) program which 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 as well as 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.

Duration of Loans and Speed of Application

United Midwest doesn’t offer any specific details about the timeframe for application approval or disbursement of funds. This is common in the industry as each loan is unique and deserves the attention that banks pay to it. As a result, you’ll have to talk with United Midwest about the specific product you’re interested in to get a better idea of the timeframe.

One thing we can say for sure is that the turnaround time for revolving lines of credit and loans that aren’t backed up by the SBA will process faster than SBA loans.

Final Thoughts and Fine Print

The flexibility and range of options offered by United Midwest Savings Bank makes them a good choice for small businesses located in their region of operation. If you live in Ohio or the Midwest, consider looking into them for your small business lending needs.

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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