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Business Loans
Keeping Up With Business Demands
O.K., so you're starting your own business or maybe just expanding existing operations. Because your business is not the same as your neighbor's, we'll help you choose from a variety of flexible Business Loans with terms and payment schedules designed to meet your business needs. All loans are subject to credit approval.
Lending Services
- Business Lines of Credit
- Domestic and International Letters of Credit
- Term Loans
- Construction Loans
- Commercial Real Estate Mortgages
- Small Business Administration (SBA) Loans
- Agricultural Loans
Before applying for a business loan, consult this Loan Application Checklist. And make sure you complete this Personal Financial Statement (for PDF version click here, for Excel version click here) .
When you’re ready to apply, please download and complete this Commercial Loan Application.
Credit Services to Build Your Business
Business Lines of Credit
- Customized to Meet the Needs of Your Business
- Funds Available to Take Advantage of Business Opportunities
- Overdraft Protection
- Low Monthly Payments
Term Loans
- Variety of Terms Available
- Funds for Vehicles and Equipment
Commercial Mortgages and Construction Loans
- Funds available for purchasing, refinancing or constructing commercial real estate such as land development, manufacturing facilities, warehouse space, professional offices or apartments
- Fixed or Variable Rates
- Fixed rates avaiable for up to 15 years subject to certain qualifications
Small Business Administration (SBA) Loans
MidWestOne Bank is an SBA preferrd lender, which means quicker processing and local decision making. We participate in all SBA loan programs including:
- SBA Express
- Patriot Express
- 7(a) Program
- 504 Program
Agricultural Loans
- Loans for real estate, equipment, buildings and improvement
- Operating lines available for crop inputs, operating needs, livestock and feed, etc.
To learn more about the SBA loan program, click here. You will be entering a website separate from www.midwestone.com. MidWestOne is not responsible for the content of this site.
Business Loan Checklist
So things are looking good, you feel confident and you're ready to be your own boss. Before you get too far, here is a list of items you'll need to apply for a loan.
Start-Up Business
- Written business plan with financial projections
- Personal Financial Statement (Click here for the template.)
- Previous three years of personal tax returns
- Resumé detailing the education and related experience for each owner
- If applicable, any proposed lease agreements
- For assistance with your business plan, please contact the Iowa Small Business Development Center at 515-294-2030 or go to www.iowasbdc.org.
Existing Business
- Summary of financing request (amount, term, collateral, etc.)
- Personal Financial Statement (Click here for the 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
- Loan request detailing purpose and amount of loan, collateral and repayment sources
- If applicable, any proposed lease agreements
