Business Loans

Fuel Your Business Growth

Applying for business financing is a smart strategy to support your growth plans. Whether you need working capital for your company expansion or short-term financing to build inventory before a promotion, you’ll find solutions at Sturgis Bank.

Business Loans from Sturgis Bank

The right financing plan addresses your unique business needs. That's why we offer a variety of business loan options, including the following:

• Commercial Real Estate Loans finance the purchase or renovation of commercial property. We offer loans with terms as long as 15 - 20 years at a competitive interest rate locked in for up to 10 years.
   
• Equipment and Machinery Loans provide funding to replace, refinance, or purchase new equipment. We align repayment with the expected lifespan of the machinery, with terms up to 7 years.
   
• Business Lines of Credit for a flexible way to manage your company cash flow and finance growth-driven decisions. Use the money when and where you need it, repaying more of the balance when business is good or only the minimum if revenue is slow.
   
• Government Supported Loans are helpful for start-ups without a long financial history or strong credit report. Loan terms, rates, and qualifications for approval are often more attractive than traditional business loans. At Sturgis Bank, you’ll have access to several financing plans including:
  
  • SBA (7a), a general purpose loan with a variable interest rate and 5 to 25 year repayment plans depending on how you use the funds.
  • 504, a fixed rate loan typically used to finance commercial real estate or equipment with a 10 to 20 year amortization schedule.
  • Michigan CAP (Capital Access Program) to help most types of small, for-profit businesses finance fixed assets or working capital. 

For more details on government loans go to www.sba.gov or contact a Sturgis Bank Business Development Officer.

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Loan Application Checklist

The following list includes the information we’ll need to start the application process for most loan requests. Additional documentation may be requested depending on the type of financing you’re requesting.

• A summary of the business entity that will be a borrower or guarantor including:
  • The form of the business entity such as C-Corporation, S-Corporation, Limited Liability Company, Partnership, or Sole Proprietorship
    AND a copy of:
    
  • Articles of Incorporation (for C-Corporation or S-Corporation)
  • Articles of Organization (for Limited Liability Company)
  • Partnership Agreement
  • Operating Agreement(s) for any Limited Liability Company involved in the transaction
• Full trust agreement(s) that may apply if any borrower, guarantor, or co-signer is a trust.
• Tax returns for you (as a sole proprietor) or your company for the prior 3 years, including all pages.
• If applicable, full tax returns for the prior 3 years for any entity related to you as the primary borrower (such as a real estate holding company.
• Financial statements including compilations, reviews, and audits for the last 3 years prepared by an external accountant. 
• Tax returns for the prior 3 years from each individual who will guarantee or co-sign your loan, including detailed K-1 statements if applicable.
• Current Personal Financial Statements (PFS) completed, dated, and signed by each individual who will guarantee or co-sign your loan.
• For requests involving Investment Real Estate, we require a detailed Rent Roll.
• For requests to finance the purchase of a business or ownership, please submit a business plan and financial projections, if available.

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Loan Application

Getting started is simple:

1. Review the Loan Application Checklist above and gather your documentation.
2. Download and complete your Personal Financial Statement and Business Loan Application.
3. Upload your documents via Secure Document Upload below

Prefer to talk to a Business Banker first? Contact our Business Banking Team.