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It might surprise you that a community bank is the 13th largest SBA lender in the United States. And one of our specialties happens to be financing business acquisitions.

As you explore options for financing your business acquisition, there are many different loans to consider. United Midwest Savings Bank’s business loans with a Small Business Administration (SBA) guaranty are an excellent choice. United Midwest's SBA loans provide financing terms that may not otherwise be available to you in the marketplace.

United Midwest specializes in SBA lending in all 50 states. The staff at United Midwest have anywhere from 5 to 40 years of experience in SBA lending.  We might be a Midwest community bank based in Columbus, Ohio, but we are also the 13th largest SBA lender in the country by doing what we do best – financing businesses like yours.

* United Midwest is the 13th largest SBA lender as determined by the Small Business Administration (SBA) based on the number of loans approved in the fiscal quarter ending on 3/31/19.

 

Benefits of Purchasing a Business with an SBA Loan from United Midwest

  • Acquisition loans are available with only 10% down
  • Expand a current business with as little as no money down  
  • Interest rates are similar to conventional financing; 10-year term
  • An SBA loan is a great solution when there is little or no tangible collateral
  • The expertise of an SBA lender like United Midwest. Unlike other banks, we can have the loan approved in a matter of days, not weeks, and closed in under 30 days.  We are an SBA PLP lender, which means we have the authority to approve and close loans on behalf of the SBA, saving you and your clients valuable time and making the process easier.
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FAQ

  • In a word: experience. By focusing on SBA Lending and concentrating on business acquisitions, we're not just an efficient lender, but also a knowledgeable resource. We’re more than willing to spend the time to discuss financing options and help find the best financing solution. With United Midwest you get the personal attention you expect from a community bank with the expertise and reach of a national lender.
  • Many traditional banks only want to consider loans to businesses that can provide tangible collateral to secure their loans. Unfortunately, traditional banks do not take into consideration the underlying value of your cash flow, and expect you to have commercial real estate or other assets to pledge as collateral. An SBA loan from United Midwest can be a great solution for people looking to finance a business acquisition in which there isn’t much, or any, tangible collateral.
  • Yes! We are a national bank, not a broker. United Midwest Savings Bank lends to businesses in all 50 states.
  • As an SBA PLP lender, United Midwest can have your loan approved in a matter of days, not weeks, and closed in under 30 days. This is often even faster than a conventional business loan.
  • The repayment term is 10 years, with no pre-payment penalties. Interest rates on SBA 7a loans are variable and tied to Wall Street Journal Prime. If real estate is involved, the term can be up to 25 years.
  • After filling out the application and providing information included on our checklist, loan approval decisions are then typically made in 4-5 business days depending on the size of the transaction. Approvals are often contingent upon additional information you may be asked to provide or other factors, but in most cases you can expect to close on your approved loan within 30 days.
  • United Midwest services your SBA loan from the day it closes to the day it's paid off. We're available to answer any questions or concerns you may have throughout the life of your loan.
  • There are no loan covenants with an SBA loan, but, as with any business loan, you will be asked to provide annual tax returns and a personal financial statement.
  • SBA loan proceeds can be used for any business purpose. Typical uses of funds include business acquisitions, owner-occupied commercial real estate acquisitions or refinance, equipment or inventory purchases, or general working capital needs.

Know how to get loans done

We have worked with Chad and United Midwest on many business acquisitions. I highly recommend them to anyone looking to arrange funding to acquire a business. The United Midwest team has extensive knowledge regarding SBA loans and are effective in getting financing arranged. Simply put, they know how to get SBA loans done and the deal to the closing table. - Tobin Mann, Mann Legal Services, LLC

Innovative financing solutions

To get transactions and deals successfully finished, make sure that you are partnered with the right group of financing professionals and companies. Over the years, Chad and his team at United Midwest have demonstrated proficiency and deep knowledge of the complex SBA financing process. From resolving complex deal structures to providing innovative "thinking-outside-the-box" solutions, the OBBA brokerage community has benefited from the long-time relationship with United Midwest. - Emmet Apolinario, President, Ohio Business Brokers Association

Easy to work with

We looked at a number of financing alternatives and by far United Midwest was the most knowledgeable and easiest to work with of any financial institution because they know and understand our insurance agency business. You don’t have to train them on the options or the usage of the loan as they have been lending to insurance agencies for years. They are very flexible and can offer up to 10 years, plus they have the pen on the loan and are not an intermediary. Give them a try and you will see why I say these things! - Bob Smith –Leavitt Group Midwest