Small Business Loans and Credit
Whether you need to finance growth, cover timing gaps in cash flow, purchase equipment, or simplify your vendor payments, Midwest BankCentre offers a number of options to finance the various needs of your business.
We can provide you with a variety of interest rate options, repayment terms and credit amounts. Our goal is to understand your needs and to customize a credit product to fit your business requirements.
We offer credit products such as:
Lines of Credit
A line of credit is a revolving credit facility that allows you to borrow, up to your credit limit, as you need short-term funds and to pay it back as funds become available. This can happen as frequently as needed. Lines are generally secured by accounts receivable and inventory. A line of credit allows you to manage the cash in-flow and out-flow of your business, handle seasonal inventory accumulation and provide a ready source of liquidity.
Term loans are used to finance other acquisitions of a specific asset, such as a piece of equipment or a building. A term loan is meant to be longer term in nature and operates much the same as a home mortgage. Once you have borrowed the funds and acquired the asset, your loan is set up on a fixed repayment schedule. Interest rates on term loans are either fixed for up to five years or variable. Typically, term loans are secured by a fixed asset.
Small Business Administration (SBA) loans are available to finance short-term working capital needs like a line of credit or longer-term fixed loans. SBA loans can allow businesses to obtain financing that they may not have been able to secure on a conventional basis. The SBA offers programs that allow customers to have low down payments and longer fixed rates.
Midwest BankCentre has options when it comes to credit cards. We offer different cards to meet the unique needs of your business. CLICK HERE to learn more.
To speak with a business banker about your current small business needs, call 314-631-5500 or 800-894-1350 or firstname.lastname@example.org