Moving your small business forward.
Alerus is an SBA Preferred Lender who supports many small business owners by providing financing solutions through various SBA loan programs. When your business is looking to expand and grow, our terms are flexible and rates are competitive. We will partner with you to find the right solution for your business.
Alerus participates in both SBA 7(a) and 504 loan programs. As an SBA Preferred Lender, Alerus has the authority to process, close, service, and liquidate most SBA-guaranteed loans without a prior SBA review.
Determining your eligibility is the first step to see if your company qualifies for an SBA loan. The following list provides general SBA eligibility requirements:
- Be an operating business (passive investors are not eligible).
- Be located in the United States (including territories and possessions).
- Be small – as defined by the SBA.
- Demonstrate a need for the desired credit
- Not fall under the ineligible business type as defined by the SBA.
To view a more comprehensive list of eligibility requirements, visit the SBA website.
While navigating through the SBA loan process, feel confident that Alerus will guide you every step of the way. As an added convenience, the required SBA forms for beginning the loan application are available here.
USDA Lending provides opportunities for rural communities to access business capital. Through USDA loan guarantees, private lenders are able to extend more affordable financing, in turn improving the economic health of rural communities. Highlights of USDA loans include:
- Funding may be available for rural areas outside a city or town with a population of less than 50,000.
- A Borrower’s headquarters may be based in a larger city as long as the project is located in an eligible area.
- Loan uses vary and may include the purchase of equipment, business conversion, enlargements, modernization or business and industrial acquisitions when the loan will create or save jobs.
- Individual borrowers must be citizens of the United States or reside in the U.S. after being legally admitted for permanent residence.
- At loan closing/project completion, the business must have a tangible balance sheet equity position of at least 10% or more for existing businesses or at least 20% or more for new businesses.
- Loan funds cannot be used for a Line of Credit, gambling facilities, churches, golf courses, owner-occupied and rental housing.