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Find the Best Business Loan Companies in Sioux City, IA

Business loans are a financial resource for business owners in Sioux City, whether they need help starting a business or expanding one. The Sioux City Journal has partnered with ConsumerAffairs to create this guide by comparing customer reviews and loan selection of 24 businesses and choosing nine favorites from the top commercial lending companies in Sioux City.

Companies pay ConsumerAffairs to be accredited, and the Sioux City Journal and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Types of business loans in Sioux City

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There are a wide variety of lenders and options for business owners in Sioux City. Finding the right lender, with fair rates and a good reputation, takes a little bit of time but can make a significant difference in the overall cost of taking out a business loan. When comparing different options, look at the term lengths, available loan amounts, types of loans, interest rates and annual percentage rates (APR).

The types of business loans in Sioux City include the following:

  • Commercial mortgage loan: These types of loans, also called business real estate financing loans, are specific to purchasing real estate for a business. The terms of this loan depend on the type of property and typically last up to 20 years. A commercial mortgage can also be used for renovating an office space.
  • Business term loan: With business term loans, business owners have the flexibility to create loan terms that meet their needs. For easy turnaround projects, short-term loans may be a better option. But for expensive ventures that may take years to recoup funds, consider a long-term business loan.
  • Merchant cash advance: For business owners who need cash fast, a merchant cash advance can be an attractive option. While these come with higher rates than the other options, they are easier and faster to get than the other financing options on this list. To get an MCA, a provider will look at how much a company makes per week to offer a cash advance that they think the business will realistically be able to afford.
  • Business line of credit: When flexibility is key, a business line of credit is a great option. With a business line of credit, a lender provides a specific amount of money that business owners can draw from as needed. This financing option is similar to business credit cards, which also offer customers access to funds in a flexible way. Lines of credit usually have lower interest rates and are better for carrying a balance than credit cards, but credit cards come with rewards and other benefits.
  • SBA loan: For small businesses that need help obtaining a loan and financing their business, SBA loans are a good option. These are government loans for businesses and act like any other loan, but are guaranteed by the Small Business Association. SBA loans can take a while to obtain and have strict approval requirements.
  • Equipment financing loan: If a business owner only needs to cover the cost of equipment, an equipment financing loan is an option. These business loans can be obtained even with bad credit because the vehicle or equipment will act as collateral. Sioux City is a very attractive city for food processing plants, so these types of loans are great for purchasing the expensive equipment needed for these businesses.

Business owners may also consider options like microloans, invoice financing or acquisition loans if they have specific needs that aren’t covered by any of the loans above. A lender will help you compare these types of loans to help figure out which is available for your business. Before signing for a loan, make sure to read over the loan agreement carefully.

How to get a business loan in Sioux City

Before you get a business loan, a bank or lender is going to look in-depth at the financials and history of the business. It will examine credit history as well. Before you apply for a business loan in Sioux City, gather your financial records, including tax returns, and examine your business credit report and individual credit history for accuracy.

Apply for business loans with various lenders in Sioux City to find terms that are most in your favor. Make sure you start early: The process from application to funding can take weeks to months to complete.

Sioux City business loan FAQ

What is a 7(a) loan?

A 7(a) loan is a main loan option offered by the Small Business Administration. Loans are available up to $5 million. Full terms and rates vary depending on your situation.

How do I get money to start a business?

You can get money to start a business in a few ways. Business loans are the most common option. You can also use a credit card or use your own personal savings.

What are typical business loan terms?

It depends on the type of loan. SBA loans are usually between five and 25 years, while short-term loans are between three and 18 months. Long-term loans and equipment financing terms are usually between one and 10 years. Interest rates vary depending on the type of loan and your business performance and creditworthiness.

What business development resources exist in Sioux City?

Organizations that provide resources to Sioux City businesses include IASourceLink and Startup Sioux City. For entrepreneurs who want to expand their skill set, Venture School offers courses.

Sioux City business loan company information

Accredited Partner

SmartBiz Loans

SmartBiz Loans offers bank term loans, SBA loans, business real estate loans, business credit cards and lines of credit. Loan amounts start at $30,000 for SBA loans, with interest rates starting at 5%. After approval, funding is available in as little as a week. SmartBiz Loans offers loan amounts up to $5 million.

SmartBiz Loans (866) 283-8726
Accredited Partner

National Business Capital & Services

National Business Capital & Services matches customers with one of its 75-plus lenders through an online sorting and comparison process, offering many types of business loans. The company offers additional business services like bookkeeping. National Business Capital & Services connects customers to loans of up to $5 million.

National Business Capital & Services

Currency

Currency offers equipment financing options for businesses through its CurrencyFinance program. Some businesses may receive 0% financing. Customers say its approval process is easier than at other businesses. Currency’s loans are available up to $500,000 and 72 months, with no prepayment penalties or down payments required.

Currency

Security National Bank

Security National Bank offers a variety of commercial loans and business credit card services designed to support Sioux City businesses. Loan types include term, equipment, construction, real estate and lines of credit. Lending decisions are made in-house to provide better flexibility and rates. Security National Bank has a location at 601 Pierce Street, Sioux City, IA 51101.

Security National Bank

Siouxland Bank

Siouxland Bank provides business solutions and customer support. The company offers business loans and farm loans, as well as business bank accounts. Customers say its services are welcoming and that employees treat customers like family. Siouxland Bank business loans can be obtained in person at 1001 W. 29th St., South Sioux City, NE 68776.

Siouxland Bank

Primebank

Primebank works with customers to build a financial structure that supports cash flow and growth objectives. From SBA loans to lines of credit to equipment loans, the company offers a wide variety of solutions for Sioux City businesses. Agriculture loans are also available. Primebank has four locations in the area, including one at 5680 Sunnybrook Drive, Sioux City, IA 51106.

Primebank

Great Western Bank

Great Western Bank offers a wide variety of business solutions in Sioux City. Loan types include commercial real estate loans, lines of credit, SBA loans, term loans and working capital loans. The company’s BusinessManager program provides working capital for receivables and extends credit terms for businesses. The company also specializes in business solutions specifically designed for the agriculture industry. Visit Great Western Bank at 839 Gordon Drive, Sioux City, IA 51101.

Great Western Bank

Great Southern Bank

Great Southern Bank partners with businesses to find the credit they need to expand. Commercial loans are available for a variety of real estate projects, including nursing homes, hotels and more. The company also offers revolving lines of credit and tax credit financing for businesses. Visit Great Southern Bank at 4211 Morningside Ave., Sioux City, IA 51106.

Great Southern Bank

Northwest Bank

Northwest Bank offers small business financial solutions, including real estate loans, SBA loans and equipment loans. Business credit cards are also available, with no fees for additional employees and included expense management tools. The company’s services include access to its Knowledge Series events, including workshops and speakers. Northwest Bank has several Sioux City locations, including one at 818 W. Seventh St., Sioux City, IA 51103.

Northwest Bank