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Business Loans

Hills Bank is dedicated to the growth of the communities we serve and understand that local businesses are essential to that growth. Our team of commercial lending experts has the knowledge and experience to find the right loan option for your business.

We offer you:

  • Local decision making
  • Locally owned community bank
  • Competitive rates
  • Convenient hours
  • No application fees
  • Quick approval time

Business Loan Products

Disaster Assistance

Cedar Rapids Job & Small Business Recovery Fund

The Cedar Rapids Area Chamber of Commerce, The Greater Cedar Rapids Community Foundation and several community partners have created a recovery fund that allows small businesses located in the Cedar Rapids area to receive financial, practical and emotional help needed to resume their small business operations after the Flood of 2008. Click for more information about the Cedar Rapids Job & Small Business Recovery Fund or apply online.

Iowa City Small Business Flood Assistance Program

The Iowa City Area Chamber of Commerce and the City Councils of Iowa City and Coralville have created a small business flood assistance program. The loan can be used for flood related clean up and inspection expenses that are not reimbursable by FEMA or insurance. Click for more information from the Iowa City Area Chamber of Commerce or apply online.

Loan Program Partners

Small Business Administration

The United States Small Business Administration (SBA) was created by the federal government to strengthen the nation's economy by providing aid, counsel, and assistance to small businesses. Hills Bank has been designated as a Preferred Lender by the SBA. By approving 28 loans worth over $2.5 million last year, we were also recognized as a Top Volume Producer in the state of Iowa for 2007. Hills Bank partners with the Small Business Administration to offer the following loans:

  • 7(a) - The most basic and most common type, 7(a) loans are available to the majority of small businesses for a maximum of $2 million.
  • CDC/504 - This loan program provides long-term financing on major fixed assets like land and buildings. CDC/504 loans are designed to contribute to the economic development of communities and have a maximum loan amount of $1.5 million.
  • Patriot Express - Loans up to $500,000 are available to businesses that are over 50 percent owned by veterans, reservists, National Guard members, or their spouses. With interest rates generally 2.25 to 2.75 percent over prime, Patriot Express has the SBA's lowest rates.
  • SBA Express - This loan option allows the lender and borrower to negotiate the interest rate for loans up to $350,000. The turnaround time for approval is less than 36 hours, making SBA Express the easiest and quickest loan offered.

Linked Investments for Tomorrow (LIFT)

Hills Bank is a registered lender for Linked Investments for Tomorrow (LIFT). The LIFT program, funded through the Iowa State Treasurer, provides financial resources to Iowa’s small businesses by offering low interest loan rates.

Other Resources:

To prepare for your appointment with a Commercial Banking Officer, here are a few things to bring:

Existing Business

  • Last 3 years of fiscal year end balance sheets
  • Last 3 years of income statements
  • Interim balance sheets and income statements
  • Signed personal financial statement and
  • Last 2 years federal tax returns on the business

Business Acquisition

  • Last 3 years of fiscal year end balance sheets
  • Last 3 years of income statements
  • Interim balance sheets and income statements
  • Signed personal financial statement
  • Last 2 years federal tax returns on the business
  • Signed purchase agreement and
  • Projections for at least one year – cash flow, balance sheet, and income statement

Start-Up Business

  • Detailed business plan
  • Signed personal financial statement
  • Last 2 years federal tax returns on individual
  • Projections for at least two years – cash flow, balance sheet, and income statement

All Requests

  • If a corporation – Articles of Incorporation
  • If a partnership – Partnership Agreement
  • If a LLC – Articles of Organization
  • Use of Proceeds

For more information, contact a Commercial Banking Officer at any location.

131 Main Street, Hills IA 52235 • 1-800-HILLSBK
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