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Business Loans

Hills Bank is dedicated to the growth of the communities we serve, and we 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
  • Equipment Loans
  • Operating Loans
  • Business Credit Cards

 


 

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 and 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.

 


 

SAFE Act (NMLS) Listing of Lenders

View the SAFE Act (NMLS) listing of lenders.  

 


 

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
  • Last 2 years of 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 of federal tax returns on the business
  • Signed purchase agreement
  • 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 of 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 319-679-5500 for the Iowa City area, 319-654-8100 for the Cedar Rapids area, or toll free at 1-800-445-5725. 


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