Busey Bank
SBA Preferred Lender bank: SBA 7(a) loans up to $5M (plus SBA Express), 9.01% avg starting rate (FY2026), startups OK, weeks to close. Best for $500K+ purchases and expansions.
Rates & Cost
What the financing costs, normalized so lenders can be compared.
Repayment Terms
How and how fast you pay it back, and how flexible it is.
Eligibility & Access
Who qualifies and what you have to put on the line.
Speed & Service
How fast you get funded and how the lender treats you.
Company Verification
Who actually stands behind the lender: legal entity, registration, and how long the business and its website have existed. Checked against public registries.
Best for: Owners buying, starting or expanding a business who want a bank-held SBA 7(a) loan in the $500K to $4M range, especially near Busey's branches in Illinois, St. Louis, Kansas City, Dallas, Colorado, Arizona or Florida.
Not for: Borrowers who need money within days, want rates and fees posted online, or need a small working-capital loan under $100K.
Lender List verdict: Busey Bank is a 158-year-old regional bank and SBA Preferred Lender that approved 51 7(a) loans worth $53.3 million in FY2026 (SBA lender report, as of September 30, 2026). Starting rates averaged 9.01% through June, about Prime + 2.25% and under the SBA's Prime + 3% cap for large loans, but you only see terms after talking to an SBA officer, and closing takes weeks.
Busey Bank at a glance
| Busey Bank | |
|---|---|
| Lender type | FDIC-insured bank (cert 16450); SBA Preferred Lender |
| Founded | 1868, Urbana, Illinois |
| HQ | Champaign, Illinois (parent: Leawood, Kansas) |
| Parent/owner | First Busey Corporation (NASDAQ: BUSE) |
| Products | SBA 7(a) and SBA Express loans |
| Amounts | Up to $5,000,000 (FY2026 loans through June: $55,000 to $3,828,000) |
| Cost | 9.01% average starting rate (FY2026 through June); variable, tied to Prime |
| Term | Up to 25 years; 10 years most common |
| Funding speed | Lender does not publish; SBA 7(a) loans typically take 30 to 90 days to fund |
| Status | Active; merged with CrossFirst Bank June 20, 2025 |
What is Busey Bank?
Busey Bank is a 158-year-old bank headquartered in Champaign, Illinois, whose parent reported $18.19 billion in assets and 80 banking centers at June 30, 2026. This Busey Bank review looks at its business side: online Busey Bank reviews are scarce and mostly about checking accounts (Trustpilot shows 2.9/5 from just two reviews), so the SBA data below is the better guide.
First Busey closed its purchase of CrossFirst Bankshares on March 1, 2025, and CrossFirst Bank was folded into Busey Bank on June 20, 2025. Mike Maddox, CrossFirst's former CEO, left in January 2026; Van Dukeman again leads the bank.
How Busey Bank's SBA loans work
Busey Bank makes SBA 7(a) and SBA Express loans with terms up to 25 years, approving most of them in-house as an SBA Preferred Lender instead of waiting on the SBA. You start with a web form or a local SBA officer in Illinois, Missouri, Colorado or Florida.
- Programs: SBA 7(a) and SBA Express; no 504 program is advertised
- Uses: startups, expansions, business purchases, real estate, inventory
- Terms: up to 25 years; 10 years is the most common term
- Rate type: variable, tied to Prime
- Specialties: dental, medical, veterinary, CPA, law, insurance, child care, senior care, self-storage and funeral homes
Busey Bank's SBA programs
Busey Bank approved 51 SBA 7(a) loans totaling $53.3 million in FY2026, per SBA's lender report as of September 30, 2026.
| SBA metric | Busey Bank |
|---|---|
| FY2026 approvals (lender report, as of Sep 30, 2026) | 51 loans, $53.3M |
| Last 12 months to June 30, 2026 | 52 loans, $55.9M |
| FY2025 approvals | 66 loans, $60.2M |
| Average loan size | $1,045,449 (FY2026, lender report) |
| Starting rate | 9.01% average (FY2026 through June); 9.25% median (last 12 months) |
| Preferred Lender (PLP) | Yes; 32 of 36 FY2026 loans through June used PLP, 3 used SBA Express |
| Reach | Projects in 23 states since FY2020, led by Colorado, Illinois, Missouri, Florida and Arizona |
| Charge-offs | 1 of 466 loans approved since FY2020 |
Busey's SBA book skews large: only 7 of its 36 loans approved through June 2026 were $350K or less. Volume also shrank, from 98 loans in FY2021 to 66 in FY2025.
Sources: FY2026 count and average, SBA 7(a) lender report as of September 30, 2026; all else, SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
Busey Bank SBA rates and fees
Busey Bank's FY2026 SBA 7(a) loans started at an average 9.01% through June, about Prime + 2.25% (Prime was 6.75% for most of that period); the bank does not post its own spreads. Variable 7(a) rates are Prime (7.00% since September 16, 2026) plus a spread the SBA caps by size: Prime + 6.5% up to $50K, Prime + 6.0% to $250K, Prime + 4.5% from $250,001 to $350K, and Prime + 3.0% above $350K.
- Charged: interest; the SBA guaranty fee (3% of the guaranteed share on loans of $150,001 to $700,000); any bank packaging or closing costs, which Busey does not publish
- Not charged: SBA prepayment penalties on terms under 15 years
Worked example: a $350,000, 10-year 7(a) loan at Busey's FY2026 average of 9.01% (through June) costs $4,435.55 a month. Across 120 payments you repay $532,265.58, including $182,265.58 of interest. The SBA guarantees 75% ($262,500), so the guaranty fee is $7,875; taking it out of the proceeds lifts the APR to about 9.55%. At today's ceiling for a $350K loan (11.5%), the payment would be $4,920.84.
Busey Bank requirements
Busey Bank publishes no credit-score, revenue or time-in-business minimum, but SBA rules require at least 10% equity from startups and business buyers.
| Requirement | Busey Bank minimum |
|---|---|
| Personal credit score | Lender does not publish; SBA uses an SBSS of 165+ for expedited loans of $350K or less |
| Time in business | None; startups qualify (10 of 36 FY2026 loans through June) |
| Annual revenue | Lender does not publish; business must meet SBA size standards |
| Equity injection | At least 10% for startups and business purchases |
| Credit check | Full credit and cash-flow underwriting |
| Collateral / guarantee | Collateral on every FY2026 loan through June; personal guarantee from 20%+ owners |
| Typical time to close | Several weeks; SBA 7(a) loans often take 30 to 90 days to fund |
Pros and cons
Busey Bank's strengths are a 9.01% average SBA starting rate and startup lending; its weaknesses are hidden pricing and weeks-long closings.
Pros
- Preferred Lender that approves 7(a) loans without SBA review
- FY2026 starting rates averaged 9.01% through June (about Prime + 2.25%), below the Prime + 3% SBA cap
- Funds startups and acquisitions, not just seasoned firms
- Dedicated teams for medical, dental, vet and other practices
- Strong balance sheet: A+ health grade from MonitorBankRates
Cons
- No published rates, fees or credit minimums
- Few loans under $350K; small borrowers get less attention
- Collateral and personal guarantees expected
- SBA volume fell from 98 loans in FY2021 to 52 in the 12 months to June 2026
Busey Bank alternatives on Lender List
Three SBA lenders on Lender List cover what Busey Bank does not: smaller loans, published rates or a national platform.
- Milestone Bank — SBA lender with a Troy, Michigan office, lending $500K to $5M over 10 to 25 years
- Lendistry — CDFI with SBA 7(a) loans from $10,000 and posted rates from 8.25% on loans of $350K or less
- iBusiness Funding — national SBA fintech platform (not a lender) quoting 7(a) loans from Prime + 2.75% with a 640 credit floor
- Browse all SBA 7(a) loans or SBA Express loans on Lender List
Frequently asked questions about Busey Bank
Busey Bank's most-searched questions cover its leadership, 2025 CrossFirst merger and $18.15 billion size.
Is Busey Bank Legit? Yes. Busey Bank has operated since 1868, is an FDIC-insured bank (cert 16450) owned by Nasdaq-listed First Busey, and is an SBA Preferred Lender with one charge-off among 466 7(a) loans since FY2020. Trustpilot shows 2.9/5 from only two consumer reviews, and we found no BBB profile or public enforcement action.
Why Did Mike Maddox Leave Busey Bank? Busey has not said why. Mike Maddox, CrossFirst's former CEO who led Busey Bank after the merger, separated from the company on January 27, 2026, effective immediately, and the SEC filing gave no reason. Van Dukeman reassumed the bank CEO role, and Tony Hammond became president of Busey Bank.
Did Busey Bank Merge With CrossFirst Bank? Yes. First Busey bought CrossFirst Bankshares on March 1, 2025, and CrossFirst Bank merged into Busey Bank on June 20, 2025, with Busey as the surviving bank. Former CrossFirst offices in Kansas, Oklahoma, Texas, Arizona, Colorado and New Mexico now operate under the Busey name.
How Big Is Busey Bank? Busey Bank held $18.15 billion in assets at June 30, 2026, and its parent, First Busey, reported $18.19 billion. The bank runs 80 banking centers in 10 states, concentrated in central Illinois, suburban Chicago and the St. Louis metro area.
Who Owns Busey Bank? First Busey Corporation owns Busey Bank. First Busey is a publicly traded bank holding company (NASDAQ: BUSE) based in Leawood, Kansas, since its 2025 CrossFirst acquisition, after which former CrossFirst shareholders held about 36.5% of the company. Van Dukeman is its chairman, president and CEO.
Where Is Busey Bank Headquartered? Busey Bank is headquartered at 100 West University Avenue in Champaign, Illinois. Its parent, First Busey Corporation, is based at 11440 Tomahawk Creek Parkway in Leawood, Kansas, in the Kansas City suburbs. The bank's roots trace to an 1868 bank in Urbana.
How Long Does Busey Bank Take to Close an SBA Loan? Expect roughly 30 to 90 days from application to funding; Busey does not publish its own timeline. As an SBA Preferred Lender it approves 7(a) loans in-house, skipping the 5 to 10 business-day SBA review that non-PLP lenders face, but collateral and closing documents still take weeks.
Does Busey Bank Lend to Startups? Yes. Ten of Busey's 36 SBA 7(a) loans approved from October 2025 through June 2026 went to startups, and the bank markets quick underwriting to new owners. Expect to inject at least 10% of the project cost, pledge collateral and sign a personal guarantee if you own 20% or more.
Last verified 2026-10-26. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
Best for: Owners buying, starting or expanding a business who want a bank-held SBA 7(a) loan in the $500K to $4M range, especially near Busey's branches in Illinois, St. Louis, Kansas City, Dallas, Colorado, Arizona or Florida.
Not for: Borrowers who need money within days, want rates and fees posted online, or need a small working-capital loan under $100K.
Lender List verdict: Busey Bank is a 158-year-old regional bank and SBA Preferred Lender that approved 51 7(a) loans worth $53.3 million in FY2026 (SBA lender report, as of September 30, 2026). Starting rates averaged 9.01% through June, about Prime + 2.25% and under the SBA's Prime + 3% cap for large loans, but you only see terms after talking to an SBA officer, and closing takes weeks.
Busey Bank at a glance
| Busey Bank | |
|---|---|
| Lender type | FDIC-insured bank (cert 16450); SBA Preferred Lender |
| Founded | 1868, Urbana, Illinois |
| HQ | Champaign, Illinois (parent: Leawood, Kansas) |
| Parent/owner | First Busey Corporation (NASDAQ: BUSE) |
| Products | SBA 7(a) and SBA Express loans |
| Amounts | Up to $5,000,000 (FY2026 loans through June: $55,000 to $3,828,000) |
| Cost | 9.01% average starting rate (FY2026 through June); variable, tied to Prime |
| Term | Up to 25 years; 10 years most common |
| Funding speed | Lender does not publish; SBA 7(a) loans typically take 30 to 90 days to fund |
| Status | Active; merged with CrossFirst Bank June 20, 2025 |
What is Busey Bank?
Busey Bank is a 158-year-old bank headquartered in Champaign, Illinois, whose parent reported $18.19 billion in assets and 80 banking centers at June 30, 2026. This Busey Bank review looks at its business side: online Busey Bank reviews are scarce and mostly about checking accounts (Trustpilot shows 2.9/5 from just two reviews), so the SBA data below is the better guide.
First Busey closed its purchase of CrossFirst Bankshares on March 1, 2025, and CrossFirst Bank was folded into Busey Bank on June 20, 2025. Mike Maddox, CrossFirst's former CEO, left in January 2026; Van Dukeman again leads the bank.
How Busey Bank's SBA loans work
Busey Bank makes SBA 7(a) and SBA Express loans with terms up to 25 years, approving most of them in-house as an SBA Preferred Lender instead of waiting on the SBA. You start with a web form or a local SBA officer in Illinois, Missouri, Colorado or Florida.
- Programs: SBA 7(a) and SBA Express; no 504 program is advertised
- Uses: startups, expansions, business purchases, real estate, inventory
- Terms: up to 25 years; 10 years is the most common term
- Rate type: variable, tied to Prime
- Specialties: dental, medical, veterinary, CPA, law, insurance, child care, senior care, self-storage and funeral homes
Busey Bank's SBA programs
Busey Bank approved 51 SBA 7(a) loans totaling $53.3 million in FY2026, per SBA's lender report as of September 30, 2026.
| SBA metric | Busey Bank |
|---|---|
| FY2026 approvals (lender report, as of Sep 30, 2026) | 51 loans, $53.3M |
| Last 12 months to June 30, 2026 | 52 loans, $55.9M |
| FY2025 approvals | 66 loans, $60.2M |
| Average loan size | $1,045,449 (FY2026, lender report) |
| Starting rate | 9.01% average (FY2026 through June); 9.25% median (last 12 months) |
| Preferred Lender (PLP) | Yes; 32 of 36 FY2026 loans through June used PLP, 3 used SBA Express |
| Reach | Projects in 23 states since FY2020, led by Colorado, Illinois, Missouri, Florida and Arizona |
| Charge-offs | 1 of 466 loans approved since FY2020 |
Busey's SBA book skews large: only 7 of its 36 loans approved through June 2026 were $350K or less. Volume also shrank, from 98 loans in FY2021 to 66 in FY2025.
Sources: FY2026 count and average, SBA 7(a) lender report as of September 30, 2026; all else, SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
Busey Bank SBA rates and fees
Busey Bank's FY2026 SBA 7(a) loans started at an average 9.01% through June, about Prime + 2.25% (Prime was 6.75% for most of that period); the bank does not post its own spreads. Variable 7(a) rates are Prime (7.00% since September 16, 2026) plus a spread the SBA caps by size: Prime + 6.5% up to $50K, Prime + 6.0% to $250K, Prime + 4.5% from $250,001 to $350K, and Prime + 3.0% above $350K.
- Charged: interest; the SBA guaranty fee (3% of the guaranteed share on loans of $150,001 to $700,000); any bank packaging or closing costs, which Busey does not publish
- Not charged: SBA prepayment penalties on terms under 15 years
Worked example: a $350,000, 10-year 7(a) loan at Busey's FY2026 average of 9.01% (through June) costs $4,435.55 a month. Across 120 payments you repay $532,265.58, including $182,265.58 of interest. The SBA guarantees 75% ($262,500), so the guaranty fee is $7,875; taking it out of the proceeds lifts the APR to about 9.55%. At today's ceiling for a $350K loan (11.5%), the payment would be $4,920.84.
Busey Bank requirements
Busey Bank publishes no credit-score, revenue or time-in-business minimum, but SBA rules require at least 10% equity from startups and business buyers.
| Requirement | Busey Bank minimum |
|---|---|
| Personal credit score | Lender does not publish; SBA uses an SBSS of 165+ for expedited loans of $350K or less |
| Time in business | None; startups qualify (10 of 36 FY2026 loans through June) |
| Annual revenue | Lender does not publish; business must meet SBA size standards |
| Equity injection | At least 10% for startups and business purchases |
| Credit check | Full credit and cash-flow underwriting |
| Collateral / guarantee | Collateral on every FY2026 loan through June; personal guarantee from 20%+ owners |
| Typical time to close | Several weeks; SBA 7(a) loans often take 30 to 90 days to fund |
Pros and cons
Busey Bank's strengths are a 9.01% average SBA starting rate and startup lending; its weaknesses are hidden pricing and weeks-long closings.
Pros
- Preferred Lender that approves 7(a) loans without SBA review
- FY2026 starting rates averaged 9.01% through June (about Prime + 2.25%), below the Prime + 3% SBA cap
- Funds startups and acquisitions, not just seasoned firms
- Dedicated teams for medical, dental, vet and other practices
- Strong balance sheet: A+ health grade from MonitorBankRates
Cons
- No published rates, fees or credit minimums
- Few loans under $350K; small borrowers get less attention
- Collateral and personal guarantees expected
- SBA volume fell from 98 loans in FY2021 to 52 in the 12 months to June 2026
Busey Bank alternatives on Lender List
Three SBA lenders on Lender List cover what Busey Bank does not: smaller loans, published rates or a national platform.
- Milestone Bank — SBA lender with a Troy, Michigan office, lending $500K to $5M over 10 to 25 years
- Lendistry — CDFI with SBA 7(a) loans from $10,000 and posted rates from 8.25% on loans of $350K or less
- iBusiness Funding — national SBA fintech platform (not a lender) quoting 7(a) loans from Prime + 2.75% with a 640 credit floor
- Browse all SBA 7(a) loans or SBA Express loans on Lender List
Frequently asked questions about Busey Bank
Busey Bank's most-searched questions cover its leadership, 2025 CrossFirst merger and $18.15 billion size.
Is Busey Bank Legit? Yes. Busey Bank has operated since 1868, is an FDIC-insured bank (cert 16450) owned by Nasdaq-listed First Busey, and is an SBA Preferred Lender with one charge-off among 466 7(a) loans since FY2020. Trustpilot shows 2.9/5 from only two consumer reviews, and we found no BBB profile or public enforcement action.
Why Did Mike Maddox Leave Busey Bank? Busey has not said why. Mike Maddox, CrossFirst's former CEO who led Busey Bank after the merger, separated from the company on January 27, 2026, effective immediately, and the SEC filing gave no reason. Van Dukeman reassumed the bank CEO role, and Tony Hammond became president of Busey Bank.
Did Busey Bank Merge With CrossFirst Bank? Yes. First Busey bought CrossFirst Bankshares on March 1, 2025, and CrossFirst Bank merged into Busey Bank on June 20, 2025, with Busey as the surviving bank. Former CrossFirst offices in Kansas, Oklahoma, Texas, Arizona, Colorado and New Mexico now operate under the Busey name.
How Big Is Busey Bank? Busey Bank held $18.15 billion in assets at June 30, 2026, and its parent, First Busey, reported $18.19 billion. The bank runs 80 banking centers in 10 states, concentrated in central Illinois, suburban Chicago and the St. Louis metro area.
Who Owns Busey Bank? First Busey Corporation owns Busey Bank. First Busey is a publicly traded bank holding company (NASDAQ: BUSE) based in Leawood, Kansas, since its 2025 CrossFirst acquisition, after which former CrossFirst shareholders held about 36.5% of the company. Van Dukeman is its chairman, president and CEO.
Where Is Busey Bank Headquartered? Busey Bank is headquartered at 100 West University Avenue in Champaign, Illinois. Its parent, First Busey Corporation, is based at 11440 Tomahawk Creek Parkway in Leawood, Kansas, in the Kansas City suburbs. The bank's roots trace to an 1868 bank in Urbana.
How Long Does Busey Bank Take to Close an SBA Loan? Expect roughly 30 to 90 days from application to funding; Busey does not publish its own timeline. As an SBA Preferred Lender it approves 7(a) loans in-house, skipping the 5 to 10 business-day SBA review that non-PLP lenders face, but collateral and closing documents still take weeks.
Does Busey Bank Lend to Startups? Yes. Ten of Busey's 36 SBA 7(a) loans approved from October 2025 through June 2026 went to startups, and the bank markets quick underwriting to new owners. Expect to inject at least 10% of the project cost, pledge collateral and sign a personal guarantee if you own 20% or more.
Last verified 2026-10-26. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
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