Stearns Bank
Nationwide SBA Preferred Lender: SBA 7(a), Express and 504 up to $5M, 9.75% median rate (last 12 months), collateral required, approval in days. Startup-friendly.
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: Businesses nationwide, including startups and buyers, seeking an SBA 7(a) loan of $35,000 to $5,000,000 from a high-volume Preferred Lender.
Not for: Borrowers who want a fixed rate, posted pricing or an unsecured loan.
Lender List verdict: Stearns Bank approved 93 SBA 7(a) loans worth $38.7 million in the 12 months to June 2026 at a 9.75% median starting rate. It suits startups and buyers nationwide; expect a variable Prime-plus rate, collateral and no posted pricing.
Stearns Bank at a glance
| Stearns Bank | |
|---|---|
| Lender type | FDIC-insured national bank (cert 10988); SBA Preferred Lender (PLP) |
| Founded / HQ | 1912 / Saint Cloud, Minnesota |
| Products | SBA 7(a), Express, 504 and trade loans; $35,000 to $5,000,000 |
| Cost | 9.75% median starting rate (last 12 months), all variable |
| Funding speed | Approval in days; funding about 30 days (Express) or 60 to 90 days (7(a)) |
| Status | Active |
What is Stearns Bank?
Stearns Bank National Association is an employee-owned bank in Saint Cloud, Minnesota, founded in 1912, with $3.27 billion in assets at June 30, 2026. Its branches are in Minnesota, Florida and Arizona, but it made SBA loans in 30 states in the 12 months to June 2026.
How Stearns Bank's SBA loans work
Stearns Bank made 63 Preferred Lender and 28 SBA Express loans in the year to June 2026; in FY2025 it made 172.
- Preferred Lender 7(a): typically $250,000, from $50,000 to $5,000,000
- SBA Express: typically $50,000, $35,000 to $280,000; the bank says Express excludes startups
- Terms: 120 months on 60 of 93 loans; up to 25 years on real estate
- SBA 504: real estate and equipment; 10% down, or 15% to 20% for startups or special-purpose property
Source: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov)
Stearns Bank SBA rates and fees
Stearns Bank's median SBA starting rate was 9.75%, all variable, for July 2025 to June 2026, against today's 7.00% Prime; Express ran 11.5%. Add SBA's guaranty fee: 3% of the guaranteed share on $150,001 to $700,000.
Worked example: a $350,000, 10-year 7(a) at 9.75% costs $4,576.96 a month, or $199,235.02 in interest. The $7,875 guaranty fee lifts the APR to about 10.29% (SBA variable ceiling: 11.5%).
Stearns Bank requirements
Stearns Bank publishes no credit score, revenue or time-in-business minimum.
| Requirement | Stearns Bank minimum |
|---|---|
| Size | For-profit U.S. small business (SBA standards) |
| Credit score | Lender does not publish |
| Equity injection | 10%+ for startups and business purchases |
| Collateral / guarantee | Collateral on all 93 recent loans; guarantee from 20%+ owners |
Browse SBA 7(a) lenders, or compare Newtek Bank (busiest 7(a) lender) and Byline Bank (larger loans).
Frequently asked questions about Stearns Bank
Is Stearns Bank Legit? Yes. Stearns Bank has operated since 1912, is FDIC-insured (cert 10988), held $3.27 billion in assets at June 30, 2026, and approves SBA loans in-house as a Preferred Lender. SBA data shows 21 charge-offs among its 982 7(a) loans since FY2020, about 2.1%.
Who Owns Stearns Bank? Its employees. FDIC records list an employee stock ownership plan as the holding company of Stearns Bank National Association. The bank calls itself a family business of more than 100 years and says it is majority women-owned. FDIC lists eight offices.
How Long Does Stearns Bank Take to Close an SBA Loan? Stearns says it approves loans up to $5 million in days, skipping the SBA's 5 to 10 business-day review. Funding takes longer: about 30 days for Express and often 60 to 90 days for a standard 7(a). SBA team: 800-247-1922.
Does Stearns Bank Lend to Startups? Yes. Twenty-nine of its 93 SBA loans in the year to June 2026 funded businesses that had not yet opened, and 331 of 982 since FY2020. The bank says SBA Express excludes startups, so plan on a standard 7(a) and an equity injection of at least 10%.
Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
Best for: Businesses nationwide, including startups and buyers, seeking an SBA 7(a) loan of $35,000 to $5,000,000 from a high-volume Preferred Lender.
Not for: Borrowers who want a fixed rate, posted pricing or an unsecured loan.
Lender List verdict: Stearns Bank approved 93 SBA 7(a) loans worth $38.7 million in the 12 months to June 2026 at a 9.75% median starting rate. It suits startups and buyers nationwide; expect a variable Prime-plus rate, collateral and no posted pricing.
Stearns Bank at a glance
| Stearns Bank | |
|---|---|
| Lender type | FDIC-insured national bank (cert 10988); SBA Preferred Lender (PLP) |
| Founded / HQ | 1912 / Saint Cloud, Minnesota |
| Products | SBA 7(a), Express, 504 and trade loans; $35,000 to $5,000,000 |
| Cost | 9.75% median starting rate (last 12 months), all variable |
| Funding speed | Approval in days; funding about 30 days (Express) or 60 to 90 days (7(a)) |
| Status | Active |
What is Stearns Bank?
Stearns Bank National Association is an employee-owned bank in Saint Cloud, Minnesota, founded in 1912, with $3.27 billion in assets at June 30, 2026. Its branches are in Minnesota, Florida and Arizona, but it made SBA loans in 30 states in the 12 months to June 2026.
How Stearns Bank's SBA loans work
Stearns Bank made 63 Preferred Lender and 28 SBA Express loans in the year to June 2026; in FY2025 it made 172.
- Preferred Lender 7(a): typically $250,000, from $50,000 to $5,000,000
- SBA Express: typically $50,000, $35,000 to $280,000; the bank says Express excludes startups
- Terms: 120 months on 60 of 93 loans; up to 25 years on real estate
- SBA 504: real estate and equipment; 10% down, or 15% to 20% for startups or special-purpose property
Source: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov)
Stearns Bank SBA rates and fees
Stearns Bank's median SBA starting rate was 9.75%, all variable, for July 2025 to June 2026, against today's 7.00% Prime; Express ran 11.5%. Add SBA's guaranty fee: 3% of the guaranteed share on $150,001 to $700,000.
Worked example: a $350,000, 10-year 7(a) at 9.75% costs $4,576.96 a month, or $199,235.02 in interest. The $7,875 guaranty fee lifts the APR to about 10.29% (SBA variable ceiling: 11.5%).
Stearns Bank requirements
Stearns Bank publishes no credit score, revenue or time-in-business minimum.
| Requirement | Stearns Bank minimum |
|---|---|
| Size | For-profit U.S. small business (SBA standards) |
| Credit score | Lender does not publish |
| Equity injection | 10%+ for startups and business purchases |
| Collateral / guarantee | Collateral on all 93 recent loans; guarantee from 20%+ owners |
Browse SBA 7(a) lenders, or compare Newtek Bank (busiest 7(a) lender) and Byline Bank (larger loans).
Frequently asked questions about Stearns Bank
Is Stearns Bank Legit? Yes. Stearns Bank has operated since 1912, is FDIC-insured (cert 10988), held $3.27 billion in assets at June 30, 2026, and approves SBA loans in-house as a Preferred Lender. SBA data shows 21 charge-offs among its 982 7(a) loans since FY2020, about 2.1%.
Who Owns Stearns Bank? Its employees. FDIC records list an employee stock ownership plan as the holding company of Stearns Bank National Association. The bank calls itself a family business of more than 100 years and says it is majority women-owned. FDIC lists eight offices.
How Long Does Stearns Bank Take to Close an SBA Loan? Stearns says it approves loans up to $5 million in days, skipping the SBA's 5 to 10 business-day review. Funding takes longer: about 30 days for Express and often 60 to 90 days for a standard 7(a). SBA team: 800-247-1922.
Does Stearns Bank Lend to Startups? Yes. Twenty-nine of its 93 SBA loans in the year to June 2026 funded businesses that had not yet opened, and 331 of 982 since FY2020. The bank says SBA Express excludes startups, so plan on a standard 7(a) and an equity injection of at least 10%.
Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
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