Midland States Bank

This is a local bank offering SBA loan programs designed to help small businesses grow and succeed. You can find assistance with financing options like the 7(a) loan program, tailored to meet your business needs.

It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins are also welcome during business hours.

Midland States Bank's Effingham branch lobby is open Monday through Friday from 9:00 AM to 5:00 PM and Saturday from 9:00 AM to 12:00 PM. Drive-up hours are Monday–Thursday 8:30 AM–5:00 PM, Friday 8:30 AM–5:30 PM, and Saturday 8:30 AM–12:00 PM. Confirm with the branch.

There are no fees for simply visiting or consulting; however, loan processing and application fees may apply depending on the services used.

This bank primarily serves local residents and small business owners within the Illinois region, though some services may be available to out-of-area clients.

Typically, a minimum personal credit score of 640 is preferred for loan qualification.

The underwriting process generally takes between 30 to 45 days, depending on the completeness of the application and documentation provided.

Yes, Midland States Bank's Effingham branch is open Saturday 9:00 AM to 12:00 PM (with drive-up service 8:30 AM to 12:00 PM). The branch is closed Sunday. Confirm current weekend hours with the bank.

Midland States Bank is located in Illinois — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.

This page is an independent directory listing for Midland States Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Midland States Bank itself, which runs its own lending under its own ownership. If you work at Midland States Bank, you can claim this listing from this page to manage it.

The core details for Midland States Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Midland States Bank before applying. If you represent Midland States Bank, claim this listing to keep its information up to date.

You can reach Midland States Bank by phone at (217) 342-2141 or online at locations.midlandsb.com — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Midland States Bank before relying on them.

Based on its approved SBA loans, Midland States Bank most often finances businesses in manufacturing, restaurants & food service, construction & contractors, general retail, hotels & lodging, and automotive repair & services. This reflects Midland States Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Midland States Bank which sectors it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Midland States Bank participates in SBA Express depends on its specific SBA lending authority. Contact Midland States Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.

SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. Midland States Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Midland States Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Midland States Bank directly whether it considers start-up loans.

For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Midland States Bank what down payment it expects for your specific commercial real estate purchase.

SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Midland States Bank to spell out any prepayment penalties before you sign.

SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Midland States Bank to confirm it qualifies and how to document it.

A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Midland States Bank weighs this case by case under its own policy, so be upfront about your history and ask Midland States Bank how it evaluates prior bankruptcies.