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Small Business

Apply for an unsecured small business loan to help you start or grow your business without the stress of pledging collateral. 

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No Collateral, No Problem

An unsecured business loan can help you grow your small business or startup by providing access to capital without requiring collateral to secure the financing.  Cover your borrowing or debt refinancing needs with loan amount options up to $25,000. Take advantage of convenient terms and competitive rates with Midland States Bank.

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Unsecured Small Business Loan Details

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Loan Terms

Up to 5 Years

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Fixed Rate

Easy Budgeting

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Loan Amount

Up to $25,000

graphic of women typing on computer while sitting on a stack of changeAccess Capital, Even Without Having Assets.

Upgrading equipment. Refilling inventory. Increasing staff. It all comes at a cost, but Midland States Bank is here to fund your expenses. We offer collateral-free business loans to cover financial matters that are secured by a personal guarantee. Unlike secured business loans, unsecured business loans don’t require you to pledge assets as collateral.

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Unsecured Small Business Loan Details 

When you receive approval for an unsecured business loan, you'll receive a lump sum to use for your business expenses. We'll provide the money alongside an agreement for the repayment term. You'll make monthly payments that reimburse the loan plus interest.

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Unsecured vs Secured Loans: Which one’s right for you?

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Unsecured Loans

Unsecured loans that require no collateral can be ideal for businesses who:


  • Have good credit or who otherwise meet the lender requirements
  • Have no eligible collateral
  • Don’t want to pledge their property as collateral on a loan

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Secured Loans

Secured loans, also called collateralized loans, can be ideal for businesses who:


  • Need low-cost capital
  • Need a larger or longer-term funding option
  • Need to make a large purchase

Eligibility Requirements

  • The business must be located in or headquartered in Illinois, Missouri, Indiana, Wisconsin, or Iowa.
  • The company must be registered with the Secretary of State in good standing. However, this is not required for sole proprietors.
  • No minimum time in business required.
  • Financing amount must be under $25,000.

Looking for financing over $25,000?

Our commercial team is ready to find the financing solution for you.

Commercial Lending Options

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dad and daughter smiling together in their shopWhy Midland States Bank?

Midland States Bank is an experienced small business loan provider capable of helping your business achieve its goals. We offer some of the most competitive unsecured loan options as well as industry-specific financial guidance. Our consultants advise business owners specializing in construction, home services, professional services, healthcare and more.

You Have Questions, We Have Answers

While some loans require for collateral in business or personal assets, unsecured loans offer collateral-free borrowing.

Your small business can qualify for up to $25,000. We also have financing solutions for businesses needing capital over that amount.

An unsecured working capital loan is a low-risk way to finance your next move. Whether you're purchasing office space, updating equipment, refilling your inventory or expanding your team, our unsecured loans can fund your efforts without asking for collateral. You can obtain up to $25,000 to use immediately while facilitating the growth to make the repayment even easier.

We offer virtual payment options through our online and mobile banking services. You can even schedule automatic payments for total peace of mind.

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Ready To Talk To a Loan Specialist?

Whether you’ve been running a business for years or just starting out, we’re here to help by phone or in-person. Or complete the form below and a Midland States Bank representative will be in touch to understand more about your story and connect you with financing options.

1-855-696-4352, Select Option 5

Schedule Appointment

All lending products are subject to application and credit approval..

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