MidWestOne Bank (IA)
SBA loan rates, programs and alternatives for this bank in Iowa.
MidWestOne Bank is a community bank headquartered in Iowa City, Iowa, and the banking subsidiary of MidWestOne Financial Group. Its branches cover eastern and central Iowa, the Twin Cities area of Minnesota, and parts of Wisconsin.
MidWestOne is one of the more active SBA lenders in Iowa, with 7(a) loans used for business acquisitions, equipment and owner-occupied real estate. It also participates in 504 projects with Iowa and Minnesota CDCs. Its agricultural lending team is separate from its SBA team, so say which you need.
Maximum SBA rates at MidWestOne Bank
Every SBA lender must stay at or below the SBA's caps, which are tied to the prime rate (7.00%). A loan over $350,000 can't carry a variable rate above 10.00%.
| Loan amount | Maximum spread | Maximum variable rate today |
|---|---|---|
| $50,000 or less | Prime + 6.5 | 13.50% |
| $50,001 to $250,000 | Prime + 6.0 | 13.00% |
| $250,001 to $350,000 | Prime + 4.5 | 11.50% |
| Over $350,000 | Prime + 3.0 | 10.00% |
Ask MidWestOne Bank for its spread over prime. Two lenders can both be under the cap and still be a full point apart. See how SBA 7(a) rates are set.
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Get matched with an SBA lender
Answer four questions and see SBA lenders that fit your state, loan size and industry, with your maximum rate. Compare at least two quotes before you sign. Rates move monthly: check current SBA loan rates and the 504 rate.
Before you apply
- Ask whether the lender is an SBA Preferred Lender and how many SBA loans it closed last year in your industry.
- Request the spread over prime, the fixed-rate option, and all fees in writing.
- Get at least one more quote. Our lender directory lists other SBA lenders in Iowa.
Questions
Does MidWestOne Bank offer SBA loans?
MidWestOne Bank appears in SBA's public lending data as a participating SBA lender. Confirm which programs it offers today and whether it has Preferred Lender (PLP) status, which lets it approve loans without waiting on the SBA.
What rate will I get on an SBA loan from MidWestOne Bank?
The lender sets your rate below the SBA maximum. With prime at 7.00%, variable 7(a) caps run from 10.00% to 13.50%. Your rate depends on loan size, term, collateral, credit and cash flow.
Where is MidWestOne Bank based?
MidWestOne Bank is headquartered in Iowa City, Iowa. Its branches cover eastern and central Iowa, the Twin Cities area of Minnesota, and parts of Wisconsin.
Sources: SBA 7(a) terms, conditions and maximum variable rates; Federal Reserve H.15 selected interest rates (bank prime loan rate); November 2026 SBA 504 debenture pricing, as published by CDCs; SBA FOIA 7(a) and 504 loan-level data.