The Harvard State Bank
The Harvard State Bank is an active SBA lender in Illinois, a bank offering SBA-guaranteed small-business loans. Currently rated 4.3 stars across 17 Google reviews.
$35M
in SBA approvals since 2010
58
SBA loans funded
Auto Dealers & Sales · Gas Stations & Convenience · Restaurants & Food Service
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About The Harvard State Bank
The Harvard State Bank is an SBA 7(a) and/or 504 lender with 58 approved SBA loans totaling $35M in 2 states since fiscal year 2010, per U.S. SBA FOIA records. Top industries financed: Auto Dealers & Sales, Gas Stations & Convenience, Restaurants & Food Service. Contact the bank directly for current programs and terms.
Serves SBA borrowers in 2 states
The Harvard State Bank has funded SBA loans for businesses in these states, by borrower location. Tap a state to see every lender serving it.
Industries The Harvard State Bank finances
Business types The Harvard State Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about The Harvard State Bank
What is this place and what can I find here?
This is a community-focused bank offering SBA loan programs designed to support small business growth. You can find personalized financial services, expert guidance, and access to funding options tailored to your business needs.
Do I need an appointment or can I walk in?
Ask The Harvard State Bank directly — some branches take walk-ins, others book SBA conversations by appointment.
What are the hours of operation?
Hours vary by branch and change. Check The Harvard State Bank's website or call before you visit.
Is there a fee to use this?
Browsing this directory is free. Any loan fees are set by The Harvard State Bank and the SBA program — ask the lender for its current schedule.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local small businesses and residents within the Harvard, IL area, but eligibility depends on meeting loan requirements.
What minimum personal credit score does this bank look for in a guarantor?
Many SBA lenders look for a personal score around 640 or higher, but each bank sets its own bar and it changes. Ask The Harvard State Bank what it looks for today.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 2 to 4 weeks, depending on the completeness of application and documentation.
Is this open on weekends?
Most bank SBA teams work weekdays; confirm with The Harvard State Bank before planning a weekend visit.
How do I get there and where do I park?
The Harvard State 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.
Who owns or operates this listing?
This page is an independent directory listing for The Harvard State Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by The Harvard State Bank itself, which runs its own lending under its own ownership. If you work at The Harvard State Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for The Harvard State 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 The Harvard State Bank before applying. If you represent The Harvard State Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach The Harvard State Bank by phone at (815) 943-4400 or online at www.webhsb.com — the same details are in the contact card on this page.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, The Harvard State Bank most often finances businesses in fitness & recreation, restaurants & food service, automotive repair & services, and gas stations & convenience. This reflects The Harvard State 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 The Harvard State Bank which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether The Harvard State Bank participates in SBA Express depends on its specific SBA lending authority. Contact The Harvard State Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this bank have Preferred Lender Provider status with the government?
Whether The Harvard State Bank has SBA Preferred Lender (PLP) status is set by the SBA. Ask the bank directly; PLP lenders can approve in-house and often move faster.
Are start-up companies eligible for financing at this traditional institution?
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. The Harvard State Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask The Harvard State Bank directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
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 The Harvard State Bank what down payment it expects for your specific commercial real estate purchase.
Does this bank impose prepayment penalties on short-term working capital facilities?
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 The Harvard State Bank to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this bank to buy out an existing equity partner?
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 The Harvard State Bank to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
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. The Harvard State Bank weighs this case by case under its own policy, so be upfront about your history and ask The Harvard State Bank how it evaluates prior bankruptcies.
