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Commercial Lending

We’re dedicated to our communities and
their backbone—local businesses. 

In trying times like these, we know that now more than ever, you need a financial partner who cares as much about your success as you do. With over 155 years of banking in Michigan, we’re here to help you through the challenges of today as well as tomorrow. We’re in this together.

Small Business Administration (SBA) PPP loans can begin being submitted on 1/19/2021.

Round 2 - SBA Paycheck Protection Program (PPP) Details:

Second Draw Loans

Program Summary:
  • Available to companies that have already received a PPP loan

  • Loan amounts of up to $2,000,000

  • Borrowers must have experienced a 25% decline in revenue for any one quarter of 2020 (as compared to the same quarter in 2019), or an annual basis (2020 versus 2019) to qualify for a PPP Second Draw loan
  • Borrowers must have less than 300 employees

  • Borrowers are allowed to utilize the same payroll data previously submitted to the bank for purposes of the PPP Second Draw application.  It is not necessary to resubmit your payroll data.

  • Loan proceeds are to be utilized for payroll and other eligible expenses (at least 60% of loan proceeds have to be used on payroll costs)

  • Loan forgiveness and repayment details are similar to your first PPP loan

  • Additional details can be found here on the SBA website

Second Draw Loan Application:

First Draw Loans


Program Summary:
  • Only available to companies that have not already received a PPP loan
  • Loan amounts of up to $2,000,000
  • Borrowers must have less than 500 employees
  • Loan proceeds are allowed to be utilized for payroll and other eligible expenses (at least 60% of loan proceeds have to be used on payroll costs)
  • Loans are forgivable or repaid over 5 years (if not forgiven)
  • Additional details can be found here: on the SBA website


First Draw Loan Application:

Round 1 - SBA Paycheck Protection Program (PPP) Details:

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. 

PPP Resources:
Learn more  
A Simpler PPP Loan Forgiveness Process for Loans Under $150,000:
In consultation with the Treasury Department, a simpler loan forgiveness application (3508S) for Paycheck Protection Program (PPP) loans of $150,000 or less has been released. Click below for instructions and to download the application form. 
PPP Forgiveness:

The Treasury Department has created two PPP Forgiveness Applications, a streamlined (EZ) form and a standard (long) form.  We recommend you start with the EZ form, and only use the Standard form if your business doesn’t meet the EZ form criteria.

Additional Assistance Programs

SBA Disaster Loan Details:

  • Loans will be up to $2 million dollars and will be Direct Loans from the SBA
  • 30-Year terms at fixed rates of 3.75% for businesses and 2.75% for non-profit organizations
  • Borrowers will pay the SBA directly

3 Step Process   Assistance Program

MEDC Loan and Grant Details:

  • Provide up to $10 million in grant funding to one or more local economic development organizations or non-profits
  • Provide up to $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce
  • Funds are expected to be available no later than April 1, 2020

Learn more 

Secure File Submission

Click to the link below to securely submit your application form and associated documents to an Independent Bank Representative of your choice.


Secure Upload

After 150 years of local banking, we understand the needs of individuals, families, and businesses in our communities – and we’re committed to addressing them. 

We’re here to help your business, large or small. That’s why we offer all types of commercial loans to meet your business needs, with a wide variety of options for terms of maturity, competitive rates, amortization schedules, and collateral.


Find a Commercial Banker

Traditional Financing Programs

Term Loans

Independent Bank offers hundreds of businesses the capital they need to purchase everything from factory machinery to office equipment to fleet vehicles – all so they can run their business more efficiently and on a larger scale.


  • Flexible terms to meet the needs of different companies
  • Flexible financing requirements and collateral needs

Working Capital Lines of Credit

These flexible loans provide businesses with a revolving line of credit. Lines of credit are especially useful for bridging short-term but recurrent cash flow needs. Credit lines also allow companies to quickly make inventory or equipment purchases without reapplying for a loan and waiting for approval each time. You only pay interest on the funds you have drawn until the principal is repaid. And since credit lines are revolving, you can repeatedly borrow up to your credit limit without reapplying, as long as the account is open.


  • Advances are typically tied to a formula of accounts receivable, inventory, and/or equipment

Commercial Mortgages

These include loans to build, renovate, or add onto virtually any kind of commercial property – both owner-occupied and investment real estate projects such as retail, office buildings, apartment buildings, and more.

Small Business Administration (SBA) Loans

Independent Bank supports the growth of businesses in its local communities through SBA lending.

These small business loans are backed by the Small Business Administration of the federal government and are intended to promote small business growth by offering longer terms and access to funds for smaller companies. In addition to offering credit to businesses that might not otherwise find it, SBA loans often enable the borrower to stretch out repayment over a longer period of time and eliminate balloon payments. 

Ready to Apply?

Contact a commercial banker in your area to help you determine the best options for your business. 

Find a Commercial Banker