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Commercial Mortgages

Multi-family  ·  Office  ·  Industrial  ·  Retail  ·  Hotels / Hospitality  ·  Self Storage  ·  Special Use

Commercial Real Estate Purchases and Refinancing, Made Easy.

Commercial Real Estate Purchases and Refinancing, Made Easy.

How to get started:

1. Answer a few questions online.
2. Apply over the phone.
3. Receive your funds.


Answer a few questions below.


Apply over the phone.


Receive your funds.

Commercial Real Estate Loan Benefits:


Commercial Real Estate Financing Benefits:


About SBA 504 loans

  • SBA 504 loans are suitable for commercial real estate loans of $350,000 and above.
  • SBA 504 conserves your working capital by requiring only a 10 percent borrower contribution.2
  • If you do not qualify for conventional financing, the SBA-backed 504 loan may be right for you.

Request A Callback

Speak with a Heritage Bank Commercial Relationship Manager regarding your business financing needs.

Average response time less than 15 minutes during business hours.


To be eligible for a 504 Loan, your business must: 

  • Operate as a for-profit company in the United States or its possessions
  • Have a tangible net worth of less than $15 million
  • Have an average net income of less than $5 million after federal income taxes for the two years preceding your application

Other general eligibility standards include  falling within SBA size guidelines, having qualified management expertise, a feasible business plan, good character and the ability to repay the loan.

Loans cannot be made to businesses engaged in nonprofit, passive, or speculative activities. For additional information on eligibility criteria and loan application requirements, small businesses and lenders are encouraged to contact a Certified Development Company in their area.

How can I use a 504 Loan?

A 504 loan  can be used for a range of assets that promote business growth and job creation. These include the purchase or construction of: 

  • Existing buildings or land 
  • New facilities 
  • Long-term machinery and equipment

Or the improvement or modernization of: 

  • Land, streets, utilities, parking lots and landscaping 
  • Existing facilities 

A 504 loan  cannot  be used for: 

  • Working capital or inventory 
  • Consolidating, repaying or refinancing debt 
  • Speculation or investment in rental real estate

How do I pay back my 504 loan?

Repayment Terms, Interest Rates, and Fees

Loan repayment terms vary according to several factors:

Repayment terms

Maturity terms available:

  • 10-year
  • 20-year
  • 25-year

Interest rates

  • Pegged to an increment above the current market rate for 5-year and 10-year U.S. Treasury issues
  • Totals approximately 3 % of the debt, rate may be financed with the loan
  1. Heritage Bank does not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.
  2. Startup and special-purpose properties may require an additional
    contribution from the borrower.

Why Choose Heritage Bank?

Hassle-Free Lending

You don't want squeezed into a loan that isn't right for your business, that's why we provide pressure free lending services. Get answers, check rates and more, on your own terms.

Dedicated Support

Work directly with a dedicated Heritage Bank Commercial Relationship Manager throughout your loan process.

Fast Decisions

Our simple application process helps you quickly submit everything we need so you can get a decision back sooner.


Our products and technology have evolved along with the markets we serve as we have grown steadily over the generations. Yet, we maintain the traditional values from our roots as a Midwestern community-focused bank… it’s our heritage.”

Meet Our Team

Craig Berenstein Heritage business banker

Craig Berenstein

Sioux City Area, Iowa

Heritage Bank commercial lender Dave Henle

Dave Henle

Spicer, Minnesota

Kaylee Betterton with Heritage Bank

Kaylee Betterton

Sioux City, Iowa Area

James Miller, Heritage business banker

James Miller

Willmar, Minnesota

Jared VanBockern, commerical lender for Heritage Bank

Jared VanBockern

Sioux Falls, South Dakota

Logan Roth Heritage business banker

Logan Roth

Sioux Falls Area, SD

Jeremy Goltz, Heritage business banker

Jeremy Goltz

Willmar, Minnesota

Kevin Owens, Business Relationship Manager with Heritage Bank

Kevin Owens

Sioux City Area, Iowa


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