Ukraine
USA
Austria
Pros&Cons
- Deep business acquisition underwriting
- Below-market SBA loan rates
- Dedicated regional relationship managers
- Robust fraud mitigation tools
- Extensive fee-free ATM network
- Strict regional branch footprint
- Requires good credit and a strong financial profile
- Higher collateral requirements expected
- No instant online approvals
What Types of Businesses Are Typically Financed?
Old National Bank primarily structures its commercial financing for established, revenue-generating enterprises operating directly within its nine-state Midwestern footprint. However, through flexible local underwriting and specialized initiatives like its Empowerment Loan Program, the institution actively extends funding to historically underserved operators who fall just outside traditional credit profiles.
Business structure
LLCs, S-Corps, C-Corps, Partnerships, and Sole Proprietorships.
Business stage
Primarily established businesses (2+ years), though new entities are explicitly eligible through specialized community funding lanes.
Minimum annual revenue
No stated minimum baseline, but standard commercial underwriting targets healthy debt service coverage ratios.
Industries
Agribusiness, Healthcare Finance, Franchise Banking, Senior Housing, Nonprofits, Professional Services, Commercial Real Estate, Manufacturing, and Logistics/Distribution.
Geography
Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Dakota, Tennessee, and Wisconsin.
Use of funds
Commercial real estate acquisitions, machinery/equipment financing, franchise capitalization, business acquisition/transitions, and short-term working capital optimization.
Financial profile
Consistent cash flows with strong recurring deposit patterns.
Ownership
Open to all corporate equity allocations, with dedicated credit matching frameworks for women-, minority-, and community-focused operators.
Business credit score
Not publicly disclosed as a standalone requirement.
Personal credit score
680+
U.S. bank account
Required
EIN / SSN / ITIN
EIN required for business profiles; SSN required from all key principles holding 20%+ equity for mandatory personal guarantees.
What Business Loan Products Are Available?
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Term Loan
DescriptionApply nowFlexible financing for business expansion, equipment purchases, acquisitions, refinancing, and other long-term capital needs.
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Traditional Line of Credit
DescriptionApply nowA revolving credit line that provides ongoing access to working capital for cash flow management, inventory purchases, payroll, and day-to-day operating expenses.
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SBA Loans
DescriptionApply nowGovernment-backed financing through SBA 7(a), SBA Express, and SBA 504 programs for startups, business growth, real estate, equipment, and working capital.
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Community Development Lending
DescriptionApply nowSpecialized financing that supports affordable housing, community development projects, tax credit initiatives, and public-private investment programs.
What Documents Are Required to Apply?
To apply for a small business or corporate loan at Old National Bank, you must submit a structured application packet. Because they emphasize a personalized relationship banking model rather than automated algorithm approvals, accurate and thorough documentation speeds up your time-to-funding.
Business Financials
Complete federal business tax returns for the last three consecutive years, including all associated schedules and K-1 forms. Profit & Loss (P&L) statements, balance sheets, cash flow projections.
Owner Financials & Identity
A completed and signed Old National Bank Personal Financial Statement form dated within the last 12 months. Individual federal tax returns. Valid, government-issued photo ID.
Legal & Tax Documents
Articles of Incorporation or Articles of Organization, official Employer Identification Number. Professional business licenses, an active State Agency Certificate of Good Standing
Loan Purpose & Operations
A formalized explanation of the precise loan dollar amount requested and an itemized breakdown of the proposed use of funds.
Real Estate & Collateral
A copy of the signed purchase agreement, copies of all active tenant leases for the property being financed. State property titles.
Create a Bank-Ready Business Plan in Minutes
40+ bank-approved structure
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60+ Page AI PDF in 5 Minutes
Modern design, no extra editing
How Does the Business Loan Application Process Work?
Relationship Consultation
Meet a regional relationship manager to discuss financing needs.
1 day
Booking an appointment without loan purpose clarity.
Submission of Documents
Compile and submit the required business documentations.
2 – 5 days
Providing outdated signatures or partial tax returns.
Proposal Review
The bank analyzes initial files and provides a formal proposal letter outlining prospective loan conditions.
3 – 7 days
Treating the introductory terms as a guaranteed credit approval rather than a non-binding offer.
Financial Underwriting
Local credit officers audit cash flows and analyze borrower risk profiles.
1 – 3 weeks
Slow or fragmented replies to credit officer clarifying data inquiries.
Credit Decision
The local credit committee issues a formal term sheet detailing rates and covenants.
2 – 5 days
Neglecting to negotiate terms.
Closing & Disbursement
Closing counsel generates final agreements, and capital transfers.
3 – 7 days
Delaying signature execution by principal owners.
What Do Customers Say?
Johnny Trent
US
They have been top notch in customer service and I have not had any issues.
Read more
Matt Drethen
US
I had a good experience getting a mortgage through them. The lender agent we used was not a good communicator, but their rates were VERY competitive, almost too good to be true and we closed on our home and have a much better rate than the other options. Mostly satisfied!
Read moreCommon Reasons for Loan Denial — and What to Do Next
Old National Bank employs structured, in-house regional underwriting teams that manually inspect applications rather than instantly scoring them via automated algorithms. Understanding why these traditional credit committees turn down a file can help you properly position your business for an approval or pivot your strategy.
Reason for Denial
What to Do
Low Debt Service Coverage
01
Restructure your capital request to lower monthly overhead or pay down outstanding lines.
Outside Geographic Footprint
02
Ensure your business operations or financed commercial properties reside directly inside their 9-state Midwestern lending map.
Insufficient Personal Credit
03
Apply for the bank’s specialized Empowerment Loan Program, which utilizes expanded credit criteria and accommodates lower minimum personal scores.
Unbacked Change of Ownership
04
Provide an exhaustive history of the acquisition target along with a solid business plan proving you have the specific industry experience to run it.
Unaligned Cash Patterns
05
Move your primary business checking operations to Old National Bank to establish historical deposit consistency and clear transaction visibility.
How Growexa Helps You Get Approved Faster
Bank evaluates business loan applications through structured underwriting, where cash flow, debt load, and loan purpose must align clearly. Growexa helps you prepare a Bank-ready business plan that matches how the bank reviews applications during underwriting.
Pre-qualification before applying
Validate cash flow, debt capacity, and loan size before approaching the bank.
Matching with the right lender
Position your business plan based on lender criteria and loan type.
Reducing rejection risk
Align financials, projections, and loan purpose into one coherent, bank-ready plan.
Working with multiple banks at once
Use the same structured business plan across multiple lenders without reworking it.
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Pre-qualification before applying Validate cash flow, debt capacity, and loan size before approaching the bank.
Matching with the right lender Position your business plan based on lender criteria and loan type.
-
Reducing rejection risk Align financials, projections, and loan purpose into one coherent, bank-ready plan.
Working with multiple banks at once Use the same structured business plan across multiple lenders without reworking it.
Growexa helps you prepare a bank-ready business plan that speaks the language of lenders—so you can move through underwriting faster and with fewer rejections.
FAQ
01
How can I open a business checking account?
To open a business checking account, please call at 1-800-731-2265, visit any banking center or send an information request form.
02
How do I enroll in Small Business Digital Banking?
If you’re a small business client, associates in Old National Bank's banking centers can enroll you in Small Business Digital Banking. Once enrolled, you can then access your Small Business Digital Banking account via web browser or download our mobile app for the best experience.
03
How do I apply for a business loan?
You will want to talk to a member of Old National Bank's business banking team, since the best loan solution can depend on your specific needs and goals.
04
Can I Use an SBA 7(A) Loan for Business Acquisition?
Yes, SBA 7(a) loans are available for business expansion.
05
How can I access my business credit card online?
If you already have a business or commercial credit card through Old National, you can log in to that account on Old National Bank's business credit card page. Just click or tap the blue Access Your Account button.
