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Small Business Loans in Missouri (2021 Update)
The state of Missouri has come up with regulations that will see entrepreneurs and small business owners get small business loans with a minimum interest rate. Starting or expanding your business if you reside in Missouri is now easy and stress-free. The State of Missouri has a Small Business Loan Program that offers startup financing and small business loans to business people. The program is overseen by the federal government and does not exclude anyone from accessing the loans. You should have an outstanding and workable business plan for you to qualify for a small business loan in this Missouri program.
Your business should be entirely Missouri owned and also located in Missouri for you to be eligible for a small business loan in that state. The program also requires you to have a tax clearance which you get from the Department of Revenue. Your business should not be a check cashing service, a gambling entity, or selling used or donated clothes if you wish to be a candidate for a small business loan in Missouri. It is important that you register yourself with the Secretary of State in good standing before you go to apply for a small business loan. Both young and old can apply for a small business loan in Missouri.
Many lending firms in Missouri assist entrepreneurs and small business people in getting funding for their businesses by offering them small business loans. Different lending institutions in Missouri have different terms in regards to interest rates and the mode of repayment. The majority of small business loans in Missouri go to a maximum of $1 million. There is a lot that a business person can do in boosting or starting their business. It is important that you do your research before settling on a particular lender. Look for the lending firms with a low-interest rate and with reasonable repayment terms.
Many businesses have benefited from small business loans according to the federal government of Missouri. Entrepreneurs have also been able to receive such loans and started their business ventures. Having a good business plan is crucial if you wish to apply for a small business loan in Missouri. You can look for an expert in business planning who will help you in creating an acceptable business plan. You can either secure your small business loan with banks or the local lenders in Missouri. Some prefer going to the local lenders since they do not have a lot of paperwork and requirements needed in major banks. Some may choose to go the banks way since banks offer more customized and reliable loan services. Take your time to research and ensure that you choose the right lender for your small business loan.
Banks in Missouri That Offer Small Business Loans
For a small business loan that will help accelerate your business, check out these highly rated banks in Missouri:
The Maries County Bank
The Maries County Bank was founded in 1900 with its first branch in Vienna, MO. Currently, it is headed by Mr. Terry Helton, the bank’s CEO, President, and Director.
Having 18 years of experience in the business under its belt, Branson Bank officially opened in 2000 in Branson, MO and is operating under Branson Bancshares, Inc.
Citizens Bank of Newburg
Founded and currently based in Newburg, Missouri, the Citizens Bank of Newburg has loaned around $55 million to small businesses in 2013.
Community State Bank of Missouri
The Community State Bank of Missouri, despite having been founded in 1887, has managed to keep up with the times with innovative solutions in banking and customer service.
Mid American Bank
While headquartered in Baldwin City, Kansas, Mid American Bank also offers its personal and commercial banking products and services to the citizens of Linn City, Missouri.
Missouri Bank and Trust Company of Kansas City
Founded in 1891, Missouri Bank and Trust Company of Kansas City is a former subsidiary of MBT Bancshares, Inc.
Top Cities in Missouri and Their Lenders
Missouri is one the major states in the Midwest of the country. Like most Midwestern states, Missouri made its name through agriculture. But as America’s economy has changed, Missouri has begun to modernize its economy. Missouri is now well-known for aerospace technology, food processing, chemical products, and manufacturing. Despite being rural in nature, Missouri has several large cities that are great for starting new businesses in. If you want to choose the right city, it’s important you know a bit more about each one.
Below we’re going to take a look at the major cities for business in the state of Missouri. We’re also going to provide you with a few recommendations on which lenders to use for your small business financing in each city!
Kansas City, Missouri
Kansas City is unique in that half of the city is in the state of Kansas. Regardless, the city is still the largest in Missouri. Kansas City is famous for hosting the headquarters of some of the nation’s most recognized companies. If you’re looking to enter a market that has an established business culture, Kansas City is probably your best option in Missouri. Our top lenders are listed below:
Summit Bank of Kansas City
Summit Bank of Kansas City is our favorite lender in the area. They have the ability to lend large amounts of money at relatively decent rates. They also have traditional banking services for their clients. If you want someone with local knowledge, a good reputation, and a variety of lending products, this is your best option.
Heartland Business Capital
Heartland Business Capital is the place to go if you’re looking for a SBA loan in Kansas City. They only provide business loans to their customer – you can be certain they have the local knowledge it takes to direct you in the right path!
St. Louis, Missouri
St. Louis is the second largest city in the state of Missouri. The city is well-known for its healthcare industry – it’s one of the largest healthcare focused cities in the area. If you you’re thinking of starting a business in the healthcare industry, this is definitely the place to be inside of Missouri. Check out our favorite small business lenders in St. Louis below:
St. Louis Business Loans
As their name suggests, St. Louis Business Loans is a top business loans provider in the city. They have a range of different financial solutions available. As they only focus on commercial lending, you can be sure you get the most from your loan. We highly recommend them as a first port of call if you want to get started on the funding path for your business. You can apply online, and they have a low eligibility threshold – this is great news for new business owners.
First Community is our other favorite lender in the area. They have loans of all kinds for their client base. They can provide term loans, equipment financing, and lines of credit. They’re also experts at providing short-term loans to help cover small gaps in cash flow.
Springfield is the home of Missouri State University. Much of the local commerce is derived by economic activity surrounding the college. Healthcare and manufacturing also plays a major role in the area. Below is our favorite lender in the region:
If you’re looking for a SBA loans specialist in Springfield, Missouri, we highly recommend the Guaranty Bank. They have the best reputation in the area and have a firm understanding of how to help local businesses take their operations to the next level. They’re especially skilled at helping you navigate the entire SBA loan process. They’re a great partner to have in Springfield.
Columbia is also a university city. It plays home to the most notable university in state, the University of Missouri. The college in the city helps the local economy thrive. There are plenty of small business owners already operating in the area. Below is our favorite lender in the area:
Our top pick for Columbia is Fahey Bank. They’re an awesome option for people who want a regional lender with local experience. They have SBA loans, business lines of credit, business term loans, and commercial real estate loans. They have a great online portal that you can use to manage all your different financing in one location.
Independence is most famous for being the hometown of President Truman – it plays home to his presidential library. The city’s local economy is mainly retail driven. If you’re thinking of starting a business in the retail industry, it could be a good spot to consider. Below is our favorite lender in the city:
Clarkston State Bank
Clarkston State Bank is a mid-sized regional lender with a large client base in the Independence area. They enjoy working with their customer to develop funding strategies to take businesses to the next level. They offer working capital lines of credit, commercial real estate, and other traditional loans. They aim to help you acquire assets to improve your business.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don’t worry as there still may be other alternative lenders willing to work with you.