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Missouri is renowned for its small-business providers. A small business in Missouri is defined as one with fewer than 750 employees, and the state currently has over 461,000 registered small businesses. Small enterprises employ almost 1.6 million workers and account for more than 99% of the privatized workforce in the state of Missouri.
Top Missouri Small Business Loan Options
Let’s start by taking a look at the best small business loan options currently available in Missouri:
Southwest Missouri Bank is a full-service community bank with branches in Joplin, Carthage, Jasper, Neosho, and Alba, Missouri. The bank offers a variety of flexible financing options for local small businesses, including:
- Equipment loans. Equipment loans from Southwest Missouri Bank are intended to help small businesses fund the purchase of large commercial vehicles or business equipment. The loan amount can vary according to your business needs and presents a one-time lump sum with fixed monthly payments. Both fixed and variable interest rates are available.
- Lines of credit and working capital loans. This type of financing can be used to manage daily business cash flow. Small business owners can choose among revolving and non-revolving loans and enjoy flexible repayment plans along with variable interest rates. Southwest Missouri Bank doesn’t charge prepayment penalties, so you will be able to pay off the loan whenever you are ready.
- Small Business Administration (SBA) loans. Southwest Missouri Bank is a preferred SBA lender providing SBA loans with up to 90% LTV ratios, depending on a specific loan request. SBA loans come with longer repayment terms and, therefore, lower monthly payments.
- Other types of financing. Southwest Missouri Bank also provides other types of small business financing, including commercial mortgages, lease purchase financing, and farm and agricultural loans.
2. OakStar Bank
OakStar Bank is a well-established local bank and a preferred SBA Lender. The bank has extensive experience and the ability to process and effectively distribute SBA loans locally, so you don’t have to submit your application to the SBA for acceptance, which makes the process faster and simpler.
Working capital loans are also available for both large and small businesses. OakStar Bank understands that capital requirements are critical and sometimes urgent. Therefore, it processes applications for credit lines swiftly and provides flexible terms and low rates. Finally, OakStar Bank can help to meet all of your commercial property needs.
All in all, OakStar’s flexible payment schedules and personalized service make it easy to obtain the funds your business requires to run a successful company.
The Bank of Missouri is truly passionate about assisting local small businesses, - the institution has been helping local companies of all sizes achieve financial targets for decades with its diverse lending products and highly personalized services.
The bank understands that obtaining a loan is just the beginning. After the paperwork is signed, the real work begins. As such, the bank’s loan experts are ready to spend the time to get to know you and your company to find the right loan package for you. The bank also has a local decision-making authority to expedite the acceptance and processing of loans.
Additionally, the Bank of Missouri offers revolving lines of credit to provide working capital to developing companies, as well as term loans that are tailored to your company's needs. If you’re expanding, need to buy equipment, and require extra operating funds, you may choose to apply for one of the bank’s secured and unsecured loans.
Top Online Missouri Small Business Loan Options
When a traditional bank is not an option, it is worth exploring alternative lending opportunities. For example, online lending platforms often have more lenient eligibility criteria, simpler application processes, and faster approval times. So, if you are looking for a small business loan in Missouri, consider exploring one of the following online lenders: