Out of all the businesses in the state of Kansas, about 97% are considered to be small businesses. Out of the 50,000 plus companies, 49,000 have around 100 or fewer employees, which means they fall into the small business category. The average loan amount is around $13,000 to over $1.2 million, but this number can vary depending on the plan and the loan provider you select.
Best Kansas Small Business Loans
In this section, we discuss, in detail, the best three loan options for small businesses in Kansas.
Founded in 1961, First Bank Kansas is now recognized as a regional community bank with locations in six Kansas cities: Saline, Ellsworth, Abilene, Lindsborg, Hutchinson, and McPherson.
First Bank Kansas offers a range of small business loans with a variety of repayment options to meet any of small business needs:
- Commercial real estate loans. Both fixed and variable rate commercial real estate loans are available to finance the acquisition of commercial real estate.
- Commercial and industrial loans. First Bank Kansas offers a variety of funding options to help you cover start-up expenses, equipment purchases, daily operational expenses, and more.
- Small Business Administration loans. The bank works closely with the Small Business Administration to offer government-backed SBA loans at more favorable terms.
- Construction loans. This type of loan can be used to fund the construction of a commercial property.
- Other types of loans. You are also welcome to apply for the following types of loans: operating line of credit, machinery and equipment loan, vehicle acquisition loan, livestock loan, irrigation equipment loan, and more.
The Emprise Bank has a lot of experience with SBA loans. They offer four finance possibilities that include a 7(a), a Small loan, an Express loan, and a 504 loan, each with its own terms and rates. The funds can be used for:
- Working capital
- Machinery and equipment
- Purchasing, renovating, or constructing buildings
- Purchasing land
- Inventory and supplies
- Start-up or business purchase
The Emprise Bank also offers secured and unsecured business loans, including operating lines of credit, equipment and commercial vehicle loans, and more. You would need to contact the lender directly to find out the specific rates and terms.
The Kansas-based United Midwest Savings Bank is the country’s 8th biggest creditor and ranks 25th in the national list of top SBA lenders. The bank offers two different options for loans: $150,000 or lower and $150,000 or more.
For larger loans, the bank has a team of eight knowledgeable SBA lenders available to help guide business owners through the application process. These lenders have successfully helped hundreds of small businesses in the industries of hospitality, insurance, medicine, dentistry, veterinary practice, and more. The larger loans are meant for businesses that want to acquire an existing practice or service, expand the business premises, or upgrade specialty equipment.
|Institution||Type of Loans||Amounts||Term
|First Bank Kansas||Commercial real estate loan
Various commercial and industrial loans
|Not specified||Not specified
||Not specified - both fixed and variable rates available for commercial real estate loans|
Business line of credit
Commercial vehicle loan
Private placement industrial revenue bonds
|Not specified||Not specified||Not specified|
|United MidWest Savings Bank
|$150,000 or less.
$150,00 or more
|Not specified||Not specified|
Top Online Kansas Small Business Loan Options:
It’s important to remember that there are alternatives to regular banking. Lenders who have an online presence are gaining ground. Here are some that provide services to Kansans-based small businesses: