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What financing options are available for small businesses in Kansas City? Find out about possible loans and which ones might fit your business.
Kansas City has a thriving small business community, with above average concentrations in health care, services, finance and insurance, and wholesale trade industries!
Kansas City business owners enjoy one of the lowest state business tax rates in the country. That can help ease up your finances to make a small business loan even more affordable. Here are five different types of financing to explore.
An SBA loan is partially guaranteed by the U.S. Small Business Administration, while serviced by a private lender. There are several SBA programs to choose from, such as microloans, working capital loans, and real estate loans. Funding times are slower, making these a good choice for planned financing needs.
A line of credit is similar to a credit card in that you draw funds as you need them. Interest is only charged on the amount you’ve borrowed and you can repay your balance over time. When you’re ready, you can draw more funds up to your limit throughout the draw period.
A traditional business term loan gives you a one-time cash infusion. Then you repay the balance in fixed intervals, usually on a monthly basis. Most lenders have flexible options as to how you can use the loan funds.
Spread out the cost of major assets by using equipment financing. You can usually roll in soft costs like taxes and delivery fees, then make installment payments over time.
For businesses handling large volumes of invoices, accounts receivable financing can help smooth cash flow while waiting for payment. You can receive funding based on a portion of your outstanding invoices, which are used as collateral.
Discover local organizations and lenders that specifically work with small businesses in Kansas City.
The newly launched Kiva Kansas City offers interest-free microloans of up to $15,000.
The KC CDFI Coalition has partnerships across the region to connect small businesses with financing. They particularly work with underserved communities.
Mainstreet Credit Union has business loans that can be used for a variety of purposes, including vehicle and equipment purchases, inventory, operating expenses, and more.
Sunflower Bank has a variety of financing structures for small businesses, including a line of credit, term loans, equipment financing, and commercial real estate loans.
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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
Once you choose a card, you can get approved in as little as 7-10 days.
The Kansas City Area Development Council has a comprehensive list of small business resources and incubator programs in the area. Also check out the KC Small Business Capital Program for local financing opportunities.
Micro businesses with less than 10 employees can apply for grants between $10,000 and $25,000 to expand their businesses in Kansas City. Missouri Grant Watch is also a helpful resource for exploring business grant opportunities in the area.
Start by establishing your business with the Missouri Secretary of State and obtain a KC business license. Then look at lenders’ eligibility requirements, including personal or business credit score, annual revenue, and time in business.
It depends on how you want to use the business loan funds and repay them. If you plan to purchase a hard asset, equipment financing may be a good choice. A term loan can be helpful for an expansion opportunity or other one-time use. A line of credit is good for a financial backup or uneven cash flow.
A Kansas City business loan can help you grow your business at a faster rate than without financing. Alternatively, it can also help keep your business afloat during periods of financial difficulty.
Applying is free and won’t impact your credit
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