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Kansas is known as the Sunflower State, and just like this wildflower, which grows in abundance across the state, small businesses also are in abundance in Kansas. Like the sunflower, Kansas has plenty of lenders who are willing to provide loans to help the state’s small businesses grow and succeed.
Kansas has an extremely business-friendly climate and has attracted companies in such fields as healthcare, accommodations, food services, retail trade, and construction. Lenders in Kansas have experience in all these industries and are able to offer small businesses any type of financing they require.
Commercial lenders like to make Small Business Administration (SBA) backed loans because the partial guarantee from a federal agency reduces their loan risk. As a result, SBA loans are very popular since they have generally favorable terms and lower interest rates.
A revolving line of credit is more flexible than a business loan because it doesn’t have fixed repayment terms. With a line of credit, a lender offers a certain amount of credit available for a certain length of time. Businesses can draw against this line of credit as needed and pay back the debt out of future cash flow.
You can use term loans to finance major fixed assets, such as a plant addition. Term loans are repaid in fixed payments over a period of years. Interest rates can be either fixed or variable.
Machinery and equipment can be expensive and require large amounts of money. Instead of laying out all of the money up front, you can use an equipment finance loan and pay the debt in installments over several years. This enables you to start using the equipment immediately to produce cash flow and profits.
If you need to speed up your cash flow, a lender can use your account receivable as collateral and will advance a portion of the face amount of the invoice to you when it is created. The loan advance will be repaid when your customer pays the invoice to the lender.
The Sunflower state has numerous commercial banks, government agencies and nonprofit organizations that offer loans to small businesses.
Network Kansas is a non-profit state-wide network of resources that provide matching capital and loans to startups and expanding businesses.
Kansas Association of Certified Development Companies is a non-profit corporation that works with banks and the SBA to find the best financing options for small businesses.
KCSourceLink connects Kansas startups and established businesses with resources for loans and equity capital.
It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.
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.
In the interest of attracting businesses and promoting economic development within the state, the Kansas Department of Commerce has several programs that offer incentives and financing for new and existing businesses. In addition, business owners can get mentoring and advice from retired executives at SCORE, which has offices in Wichita, Topeka, and Kansas City.
The Small Business Administration also offers business courses and advisors at its Small Business Development Centers, which can be found in several counties across the Sunflower State.
The Kansas Job Creation Fund gives grants to businesses looking for help establishing themselves in Kansas. The fund typically disburses the grant money to recipients over five years as their company reaches certain investment and employment benchmarks.
Grants.gov has listings from federal agencies for grants currently open and available to businesses in Kansas.
When you first start your business, you’ll have to decide what type of structure it will be. If the business is only going to have one employee, yourself, or a few employees, a sole proprietorship will work. However, as the business grows, you’ll want to convert to either a corporation or a limited liability company. When you incorporate, you’ll have to check the name availability with the state and register with the Kansas Secretary of State.
After setting your business up, you’ll want to check with your lender to confirm what type of documentation they need to assess the risks and qualify you for a loan. A lender will usually ask for a business plan, an explanation of the purpose of the loan, a description of the proposed collateral, and how you intend to pay the loan back. If your loan proposal makes sense, and the lender feels comfortable extending the loan, you’ll likely get an approval.
The type of loan you take out depends on why you need it. For example, if you’re a wheat farmer who needs money to finance the purchase of seed and fertilizer at the beginning of the growth season, a revolving line of credit would work best. On the other hand, if you need to purchase a new combine to harvest the wheat, a term loan with payments spread over several years makes more sense. Online platforms, like Lendio, have financial consultants who can advise and help you decide very quickly, at no cost, which type of loan you need.
Starting a business with only the owners’ and investors’ capital can be a challenge. At some point in time, the business will need to take out a loan to support its growth. It could be a long-term loan to purchase fixed assets or a short-term line of credit to finance a temporary buildup in current assets.
Borrowing money is a natural process in the growth and development of a business, as long as the debt is kept in balance with the equity. The Sunflower State has an abundance of bankers and other lenders who are experienced and willing to finance small business owners.
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