Best Small Business Loans in Kansas 2023: Finest Selection

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Best Small Business Loans in Kansas

In 2023, the landscape for small business loans in Kansas is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Kansas LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Kansas. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Kansas. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Kansas banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Kansas

We will discuss Kansas’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Kansas. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Kansas LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

Which banks offer the best small business loans in Kansas?
Some of the top banks for small business loans in Kansas are Bank of America, Commerce Bank, and UMB Bank.
What are the advantages of choosing a local bank instead of a national bank for my small business?
Choosing a local bank instead of a national bank can provide you with a more personal touch and better knowledge of the local area.
How do I choose the right small business bank in Kansas?
It may be helpful to look at factors such as interest rates, customer service, and the availability of small business loans when choosing a bank for your small business in Kansas.
What types of accounts do small businesses in Kansas typically need?
Small businesses in Kansas usually need checking accounts, savings accounts, and credit cards.
Are there any small business specific laws in Kansas that banks have to abide by?
Yes, Kansas has certain laws in place to protect small businesses, such as the Kansas Business Corporation Act and the Kansas Limited Liability Company Act.
Can a small business open a line of credit with a bank in Kansas?
Yes, most banks in Kansas offer lines of credit for small businesses.
Are online banking options available for small businesses in Kansas?
Yes, many banks in Kansas offer online banking options for small businesses.
How much money do I need to open a small business account at a Kansas bank?
This varies depending on the bank you choose, but some require as little as $100 or $250.
What is a merchant account, and do small businesses in Kansas need one?
A merchant account is a service that allows businesses to accept credit card payments. Yes, small businesses in Kansas typically need a merchant account.
What is the best way to find a small business bank in Kansas that fits my needs?
Conducting research online or asking other local small business owners for recommendations can be helpful in finding a good small business bank in Kansas.
Do small business banks in Kansas typically require collateral for loans?
Some banks in Kansas may require collateral for loans, but it depends on the specific bank.
What small business banking services are unique to Kansas banks?
Some Kansas banks offer programs that support businesses in specific industries, such as agriculture or healthcare.
Can I apply for a small business loan online with a Kansas bank?
Yes, many banks in Kansas allow small business loan applications to be submitted online.
What if I have bad credit, can I still get a small business loan from banks in Kansas?
It may be more difficult to get a small business loan with bad credit, but some banks in Kansas may still consider your application.
How do I open a small business account at a Kansas bank?
Contact the bank of your choice to obtain their account opening documentation and instructions on opening a small business account.
What is the typical process of obtaining a small business loan from a bank in Kansas?
Typically, small business owners need to provide financial documents such as balance sheets and income statements as part of the loan application process.
Which banks offer the best customer service for small businesses in Kansas?
Banks that focus on providing highly personalized service, such as Capitol Federal and Meritrust Credit Union, may offer excellent customer service to small business owners.
How long does it typically take for a small business loan to be approved by a bank in Kansas?
This can vary, but it can take anywhere from a few days to a few weeks for a small business loan to be approved by a bank in Kansas.
Are there any grants available for small businesses in Kansas?
Yes, there are certain grants available for small businesses in Kansas, such as the Kansas SBDC Access to Capital Program.
How do I know if a Kansas bank is the right choice for my small business?
Perform your due diligence and research small business banking options in Kansas, review bank’s policies, and demo provided services or those you expect to use frequently before making a final decision.
Is diversifying my small business banking among multiple banks in Kansas a good idea?
Diversifying your small business banking across multiple banks provides an additional layer of financial protection and may benefits your business while strengthening a valuable banking relationship around the banker and quality service received.
Can setting up a UPS mailbox with a Kansas address help small businesses build credibility?
Yes, using a UPS mailing service for a Kansas address can improve your small business awareness in a connected market as well as increase legitimacy in the eyes of your potential customers.
What should I do if my small business bank account gets hacked?
Immediately report account hacking attempts and fraudulent activity to your banks anti-fraud systems or customer service to stop further fraud and secure your accounts.
Can I transfer money electronically between banks in Kansas?
Yes, many banks in Kansas offer electronic money transfer services.
Are there any contribution plans available to small business owners and employees in Kansas from the banks?
Yes, Small business financing vehicles like commercial credit union programs from banks such as Arvest offer revenue share strategies tailored to boost their clients local economic choices.
What are the measures behind safeguarding private corporate records while banking with a Kansas bank?
Kansas follows certain privacy laws to protect the quality of a business’s memorandums against digital phishing and outside privacy exploits from outsiders.
Can disability insurance be availed for small businesses owners?
A number of private business insurance firms within Kansas have disability insurance opportunities for stability during periods of illness or injury to businesses or their owners.
How solid are the loans extended to small businesses?
Banks screen each application on the criteria relevant to the loan and creditworthiness of applicant so seriously interest is a priority when organizations apply.
How dedicated-specific are SME loans available with these banks?
Local financial institutions offer businesses widespread dedicated-loan options adjusted to the artesian nature of start-up program development with less-rigorous lending criteria-promotions during each program schedule as well.
Which banks are considered the best for small businesses in Kansas?
Some of the best banks for small businesses in Kansas are Equity Bank, Capitol Federal, and Central National Bank.
Are online-only banks a good option for small businesses in Kansas?
Yes, online-only banks can be a good option for small businesses in Kansas if they offer the services and features that the business needs.
Do small businesses have to choose a bank in their local area in Kansas?
No, small businesses do not have to choose a bank in their local area in Kansas. They can choose a bank anywhere in the state that meets their needs.
How can small businesses in Kansas find a bank that offers the services they need?
Small businesses in Kansas can research local banks, ask for recommendations from other small business owners, and compare bank websites to find a bank that offers the services they need.
Can small businesses in Kansas get loans from banks?
Yes, small businesses in Kansas can get loans from banks. Banks offer a variety of loans, including business lines of credit, term loans, and Small Business Administration (SBA) loans.
Are credit unions a good option for small businesses in Kansas?
Credit unions can be a good option for small businesses in Kansas if they offer the services and features that the business needs.
What should small businesses in Kansas consider when choosing a bank?
Small businesses in Kansas should consider fees, interest rates, services and features, accessibility and convenience, and reputation when choosing a bank.
Are there any banks in Kansas that specialize in working with small businesses?
Yes, some banks in Kansas, like Commerce Bank, offer specialized services and products for small businesses.
What is the minimum deposit required to open a business account in Kansas?
The minimum deposit required to open a business account in Kansas varies by bank, but can range from $0 to a few hundred dollars.
Can small businesses in Kansas access online banking services?
Yes, most banks in Kansas offer online banking services for small businesses, which can make managing finances more convenient.
What documents do small businesses in Kansas need to open a bank account?
Small businesses in Kansas typically need to provide government-issued identification, a business license or articles of incorporation, and other business documents.
Do banks in Kansas offer payroll services for small businesses?
Yes, many banks in Kansas offer payroll services and other HR solutions for small businesses.
What is a business line of credit, and do banks in Kansas offer it?
A business line of credit is a type of loan that allows businesses to borrow money as needed, up to a certain limit. Many banks in Kansas offer business lines of credit.
Can small businesses in Kansas access free business checking accounts?
Some banks in Kansas offer free business checking accounts, but not all.
What is the FDIC, and how can it protect small businesses in Kansas?
The Federal Deposit Insurance Corporation (FDIC) is a federal agency that insures bank deposits up to $250,000 per depositor, per bank. This can protect small businesses in Kansas from loss due to bank failure.
Do banks in Kansas charge ATM fees for small business accounts?
It depends on the bank. Some banks in Kansas offer fee-free ATMs for small business accounts, while others may charge fees for using non-network ATMs.
What options do small businesses in Kansas have for accepting online payments?
Many banks in Kansas offer merchant services that allow small businesses to accept online payments.
How can small businesses in Kansas protect themselves from fraud and identity theft?
Small businesses in Kansas can protect themselves from fraud and identity theft by using secure passwords and online banking features, monitoring accounts for suspicious activity, and educating employees on best practices.
Are business loans in Kansas subject to credit checks?
Yes, most banks in Kansas will perform a credit check when considering business loan applications.
Can small businesses in Kansas get loans without collateral?
Some banks in Kansas offer unsecured business loans, which do not require collateral, but they are typically reserved for businesses with strong credit.
What is a small business credit card, and do banks in Kansas offer them?
Small business credit cards are similar to personal credit cards, but are designed for business expenses. Many banks in Kansas offer small business credit cards.
How can small businesses in Kansas save money on banking fees?
Small businesses in Kansas can save money on banking fees by choosing banks that offer fee-free accounts or services, monitoring account balances and avoiding overdraft fees, and negotiating fees or rates whenever possible.
What type of support do banks in Kansas offer for small businesses?
Many banks in Kansas offer financial and business support for small businesses, such as consultations, workshops, and educational resources.
Should small businesses in Kansas prioritize low fees or high interest rates when choosing a bank?
The right balance between low fees and high interest rates will depend on the individual needs of the business. Most businesses will prioritize low fees.
What should small businesses in Kansas do if they have a banking problem?
Small businesses in Kansas should start by contacting their bank’s customer service department to try to resolve the issue. If that doesn’t work, they can file a complaint with the FDIC.
Can small businesses in Kansas open multiple accounts with the same bank?
Yes, small businesses in Kansas can open multiple accounts with the same bank to help manage different types of finances separately.
What is the average interest rate for small business loans in Kansas?
The interest rates for small business loans in Kansas will depend on the bank and the type of loan. It’s best to shop around and compare rates to find the best option.
Do banks in Kansas offer mobile banking for small business accounts?
Many banks in Kansas offer mobile banking apps or services for small business accounts, which can allow businesses to manage their finances on-the-go.

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Conclusion

As Kansas, also known as The Sunflower State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Kansas economy.

When looking for the best small business loans in Kansas, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Kansas LLC or growing your existing LLC in Kansas, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Kansas.

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