Best Small Business Loans in Missouri 2024: Finest Selection

LLCBase is your go-to place for everything about LLCs, and it's led by Brian Cohan, who's an expert in the field. Brian and our team are here to give you clear and helpful advice on how to set up and manage an LLC. We've been through the process and know the ins and outs. Our articles and guides are based on real experiences, making them practical for you. We're committed to helping you make smart choices for your business. With LLCBase, you're in good hands as you navigate the world of LLCs.

Best Small Business Loans in Missouri

In 2023, the landscape for small business loans in Missouri 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 Missouri 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 Missouri. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

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 Missouri. 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 Missouri 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 Missouri

We will discuss Missouri’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 Missouri. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Missouri 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.

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

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

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

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

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

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

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

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

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

FAQs

What are some of the best small business banks in Missouri?
According to various rankings and reviews, some of the best small business banks in Missouri include Commerce Bank, UMB Bank, Arvest Bank, Central Bank of the Midwest, and Great Southern Bank.
What makes Commerce Bank a great option for small businesses in Missouri?
Commerce Bank has a number of features and services that make it a great option for small businesses in Missouri, including flexible lending options, hassle-free account opening, and a range of business-friendly tools and resources.
What kind of lending options are available through UMB Bank for small businesses in Missouri?
UMB Bank in Missouri offers a range of flexible lending options for small businesses, including lines of credit, SBA loans, term loans, and more.
Why should small business owners consider Central Bank of the Midwest in Missouri?
Central Bank of the Midwest offers personalized service, a wide range of business banking products and services, and has earned a reputation for innovative and excellent customer service among small business owners in Missouri.
What kind of business checking accounts does Arvest Bank offer in Missouri?
Arvest Bank offers a range of business checking accounts in Missouri, including Simple Business Checking, Basic Business Checking, Commercial Checking, and more.
What are some of the benefits of opening a business account at Great Southern Bank in Missouri?
Great Southern Bank offers a range of business banking benefits, including no minimum deposits, no monthly fees, online banking, and advanced fraud prevention tools.
What are some of the factors I should consider when choosing a small business bank in Missouri?
You should consider things like the bank’s location, its reputation for customer service, its fees and rates, the types of lending options and financing it offers, and its business-friendly tools and resources.
What kind of business banking services are available to small businesses in Missouri?
Small businesses in Missouri can access a wide range of banking services, including business checking and savings accounts, merchant services, online banking, mobile banking, lending options, and more.
What are some of the most important features to look for in a business checking account in Missouri?
Some important features of a business checking account in Missouri might include low or no fees, mobile banking, online bill pay, unlimited transactions, and a debit card.
What are the primary benefits of having a small business loan in Missouri?
A small business loan in Missouri can help you finance growth and/or increase your working capital, improve your credit score, and provide cash flow during a slow period.
What types of small business loans are available in Missouri?
Small businesses in Missouri are eligible for a range of business loans, including lines of credit, term loans, SBA loans, and more.
How can I improve my chances of being approved for a small business loan in Missouri?
To improve your chances of being approved for a small business loan in Missouri, you should research and compare lenders, prepare a thorough loan application, have a solid business plan, and maintain good credit.
What should I look for in a lender for a Missouri small business loan?
Some things to consider when choosing a lender for a Missouri small business loan include the lender’s reputation, fees and interest rates, application process, and funding speed.
What is SBA financing, and is it available to Missouri small businesses?
The Small Business Administration (SBA) offers a variety of financing options to small businesses, including guarantees for term loans, lines of credit, and other types of credit lines. Yes, SBA financing is absolutely available to Missouri small businesses.
What are some ways to leverage SBA financing for a small business in Missouri?
Some ways to leverage SBA financing for a small business in Missouri might include using an SBA loan to purchase inventory or equipment, to expand operations, to hire employees, or to manage cash flow.
How can I find Small Business Administration (SBA) resources in Missouri?
Missouri small businesses interested in SBA’s resources should start by checking out the Missouri district office location, which has a range of online and in-person resources.
What is a business line of credit, and how can it benefit my Missouri small business?
A business line of credit is a type of funding that allows a business to borrow funds as needed against a predetermined credit limit. This can be beneficial for Missouri small businesses because it allows for easy access to cash flow whenever needed, which can help cover expenses during slow times.
What is account analysis fee, and how can I minimize it in my Missouri small business banking account?
Account analysis fee is a fee charged by banks to cover the cost of processing a business’s accounts. Small businesses in Missouri can minimize it by checking their statements closely to ensure they’re not being charged for services they don’t use, and negotiating with their bank or switching to another bank that has lower fees.
Are online business banking services available in Missouri?
Yes, many banks in Missouri offer online business banking services, including remote check deposit, online bill pay, account management, and more.
What is merchant services, and why is it important for Missouri small businesses?
Merchant services are payment processing services that allow businesses to accept credit and debit card payments. These are important for Missouri small businesses because it enables them to provide better customer service, easy transactions and also boost nearby purchase habit.
What are some common fees and charges associated with business banking accounts in Missouri?
Some common fees and charges associated with a Missouri business banking account include monthly maintenance fees, transaction fees, account analysis fees, and more.
Should small business owners in Missouri opt for a community bank or a big chain bank?
Whether a small business in Missouri should go with a community or a big chain bank depends on the business’s needs. Community banks are more personalized, while larger big chain banks offer better resources/options and a solid reputation.
How important is transparency my Missouri small business banking?
Transparency is crucial to Missouri’s small businesses to ensure true understanding of their finances, help with decision making, manage and facilitate risk factors to ensure financial health.
How soon can I expect to get funds from my small business loan application in Missouri?
Loan approval can take several days to a few weeks, depending on the lender. However, after approval, Missouri businesses can generally expect to receive loan funds within 1 to 2 weeks.
What are some of the criteria for loan approval for Missouri small businesses?
Some of the criteria most lenders look at for a loan approval include good credit, steady income stream, stable business or credit history, and if the purpose of the loan is justifiable.
What types of certificates of deposits (CD) should my Missouri small business consider?
The type of CD Missouri small business deposits into banks varies among the banks that offer a few. Some of the CDs include traditional, bump rate, risk-averse high yield, liquid, and jumbo. Hence, your Missouri small business should analyze a variety of CD options factors before investing.
What are the benefits of having a CD for my Missouri small business?
CDs provide predictable earnings during a specific term and high regulated rates with reduced risks for stored money, protects state-chartered Missouri banks giving ear to your financial benchmark balance.
Are home-grown trust factors taken into account when choosing a Missouri bank for my small business?
Missouri national banks’ quality and reputability are regular decisive factors, and Missouri local and community banks’ trustworthiness with easier access to assistance and prompt loan resolution available compared to big companies.
Should a Missouri small business open up an LLC account internally or externally?
Missouri small businesses can benefit from choosing external business accounts because exclusiveness exists when personal accounts with banks are combined with business account dealings. Missouri small businesses should make sure to do research and compare rates, benefits, and fees among external entities to get the best deal for their banks.
In Missouri, what are some of the pioneering banks taking small businesses banking to another level?
Some innovative and pioneering banks to take Missouri small businesses to acheive their banking objectives include Great Southern Bank, Central Bank of the Midwest, and Bank of Ann Arbor, who offer great accessibility and service to guide small businesses’ financial growth.

Also Read

Conclusion

As Missouri, also known as The Show-Me 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 Missouri economy.

When looking for the best small business loans in Missouri, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Missouri LLC or growing your existing LLC in Missouri, 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 Missouri.

Leave a Comment