Looking for a small business loan?
The U.S. Small Business Administration (SBA) is a premier source of small business loans with multiple loan programs guaranteed through local banks. If you’re planning to start a business or expand an existing business, an SBA-guaranteed loan might be right for you.
Here are the top lenders in the state.
Kansas City District
The top 10 small business lenders in eastern Kansas and western Missouri in fiscal year 2016, according to the U.S. Small Business Administration Kansas City District Office, were U.S. Bank, Alterra Bank, Simmons First Bank, Arvest Bank, The Bank of Missouri, OakStar Bank, Guaranty Bank, Crossfirst Bank, RMI Inc and Wells Fargo.
These lenders made almost half the SBA-guaranteed loans, 434 of 889 total loans, to small businesses in the district in FY 2016.
That represents more than $178 million of the $396.5 million in total capital provided to small business owners in the 88-county Kansas City region.
St. Louis District
The SBA’s St. Louis District, representing eastern Missouri and Columbia, also reported strong loan demand with an increase in SBA loan approvals last fiscal year. About 120 lenders throughout eastern Missouri participated in the SBA’s loan programs, resulting in $265.4 million in loans to small businesses.
The smallest loan recorded in the SBA St. Louis District in FY 2016 was $8,500 to a landscaping business. There were three loans of $5 million each to a retailer, a recycling business and an information technology firm.
Midwest Regional Bank led the district’s lenders, making 29 loans for a total of $24.9 million; Live Oak Banking Company made 11 loans totaling $16.7 million; Pulaski Bank originated 22 loans totaling $16.7 million; Fortune Bank made nine loans totaling $13.9 million; Simmons Bank made 26 loans totaling $9 million and The Bank of Missouri made 50 loans totaling $9 million. U.S. Bank, which originated 73 loans totaling $8.9 million, made the most 7(a) loans in the St. Louis district in FY 2016.
For more information on how the SBA can assist your small business in eastern Missouri, contact the St. Louis district office at 314-539-6600 or visit sba.gov/mo/stlouis.
For more information on how the SBA can assist your small business in western Missouri, contact the Kansas City district office at 816-426-4900 or visit sba.gov/offices/district/mo/kansas-city.
The BDP also has offices located statewide to serve clients with SBA issues from certification to business plans and aid securing loans.
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