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Missouri Small Business Loans and Grants

Missouri has been ranked as the seventh-best state in the US to own or start a small company. The state has a wide range of loans, incentives, and state grant applications. In this article, we’ll examine small business grants in Missouri, as well as popular loans from leading lenders. We will also look at alternative resources to help you start and grow your business the right way.

At a glance Missouri is renowned for its small-business providers. A small business in Missouri is defined as one with fewer than 750 employees. The average loan sum for small businesses in the state is $40,515 and the state currently has over 461,000 registered small businesses. Small enterprises employ almost 1.6 million workers and account for more than 99% of the privatized workforce in the state of Missouri.

Top Missouri Small Business Loan Options

Let’s start by taking a look at the best small business loan options currently available in Missouri:

1. Southwest Missouri Bank

Southwest Missouri Bank is a full-service community bank with branches in Joplin, Carthage, Jasper, Neosho, and Alba, Missouri. The bank offers a variety of flexible financing options for local small businesses, including:

  • Equipment loans. Equipment loans from Southwest Missouri Bank are intended to help small businesses fund the purchase of large commercial vehicles or business equipment. The loan amount can vary according to your business needs and presents a one-time lump sum with fixed monthly payments. Both fixed and variable interest rates are available.
  • Lines of credit and working capital loans. This type of financing can be used to manage daily business cash flow. Small business owners can choose among revolving and non-revolving loans and enjoy flexible repayment plans along with variable interest rates. Southwest Missouri Bank doesn’t charge prepayment penalties, so you will be able to pay off the loan whenever you are ready.
  • Small Business Administration (SBA) loans. Southwest Missouri Bank is a preferred SBA lender providing SBA loans with up to 90% LTV ratios, depending on a specific loan request. SBA loans come with longer repayment terms and, therefore, lower monthly payments.
  • Other types of financing. Southwest Missouri Bank also provides other types of small business financing, including commercial mortgages, lease purchase financing, and farm and agricultural loans.

2. OakStar Bank

OakStar Bank is a well-established local bank and a preferred SBA Lender. The bank has extensive experience and the ability to process and effectively distribute SBA loans locally, so you don’t have to submit your application to the SBA for acceptance, which makes the process faster and simpler.

Working capital loans are also available for both large and small businesses. OakStar Bank understands that capital requirements are critical and sometimes urgent. Therefore, it processes applications for credit lines swiftly and provides flexible terms and low rates. Finally, OakStar Bank can help to meet all of your commercial property needs.

All in all, OakStar’s flexible payment schedules and personalized service make it easy to obtain the funds your business requires to run a successful company.

3. The Bank of Missouri

The Bank of Missouri is truly passionate about assisting local small businesses, - the institution has been helping local companies of all sizes achieve financial targets for decades with its diverse lending products and highly personalized services. 

The bank understands that obtaining a loan is just the beginning. After the paperwork is signed, the real work begins. As such, the bank’s loan experts are ready to spend the time to get to know you and your company to find the right loan package for you. The bank also has a local decision-making authority to expedite the acceptance and processing of loans. 

Additionally, the Bank of Missouri offers revolving lines of credit to provide working capital to developing companies, as well as term loans that are tailored to your company's needs. If you’re expanding, need to buy equipment, and require extra operating funds, you may choose to apply for one of the bank’s secured and unsecured loans. 

Institution

Type of Financing

Loan Amount

Interest Rate

Loan Term


Southwest Missouri Bank

Equipment Loans

Lines of Credit and Working Capital Loans

SBA Loans

Other Types of Financing

Not specified

Not specified


Not specified

Not specified

Fixed and variable rates depending on the amount, term, credit score, and loan types

Depends on the loan amount

OakStar Bank

SBA Loans

Equipment Loans

Working Capital Lines of Credit

Commercial Real Estate Loans

Agricultural Loans

Business Credit Cards

Average SBA loan $704,296


$80,000 - $484,350 for standard loans

$484,350 - $900,000 for Jumbo loans

Fixed and variable rates depending on the amount, term, credit score, and loan types


Average rate 6.04%

Up to 30 years, depending on the loan amount

The Bank of Missouri

Lines of Credit

Term Loans

Agricultural Loans

SBA Loans

Business and Commercial Property Loans

Loan amounts vary according to the business and loan size; they can go up to $5,000,000

Fixed and variable interest rates depending on the loan amount and term

Up to 25 years, depending on the loan amount

Top Online Missouri Small Business Loan Options

When a traditional bank is not an option, it is worth exploring alternative lending opportunities. For example, online lending platforms often have more lenient eligibility criteria, simpler application processes, and faster approval times. So, if you are looking for a small business loan in Missouri, consider exploring one of the following online lenders:

1. Biz2Credit - Best for Term Loans

If you are looking for an online lender offering high borrowing limits at a reasonable price, Biz2Credit is well-worth considering. With over 14 years of industry experience, the company has established a trusted reputation among small business owners in Missouri. 

Through Biz2Credit, you can apply for a term loan of up to $250,000. Should you require larger amounts, working capital and commercial real estate loans are also available, with loan amounts ranging up to an impressive $6 million. The interest rates are also reasonable, starting at only 8.99%.

While the company’s eligibility requirements might be difficult to meet for a new business, more established businesses could surely benefit from Biz2Credit’s loan options, along with their easy application process and fast turnaround times.

2. BlueVine - Best for Invoice Factoring

As a trusted and reliable online lending institution, BlueVine provides a broad range of small business loans and other financial products. The company has been in operation for over 8 years and has grown immensely due to its attractive and flexible lending options. BlueVine is also popular due to its lenient eligibility requirements and easy online application process.

With BlueVine, you can apply for short- and long-term loans, as well as business lines of credit. For example, its long-term loans come with a borrowing limit of $5 million, with repayment terms of up to ten years.

Depending on the credit history and status of your business, you can also secure a short-term loan with fixed interest rates starting at only 4.8%. Here, the payment terms vary between 6 and 12 months.

3. Kabbage - Best for Line of Credit

Kabbage is an online lender that focuses on providing small business lines of credit of up to $250,000, with repayment terms ranging from 6 to 12 months. With this type of financing, you can expect to pay fees ranging anywhere between 1.5% to 10% of your total loan balance. The good news is that, should you wish to save on your monthly fees, you are welcome to pay off your loan early with no associated penalties.

One financial service unique to Kabbage is their Kabbage Card. So, instead of making a regular draw on your line of credit, you can use the Kabbage Card to access your funds.

To qualify for a line of credit from Kabbage, you need to make sure that you have been in business for over a year and have an annual revenue of at least $50,000, - or show that your average monthly revenue was at least $4,200 for the past three months.

4. Fundbox - Best for Short-term Loans

If you have a new business with a short credit history, Fundbox can present an excellent opportunity for you to secure a term loan. In addition to lenient eligibility criteria, one major benefit of this online lender is the fact that it doesn’t charge an origination fee.

With Fundbox, you can apply for a loan of up to $150,000, with repayment terms ranging between 24 and 52 weeks. If you are able to repay the loan early, however, no penalty or additional fees will be charged.

The fastest way to receive the funds is to connect your checking account and accounting software directly to Fundbox’s system. This provides the lender with instant access to the information they require to make a fast approval decision. Once you do get approved, you can expect to see the funds in your account as soon as the next business day.

Additional Missouri Small Business Financial Resources

There are various government-backed loans and other financing options available for businesses wishing to start or expand in Missouri. Many businesses start their search for funding by applying for a grant. To qualify for a state grant, an applicant must either be disadvantaged, have a great business idea, be from a minority group, or have a business that would significantly impact the state of Missouri.

1. Missouri Department of Economic Growth

Talk with your local economic development agency/local government to learn about this loan program. This loan can help finance new machinery, operating equipment, or building space. It can also provide your business with working capital if your startup has exhausted all other funding options.

2. 24/7 Missouri 

24/7 Missouri is a valuable resource providing important information for starting, growing, and managing your business. Should you require any business or professional assistance, 24/7 Missouri has got you covered. 

The website contains links to all the organizations and information you might benefit from, including Missouri Economic Research and Information Center, Business Tax Regulation, Missouri Online Business Filing, Office of Veterans Business Development, and much more.

3. Missouri Small Business Loan Program

Small companies may use these low-interest direct loans to grow and hire more people.

The eligibility requirements are as follows:

  • You must have less than 15 employees, including the owner 
  • Your business must be entirely owned and operated in Missouri
  • You must be in good faith with the Secretary of State
  • The Department of Revenue must grant tax clearance to your company

Furthermore, certain business sectors are not eligible for this loan type. Check to see that your business qualifies for this program. 

Other Resources for Missouri Small Businesses

There are also several non-financial resources and providers you can use to help you succeed with your new or existing business venture in Missouri.

MOSourceLink

MOSourceLink's goal is to help Missouri-based entrepreneurs and small businesses develop and thrive. They offer free and simple access to the resources designed for small businesses, including a free Personal Action Plan to move your business forward, a map of Missouri small business resources, and a report about Missouri’s capital landscape.

Small Business Resource Guide for St. Louis, MO

This comprehensive 52 page PDF guide will provide you with everything you need to know to get your small businesses up and running. It is compiled by the United States Small Business Association and covers topics such as how to start a business, how to grow your brand, how to write a business plan, and much more.

The Bottom Line

Finding the financing to cover the initial startup costs of your business is often the most challenging part of the small business process. However, if you want your company to take off, it’s imperative that you explore all possible financing opportunities. 
Missouri residents can apply for SBA-approved, term, and express loans. They can also find financing for equipment, working capital, and real estate, along with credit lines and business credit cards. All in all, it is important to do your research to find the right solution for your small business in Missouri.