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:
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.
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.
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.
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.
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.
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.
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.