Top Online Missouri Small Business Loan Options
1. Missouri State Foundation - Crowdfunding
The biggest obstacle that most startup companies face is obtaining financing. Crowdfunding is an appealing choice for those who are unable to obtain conventional finance. In Missouri, many businesses turn to crowdfunding companies like Indiegogo or Kickstarter.
Typically, crowdfunding involves collecting funds through an entirely online initiative. Typically, the objective of crowdfunding is to raise the amount of money needed to get a company up and running. Crowdfunding isn't as well-known or as traditional as other loan options. However, many profitable entrepreneurs have benefited from crowdfunding initiatives.
American Express is another traditional financial institution that is also present online. American Express offers fantastic solutions for small businesses with bad credit. The Blue Business Plus option is the perfect choice when it comes to American Express credit cards. It has an affordable line of credit for small companies that are just getting started.
There’s no enrollment charge, and the first 12 months are interest-free, provided you make repayments on time and in full. Individuals or businesses must have a minimum credit score of 700 to qualify for an American Express loan, which can be difficult for those with poor credit or who have recently started and therefore lack credit history.
The Chase Ink Cash credit card for businesses is a great option for new enterprises in Missouri. You will need to pay $750 to open an account. Also, $7,500 must be paid within the first three months of opening the account and receiving the loan.
The interest rates are very low, beginning at 1% and rising to 5%. The interest rates are based on how much you spend and how long it will take you to repay the loan. You’ll need a credit score of about 660 to apply.
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.
Here, you’ll find resources for starting, growing, and managing your business. This page will provide you with many resources, which you may wish to pursue.
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.