The Top Three Kansas Small Business Loan Options
In this section, we discuss, in detail, the best three loan options for small businesses in Kansas.
The U.S. Bank
This bank is one of the best providers of Kansas small business grants. The U.S. bank offers two different kinds of loans. The Paycheck Protection Program (PPP) loan and the Small Business Administration loan. Also known as the SBA Disaster Assistance Loan.
The first one is designed to help you cover the payment of your workforce and other such expenditures. Owners have until May 31st of this year to use this credit. This loan is a part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.
According to this act, lenders can offer around $290 million in payment. Furthermore, they can have a pardon policy for loans that are about $150,000 or lower. The second loan option applies to companies affected by COVID with 500 or fewer employees. This loan type may be used for acting investments and covers regular driving costs.
This particular bank has a lot of experience with SBA loans. They have four finance possibilities that include a 7(a), a Small Loan, an Express, and a 504. These are some of the basic proposals provided by the SBA.
A 7(a) loan is the leading choice suggested by the SBA. The amount offered depends on the sum, ie, a $150,000 loan would have a guarantee of 85%. Any amount greater than this has a 75% guarantee. The small loan offers a $5,000 minimum.
The Express loan is the fastest one available with a 36-hour reply. The max loan amount is $350,000 and the max guarantee is 50%. The turning outlines of balance are up to 7 years with additions allowed by the outset.
The 504 or CDC plan gives an extended duration period. It also has a permanent funding ratio of up to $5 million for key holdings. These holdings stimulate corporate expansion and work creation.
United Midwest Savings Bank
Not only is this a great bank for Kansas, but it also ranks 25 in the country’s list of top SBA lenders. It’s also the 8th biggest creditor in loan figures and 12th leading in cash size. They have two different options for loans $150,000 or lower, and loans $150,000 or more.
For larger loans, the bank has a team of eight SBA lenders. These lenders have dealings in hospitality, insurance, medical, dental, veterinary, and more. The larger loans are meant for businesses that want to buy a new practice/building or upgrade their work tools.
In response to COVID, the bank also offers a PPP much like the U.S. Bank.
Type of Loans
SBA Disaster Assistance/
COVID-19 EDIL loan.
Up to $290 million in loans and a $150,00 forgiveness plan.
$150,000 or lower.
Until May 31st, 2021.
Small Loan Express
Ratio up to $5 million or less.
Around 7 years for the small loan.
United MidWest Savings Bank
$150,000 or less.
$150,00 or more