Small Business Loans in Kansas

Kansas is known as the Sunflower State, and just like this wildflower, which grows in abundance across the state, small businesses also are in abundance in Kansas. Like the sunflower, Kansas has plenty of lenders who are willing to provide loans to help the state’s small businesses grow and succeed.

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Types of Kansas Small Business Loans

Kansas has an extremely business-friendly climate and has attracted companies in such fields as healthcare, accommodations, food services, retail trade, and construction. Lenders in Kansas have experience in all these industries and are able to offer small businesses any type of financing they require.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Kansas Small Business Loan Options

The Sunflower state has numerous commercial banks, government agencies and nonprofit organizations that offer loans to small businesses.

Network Kansas is a non-profit state-wide network of resources that provide matching capital and loans to startups and expanding businesses.

Kansas Association of Certified Development Companies is a non-profit corporation that works with banks and the SBA to find the best financing options for small businesses.

KCSourceLink connects Kansas startups and established businesses with resources for loans and equity capital.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

FAQ about Small Business Loans in Kansas

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FAQs

What other resources are available to Kansas small businesses?

In the interest of attracting businesses and promoting economic development within the state, the Kansas Department of Commerce has several programs that offer incentives and financing for new and existing businesses. In addition, business owners can get mentoring and advice from retired executives at SCORE, which has offices in Wichita, Topeka, and Kansas City.

The Small Business Administration also offers business courses and advisors at its Small Business Development Centers, which can be found in several counties across the Sunflower State.

What Kansas small business grants are available?

The Kansas Job Creation Fund gives grants to businesses looking for help establishing themselves in Kansas. The fund typically disburses the grant money to recipients over five years as their company reaches certain investment and employment benchmarks.

Grants.gov has listings from federal agencies for grants currently open and available to businesses in Kansas.

What do I need to qualify for a loan in Kansas?

When you first start your business, you’ll have to decide what type of structure it will be. If the business is only going to have one employee, yourself, or a few employees, a sole proprietorship will work. However, as the business grows, you’ll want to convert to either a corporation or a limited liability company. When you incorporate, you’ll have to check the name availability with the state and register with the Kansas Secretary of State.

After setting your business up, you’ll want to check with your lender to confirm what type of documentation they need to assess the risks and qualify you for a loan. A lender will usually ask for a business plan, an explanation of the purpose of the loan, a description of the proposed collateral, and how you intend to pay the loan back. If your loan proposal makes sense, and the lender feels comfortable extending the loan, you’ll likely get an approval.

Which loan is right for my Kansas business?

The type of loan you take out depends on why you need it. For example, if you’re a wheat farmer who needs money to finance the purchase of seed and fertilizer at the beginning of the growth season, a revolving line of credit would work best. On the other hand, if you need to purchase a new combine to harvest the wheat, a term loan with payments spread over several years makes more sense. Online platforms, like Lendio, have financial consultants who can advise and help you decide very quickly, at no cost, which type of loan you need.

How can a Kansas business loan help my business?

Starting a business with only the owners’ and investors’ capital can be a challenge. At some point in time, the business will need to take out a loan to support its growth. It could be a long-term loan to purchase fixed assets or a short-term line of credit to finance a temporary buildup in current assets.

Borrowing money is a natural process in the growth and development of a business, as long as the debt is kept in balance with the equity. The Sunflower State has an abundance of bankers and other lenders who are experienced and willing to finance small business owners.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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