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Small Business Loans Missouri

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For many business owners in Missouri, the ability to access business funding is a necessity. To receive the funding, they need to keep their business objectives on track; companies need alternative loan solutions that they can trust. AdvancePoint Capital offers business loans and short-term cash flow options that keep operations afloat.

With all that Missouri has going for it from an economic perspective, small businesses still face many challenges getting a small business loan from a traditional bank or credit union because they have stringent guidelines, requirements, mountains of paperwork, and limited business loans to offer to small businesses. That’s where AdvancePoint Capital’s customer service and business development advisors can help your business provide the resources and help you acquire business funding.

How to Get a Small Business Loan in Missouri

AdvancePoint is a great resource with a business funding marketplace full of a variety of alternative funding options to access for most industries identified as a small business. Experience our customer service and unleash all of the resources we have at our disposal, so you can access the best products, rates, and terms that meet your business needs.

The 8 Best Business Funding Options for Missouri Small Businesses

Long-Term Small Business Loan

Lenders define long-term business loans as business loans with a duration of greater than two years. Businesses are offered a fixed amount upfront and charged principal and interest. Unlike a business line, a business owner cannot draw money as you go with long-term loans. Typically, long-term loans are a great resource for expansion and growth or to help your business finance large projects.

Product Overview

  • Interest Rate: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Term: 2 to 10 years
    Fees: Origination fees range from 0% to 3% depending on lender and risk
  • Loan Payments: Monthly or bi-weekly
  • Credit Requirements: Good to excellent credit score required

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Long-Term Business Loans

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Business Line of Credit

A business line of credit is an open revolving line. This type of funding allows businesses to draw funds when needed on-demand or make purchases—a business line charges a principal and interest rate. Business lines of credit do have a limit that cannot be exceeded without a lender’s approval and is not open-ended forever and requires renewal by lenders either semi-annually or annually to be extended. The primary reason entrepreneurs choose a line instead of a loan is for the working capital, affordable rates, and flexible terms.

Product Overview

  • Interest Rate: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Term: Open revolving line
  • Fees: Origination fees ranging from 0% to 3%
  • Payment: Monthly, bi-weekly, or weekly
  • Credit Requirements: Fair to excellent credit score required

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Business Line of Credit

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Short-Term Business Loan

Short-term business loans are defined as loans that are typically repaid with 6 to 18 months. These loans feature a lump sum offered upfront with a fixed payback amount calculated using a factor over a short term of time. Rates are not principal & interest but a “factor rate” that costs more than traditional loans. Most businesses choose short-term business loans when they do not qualify for traditional business loans. Short-term loans charge more for costs and are shorter in the duration of repayment, and the payments are more frequent to compensate for the higher risks business lenders take in offering this product. These loans are a popular resource for small businesses because of the reduced documentation requirements and tolerances that are laxer than traditional loans. Working capital is the primary reason for acquiring funding for short-term business loans.

Product Overview

  • Rates: Factor rates range from 1.09% up to 1.45% or simple interest starts at 1% per month
  • Term: 6 to 18 months in duration (typically 12 months or less)
  • Fees: 0% to 5% origination fees
  • Payments: Weekly, bi-weekly, and in some cases daily Monday-Friday
  • Credit Requirements: All credit types considered from bad to excellent credit score
  • Application Requirements: Application, bank statements

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Short Term Business Loans

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Business Cash Advance

Business cash advances (BCAs) are also known as a purchase of future sales agreement that advances future sales at a discount to a business. The business is responsible for paying back a fixed payback known as a specified amount, which is higher than the amount that was advanced to the company. This difference between the advance amount and the payback amount is called the “factor rate or cost,” which is a fixed cost. These are not principal and interest costs. The advance is repaid by taking a fixed percentage of future overall deposits called the specified percentage. The payments are collected by an ACH fixed daily or weekly payment deducted from a business account based on the specified percentage of future sales. At the end of every month, reconciliation can occur. If the fixed payments taken out of the bank account monthly are more than the set future percentage of monthly sales, small business owners can request a refund back to the business for overpayment so that the set specified percentage of sales collected for the business matches the revenue volumes. Repayment continues until the payback amount is paid back in full. There is no time limit with advances as the fixed payback percentage ever changes due to fluctuating revenue. The most popular use for a business cash advance is working capital to help your business.

Product Overview

  • Rates: Ranges from 1.09% up to 1.45%
  • Term: No time limits. Payments continue until paid in full based on specified percentage collection method and are dependent on future revenues
  • Fees: Origination fees that range 0% to 5%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Credit Requirements: All types of credit considered from bad to excellent
  • Application Requirements: Application and bank statements

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Business Cash Advance

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Merchant Cash Advance

A merchant cash advance (MCA) is also known as a purchase of future sales agreement that operates very similarly to BCAs, but the most significant difference is the repayment process, which is connected to the future credit card revenues instead of overall sales. MCAs take a set percentage of future card sales at the time of batch until the advance is paid back in full. Businesses find this valuable when they have fluctuating revenues and don’t want to be locked into a fixed payment that could negatively impact cash or margins of profit if revenues decline or fluctuate. This product is another great resource for working capital to help your business. Reminder, a merchant cash advance is not a loan, but an advance, by selling a portion of the business’s future sales at a discount to a funder in exchange for cash for the business owner now. The most common use is working capital.

Product Overview

  • Rates:  Range from 1.09% up to 1.45%
  • Term: No time limits Fees: Origination fees range from 0% to 3%
  • Payment: Set fixed percentage of future card revenues
  • Credit Requirements: All types of credit considered from Bad to excellent
  • Application Requirements: Application, bank statements, merchant processing statements

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Merchant Cash Advance

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Equipment Loans and Financing

Missouri businesses that require the use of equipment to operate their business often turn to equipment financing for the purchase of machinery. Equipment loans secure the equipment itself as collateral. The good news is limited paperwork is necessary such as a one-page application and bank statements to get approved. Equipment loans are fast and easy loans to apply for and sometimes can be approved on the spot, although additional time may be required. This product is most popular for industries that have a heavy reliance on equipment like manufacturing and construction.

Product Overview

  • Rate: Range from 1.09% up to 1.45%
  • Term: 2 to 7 years
  • Fees: Origination fees range from 0% to 3%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Credit Requirements: Fair to excellent credit score required

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Equipment Loans

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Invoice Financing

Invoice financing advances the outstanding balance to a business owner to increase the speed of cash flow to the business. This solution provides cash quickly, and there is no need to wait for outstanding invoices to be collected and received by the client with invoice financing in place. Invoice financing has affordable costs ranging from 1% to 2.5% fee off of the face value of the invoice advanced. This product is common for industries such as manufacturing.

Product Overview

  • Interest Rate: None
  • Term: Not a traditional loan
  • Fees: 1% to 3% fee based on invoice. Monthly service fees may apply depending on the volume of invoices factored
  • Credit Requirements: Credit score of the business owner does not matter

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Invoice Factoring

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U.S. Small Business Administration (SBA) Loans for Small Businesses in Missouri

The United States Small Business Administration (SBA) is a Federal government agency, Headquartered in Washington DC, that provides programs, guidelines, and loan guarantees to approved SBA Lenders to issue business loans to small businesses. The SBA’s mission is to help American enterprises to start, build, and grow their businesses successfully. The SBA is not a lender. The SBA provides a guarantee that gives the approved lenders the ability to take on the risk of business lending and decisions under SBA term’s that they would not ordinarily do so on their own and has rights reserved for any recourse need. SBA loans are highly sought after by small businesses and there are many government agency-approved lenders to choose from. It can be common for an SBA loan to require a business plan. SBA application processes can be lengthy, but with help of an experienced SBA-approved lender to help your business through the applications process, the application package can be a smooth and efficient experience.

Product Overview

  • Interest Rates: Starting at 5.50%, treasury index plus 1% to 2.5%
  • Term: 3 to 25 years
  • Fees: Origination fees 0% to 3%
  • Payment: Fixed monthly
  • Credit Requirements: Good to excellent credit score required

Small Business Administration Loans & Lending Programs

SBA Standard 7 (a) loan program- SBA loan 7(a) is the SBA’s primary program is designed to provide financial assistance to small businesses with a good track record. The terms and conditions, like the guaranty percentage and amount, may vary by the type of loans to small businesses. Real estate may be used for collateral, but is not required.

SBA Loan Program 504- The SBA 504 Loan is a powerful economic development loan program that will provide small businesses another avenue for business financing while promoting business economic development and job creation. The use of proceeds from SBA 504 Loans must be used for fixed assets such as construction, owner-occupied commercial real estate, mixed-use real estate, or land improvements (and certain soft costs). Or it can also be used to refinance existing debt.

COVID-19 SBA Loan Programs & Resources

SBA Disaster Loan – Economic Injury Disaster Loans (EIDL)-This type of SBA loan not only provides assistance to Missouri businesses after natural disasters like tornadoes, wildfires, or floods but when former president Trump declared COVID -19 a nationwide health emergency based on the recommendation of the CDC on March 13th, congress provided small businesses access to this program for emergency financing. This program was designed for businesses to retain employees and other expenses to stabilize the business during the COVID-19 pandemic.

SBA Paycheck Protection Program (PPP) –The SBA has established the SBA Paycheck Protection Program loan. This SBA loan provides loans to small businesses in Missouri affected by the COVID-19 crisis and needs financial help. Under the right conditions, this program offers forgiveness. This program was designed for businesses to retain employees during the COVID-19 pandemic.

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Small Business Administration (SBA) Loans

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U.S. Small Business Administration

How to Grow Your Business in Central and Eastern Missouri
View the Central and Eastern Missouri Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.

➠ U.S. (SBA) U.S. Small Business Administration St. Louis District Office

How to Grow Your Business in Eastern Kansas & Western Missouri
View the Eastern Kansas & Western Missouri Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.

➠ U.S. (SBA) U.S. Small Business Administration Kansas City District Office

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Why Do Missouri Business Owners Need Financing?

The list of the most common reasons Missouri business owners use business funding:

  • Working Capital
  • Equipment Purchase and Repair
  • Access Capital for Inventory
  • Business Plan Expansion
  • Cash Flow Shortages
  • Website Development and Maintenance
  • Access Capital for Emergencies
  • Advertising and Marketing
  • Recruitment of Employees and Training Resources

Frequently Asked Questions

It is not difficult to obtain business funding in Missouri as there are many business lenders and funder’s available that service Missouri. Choose your lender and business loans wisely.

The internet can be an invaluable resource when searching for a business lender. In 2020, most businesses now search on the internet for business lending websites to glean additional information, find reviews on a business lender, and in many cases, inquire about getting more information and apply for a quote on a business lender website. This allows businesses to shop, compare and potentially save significantly.

Are websites trustworthy? Well, about as trustworthy as visiting any business. You are not evaluating the website as much as you are the company and people you speak and communicate with. The website is merely the port of entry just as if you were walking into businesses on main street, without leaving the comfort of your home. Both in-person in Missouri or on a website, its the same. The businesses you deal with must earn your trust by the way you are treated, the customer service they provide, and the products and terms you are offered.

There are many business lending options available for business owners with bad credit. Financing options will vary depending on the risks associated with this type of funding and will impact terms, pricing, and costs.

Getting start-up small business loans can be extremely difficult and challenging. SBA common small business loans are the most traditional option, but they are challenging to get approved for. A business owner’s search will need to include non-traditional means to raise money like private sources or investors.

Initiatives, Government Programs, and Grants in Missouri for Small Businesses – Additional Business Resources, Tools, Support, Help, and Information

Missouri Department of Economic Development – Small Business Disaster Loan Program – to provide financial assistance and access to capital to businesses impacted by a natural disaster. This may include businesses sustaining direct property damage or local businesses sustaining interruptions to their operations and services because of temporary customer loss, temporary interference with access, or other impacts

MOSourceLink – Special Missouri Loan Funds Guides, Loans, Grants, and Funding  – MOSourceLink’s mission is to help entrepreneurs and small businesses across the state of Missouri grow and succeed by providing free, easy access to the help you need – when you need it. In addition to commercial loans available through local banks, there are a number of loan programs in Missouri that support special needs.

USAGOV – Small Business in Missouri – Find information to help you do business in Missouri. Learn how to start a business, find funding, win government contracts, and more.

LiftFund – a nonprofit organization that helps business owners with limited access to capital have a chance to live their dreams. LiftFund is a designated community development financial institution or CDFI. CDFIs are working in communities to provide small business loans to entrepreneurs and owners in Kansas City and St. Louis and throughout the state of Missouri.

Ambergrants – SMALL BUSINESS GRANTS FOR WOMEN IN MISSOURI – Businesswomen from Missouri are eligible to apply for this grant. Each month, our judges award a $10,000 Amber Grant to a women-owned business. At the end of this year, one of our 12 winners will earn an additional Amber Grant of $25,000.

America’s SBDC – Missouri – COVID-19 Guidance & Resources – The Missouri Small Business Development Center achieves this by helping businesses thrive through coaching, training, technical assistance, and services including business planning, operational strategy, market research, financial projections, and much more.

How to Apply For Business Loans in Missouri

Applying for capital with AdvancePoint Capital is a simple, easy, and streamlined application process with decisions in hours, not days. Our customer service and business finance resources available to us are what we are known for.

Take the first steps and start with this online form, then fill out the short application page, wait a few hours for your approval, and then get your funding! Or you can call our toll-free phone number and speak to our business development advisors and our lending partners. See the benefits of working with AdvancePoint and take the first steps in the business loan process, so you can make a better and informed decision.

The quick, convenient, and straightforward way to get the funding you need for your business – now!

Contact AdvancePoint Capital and get your quote today by filling out our simple form.