The best small business loans for Des Moines, IA

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

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Industries we work with in Des Moines, IA

We're proud to work with small businesses across various industries in Des Moines, IA. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Des Moines, IA

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Des Moines, IA

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Des Moines, IA

How to get a small business loan in Des Moines, IA?

If you’re looking to get a small business loan in Des Moines, IA, here’s what you should do:

  1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
  2. Check your credit score. Many lenders in Des Moines, IA, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
  3. Research lenders. Many different types of lenders offer small business loans in Des Moines, IA, including banks, credit unions, and online lenders. Do your research to find out which ones best fit your needs and qualifications.
  4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
  5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
  6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.
 

Des Moines, IA

Des Moines, IA

Where do you borrow money for business in Des Moines, IA?

There are various options to borrow money for business in Des Moines, IA. Here are some of them:

  • Local banks and credit unions: You can approach them in Des Moines to inquire about their business loan options.
  • Small Business Administration (SBA): The SBA offers loan programs guaranteed by the government, making it easier to qualify for a loan. You can find local lenders that provide SBA loans in Des Moines.
  • Online lenders: Many online lenders offer business loans with a quick and easy application process. However, research the lender and their terms and conditions before applying.
  • Business incubators and accelerators: These organizations can provide resources, including funding, to help startups and small businesses grow.
  • Friends and family: If you have a network of friends and family who believe in your business idea, they may be willing to lend you money to get started.
Is business loan and SME loan the same in Des Moines, IA?

In general, the terms "business loan" and "SME loan" (Small and Medium-sized Enterprises loan) can be used interchangeably to refer to loans designed to meet the financing needs of small and medium-sized businesses.

 

A business loan is a generic term that describes any loan taken out for business purposes, regardless of the business size. SME loan, on the other hand, refers to loans given to small and medium-sized enterprises. So while an SME loan is a business loan, not all business loans are SME loans.

What will happen if the loan is not paid in Des Moines, IA?

If a loan is not paid in Des Moines, IA, the lender may take legal action to recover the funds. This could include suing the borrower in court, obtaining a judgment against them, garnishing their wages, or seizing their assets. Additionally, defaulting on a loan can damage the borrower's credit score and make it easier to obtain credit in the future. It is essential to communicate with the lender and make arrangements for repayment if the borrower cannot meet the loan obligations.

What is the interest rate for a business loan in Des Moines, IA?

The interest rates for business loans in Des Moines, IA, can vary depending on several factors, including the loan type, borrower's creditworthiness, and lender. Generally, interest rates for business loans can range from around 2% to 30%. It is important to shop around and compare offers from different lenders to find the best interest rate and terms for your business needs.

Small business loans available in every city in Iowa