The best small business loans for Fort Smith, AR

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
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Industries we work with in Fort Smith, AR

We're proud to work with small businesses across various industries in Fort Smith, AR. 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 Fort Smith, AR

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 Fort Smith, AR

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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 Fort Smith, AR

How to get a small business loan in Fort Smith, AR?

If you’re looking to get a small business loan in Fort Smith, AR, 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 Fort Smith, AR, 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 Fort Smith, AR, including banks, credit unions, and online lenders. 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.
 

Fort Smith, AR

Fort Smith, AR

What is the most common type of small business loan in Fort Smith, AR?

The most common type of small business loan in Fort Smith, AR, is a term loan. This type of loan provides a lump sum of money upfront, which is then repaid over a set period with interest. Term loans often have a fixed interest rate and can range from a few thousand to several million dollars, depending on the specific needs of the business. This type of loan is popular for businesses in Fort Smith that need financing for large equipment purchases, real estate investments, or other significant expenses.

Another common type of small business loan in Fort Smith, AR, is the SBA 7(a) loan. SBA 7(a) loans are guaranteed by the Small Business Administration (SBA), which means that the government guarantees a portion of the loan amount to the lender, reducing the lender's risk. This can make it easier for small businesses to qualify for financing, even with limited collateral or a less-than-perfect credit score. 

While these loans are the most common types of small business loans in Fort Smith, AR, it's important to shop around and compare offers from multiple lenders to find the best financing option for your business needs. Other types of loans, such as lines of credit, and equipment financing may be a better fit for some businesses depending on their specific needs.

Where can I borrow a business loan in Fort Smith, AR?

There are several options to borrow a business loan in Fort Smith, AR. You can start by researching local community banks or credit unions that offer small business loans. Additionally, you can seek out online lenders that specialize in providing business loans to small businesses in Fort Smith. Look for those that offer personalized business loan solutions tailored to fit the unique needs of your business.

How can I get the most out of my small business loan in Fort Smith, AR?

To get the most out of your small business loan in Fort Smith, AR, it's important to understand your business goals and funding needs clearly. Here are some tips to help you maximize the benefits of your small business loan:

  • Plan ahead and determine how you will use the loan funds, such as investing in new equipment or expanding your product line.
  • Make sure you can afford the monthly payments by selecting a loan with terms that work for your business.
  • Use the loan funds wisely and invest in areas that will help grow your business rather than spending on frivolous expenses.
  • Keep detailed records and track your progress, so you can make necessary adjustments to continue moving forward.
  • Be open to feedback and advice from your loan provider, as they can offer valuable insights on making the most of your funding.

By following these best practices, you can ensure that your small business loan provides the support you need to grow your business.

What is the longest term for a small business loan in Fort Smith, AR?

The longest term for a small business loan in Fort Smith, AR, can vary depending on the lender and the specific loan program. Some lenders offer small business loans with terms up to 25 years, while others may only offer loan terms up to 5 or 10 years. It's important to carefully review the terms and conditions of each loan option to determine what works best for your business needs.

Small business loans available in every city in Arkansas