The best small business loans for Independence, MO

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 Independence, MO

We're proud to work with small businesses across various industries in Independence, MO. 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 Independence, MO

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 Independence, MO

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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 Independence, MO

How to get a small business loan in Independence, MO?

If you’re looking to get a small business loan in Independence, MO, 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 Independence, MO, 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 Independence, MO, 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.
 

Independence, MO

Independence, MO

What questions to ask when getting a loan in Independence, MO?

When getting a loan in Independence, MO, it's important to ask several questions to ensure you understand the loan terms and can make an informed decision. Some important questions to ask include:

  • What is the interest rate on the loan?
  • What are the repayment terms, including the length of the loan and the frequency of payments?
  • Are there any fees associated with the loan, such as application fees or prepayment penalties?
  • What collateral is required for the loan?
  • What is the loan application process like, and what documentation will I need to provide?
What are the 5 Cs for business loans in Independence, MO?

The 5 Cs for business loans in Independence, MO, are a framework that lenders often use to evaluate the creditworthiness of a business. The 5 C's are:

  • Character: This refers to the reputation and credit history of the borrower.
  • Capacity: This refers to the ability of the business to repay the loan based on factors such as cash flow and financial projections.
  • Capital: This refers to the assets and collateral available to secure the loan.
  • Conditions: This refers to the economic and industry conditions that could impact the borrower's ability to repay the loan.
  • Collateral: This refers to the assets that the borrower can pledge to secure the loan.
How do you handle a business loan in Independence, MO?

When handling a business loan in Independence, MO, managing the funds and making timely payments carefully is important. This can help build a positive credit history and increase the chances of obtaining future loans. Businesses should also keep accurate records of all loan-related transactions, including payments and correspondence with the lender.

What do I need to prepare for a business loan in Independence, MO?

To prepare for a business loan in Independence, MO, businesses should gather and organize all relevant documentation, including financial statements, tax returns, business plans, and other supporting documents. It's important to review the loan application requirements and ensure that all necessary information is provided. Businesses should also be prepared to explain how the loan funds will be used and provide a plan for repaying the loan.

Small business loans available in every city in Missouri

  • Joplin

  • Chesterfield

  • Wentzville

  • Jefferson City

  • Cape Girardeau

  • Wildwood

  • Oakville

  • University City

  • Ballwin

  • Liberty

  • Raytown

  • Kirkwood