If you’re looking to get a small business loan in Kansas City, 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 Kansas City, 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 Kansas City, 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.

Kansas City MO

Yes, you can still get a business loan with poor credit in Kansas City, MO. While it can be more challenging, online lenders can offer loans to borrowers with credit scores as low as 600. 

Small businesses in Kansas City, MO, have several loan options, including traditional banks, credit unions, community lenders, and online lenders.

These lenders offer various business loans, including term loans, lines of credit, SBA loans, equipment financing, and invoice factoring. Small business owners in Kansas City, MO, should explore their options and compare loan terms, rates, and fees to find the best fit for their business needs.

Several factors can disqualify a small business from obtaining a loan in Kansas City, MO. Here are some common reasons:

• Poor credit score: Most lenders consider a credit score of at least 650 to be a minimum requirement for a business loan. You may be disqualified or offered unfavorable loan terms if your credit score exceeds that.
• Insufficient cash flow: Lenders want to see that a business has enough cash flow to repay the loan. If your business needs to generate more revenue to cover loan payments, it may take time to get approved.
• Lack of collateral: Many lenders require collateral to secure a loan. If your business has valuable assets to pledge as collateral, getting approved for a loan may be easier.
• Limited business history: New businesses may need help to obtain a loan, as they may need a more extended history of generating revenue to demonstrate their ability to repay the loan.
• Industry risk: Some lenders may view specific industries as high risk and hesitate to provide loans to businesses in those industries.

It's essential to review lenders' specific requirements and qualifications before applying for a loan. This will help you determine if your business is a good fit for their lending criteria and avoid potential disqualification.

The easiest business loan to get approved for in Kansas City, MO, can depend on your business's specific needs and financial situation. However, secured loans may generally be easier to obtain than unsecured ones.

Secured loans require collateral, such as real estate or equipment, which gives lenders greater security in case of default. This reduced risk can make it easier for businesses to qualify for a secured loan, even if they have less-than-perfect credit or a limited financial history. However, it's important to carefully consider the risks of using collateral for a loan and ensure that you can make the loan payments on time to avoid default and loss of the collateral.

Additionally, some online lenders offer quick and easy loan applications and approvals, which can benefit businesses needing fast funding.

You can get a business loan within 24 to 48 hours after approval. You can complete a fully automated loan application with online lenders within minutes.