Anne started her event planning business with a big idea. Watch how an SBA loan helped turn those ideas into reality.
SBA Loans for Central MO
Are you looking to start or grow your mid-Missouri business? For years, The Bank of Missouri has been helping business owners in Columbia and the surrounding region achieve their goals. Our customers choose us because we are a nationally recognized SBA Preferred Lender. We can make decisions locally, making the process quicker and easier for you. We’ll also get to know your business and offer a loan solution that best fits your needs.
Let’s Have a Conversation About Your SBA Loan
There’s much to consider when applying for an SBA loan. We can help you make sense of it all while learning more about your specific needs. Let’s have a conversation. Our Columbia-based lending team will help you understand the many benefits of the SBA program.
Frequently Asked SBA Loan Questions
How does the SBA program work?
The U.S. Small Business Administration’s mission is to help entrepreneur start, build, and grow businesses. The SBA does not directly provide the loan. Rather, a lender provides the actual loan to the borrower and the SBA guarantees a portion of the loan. The SBA program allows lenders to make loans that may not otherwise meet conventional loan underwriting. Visit https://www.sba.gov/ to learn more.
What is an SBA Preferred Lender?
As an SBA Preferred Lender, the SBA allows The Bank of Missouri to make lending decisions on their behalf. This can make the process faster for the borrower.
Who is eligible for an SBA Loan?
Most for-profit small businesses are eligible for an SBA guaranteed loan. This includes manufacturers, wholesalers, retail and service businesses as well as independent or franchise businesses.
How much can I borrow?
Loan sizes vary and can go as high as $5 million.
Are there any fees associated with SBA loans?
SBA guarantee fees are based upon the loan amount and may be financed into the loan.
How long does it take to get an SBA loan?
The time it takes to get an SBA loan depends on several variables, including how quickly you are able to submit the necessary paperwork and information. The process is much quicker and more streamlined at The Bank of Missouri because of our SBA Preferred Lender status, which gives us the authority to complete the entire loan process from start to finish.
What are the benefits of an SBA loan?
When considering a loan for your business, there are a few advantages versus traditional financing.
- Credit on reasonable terms when it may not otherwise be available
- Longer term and amortization options
- Lower payments improve cash flow
- Competitive interest rate, fixed or variable
- Flexible terms and conditions
- Lower down payments
- No balloon payments
What type of SBA loan is best for me?
We look forward to getting to know your business and assisting you in selecting the right loan. The SBA has a handy quick reference guide you might also find helpful.
SBA Loan Success Stories
Watch real customers talk about their SBA loan experience at The Bank of Missouri. It’s their stories, in their own words.
Monte knew his company was thriving. Watch how our SBA loan program helped him take advantage of a growing market.
Learn about SBA Loans from our Lenders
Watch our lending team talk about the various types of SBA loans available and what makes The Bank of Missouri the best place to get one for your business.
Our Central Missouri SBA Team
Our Central Missouri SBA team serves Columbia and surrounding areas. We look forward to meeting you.
Sr. VP/SBA Manager
SBA Loan Officer
Sr. SBA Loan Assistant
Sr. SBA Loan Assistant