Andrea turned a childhood love of weddings into a thriving bridal business. See how an SBA loan helped walk her down the aisle to success.
SBA Loans for Southwest MO
If you’re looking to start or grow your Springfield-area business, The Bank of Missouri is here to help. As an SBA Preferred Lender, we can make decisions locally, making the process quicker and easier for you. We’ll get to know your business and offer a loan solution that best fits your needs.
Let’s Have a Conversation About Your SBA Loan
Why do all the research on your own? We can save you time – our local lenders are available to help. Our dedicated SBA lending team will sit with you and help you understand all the benefits of the SBA program. Let’s have a conversation. We can’t wait to help.
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.
Dr. Kelly knew he wanted to buy a practice. An SBA loan made it happen.
SBA Loan Video Guides
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.