Bank of Blue Valley Small Business Loans Review
The Bank of Blue Valley offers small business loans with competitive interest rates, excellent customer service, and small-town friendliness that could be just what you’re looking for as you start, grow, or expand your small business.
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What we like:
Personal Customer Service
| Estimated APR | 7.25% + |
| Loan Amounts | $30,000 – $350,000 |
| Term Lengths | 1 – 5 years |
| Origination Fee | $500 |
Founded in 1989—and still presided over by its founder—Bank of Blue Valley is a locally-owned and managed community bank located in the Kansas City, Kansas area. It has expanded since those early days, and now has branches in Johnson County, Overland Park, Olathe, Shawnee, Leawood, and Lenexa.
With a total of five branches, BBV has an extensive offering of small business loans for Kansas-based small businesses in need of financing—regardless of what stage the business is in.
What Bank of Blue Valley Offers Small Businesses
As a partner with the federal government’s Small Business Administration, Bank of Blue Valley can offer SBA loans with flexible terms and competitive rates. The SBA 7(a) loan, Express loan, and Veterans Advantage are all SBA programs offered by BBV. In addition, Bank of Blue Valley can finance heavy machinery, real estate purchases, and remodels with the SBA 504 loan.
Outside of the SBA loan product line, Bank of Blue Valley also offers loans for start-ups, entrepreneurs, and existing businesses in-house. Whether you’re a soon-to-be business owner with a dream or someone who’s trying to help an existing business expand, BBV has a product for you.
Basic Information: Rates, Terms, Fees, and Limits
The SBA loans available at Bank of Blue Valley are some of the lowest rate loans out there for small businesses. Rates currently start at 7.25% APR for the 7(a) loans. The 504 loans start at only 4.95% APR, with a maximum of 5.18% APR including fees.
You’ll need to be applying for at least $30,000—that’s the minimum SBA loan amount offered, with a maximum of $350,000. The BBV-based loans have smaller minimums, starting at $10,000, but have some of the same level of criteria for approval if you have an established business.
How to Get Small Business Financing from Bank of Blue Valley
The first step to getting financing from BBV is contacting a business banker and sitting down for a consultation. They’ll go over your business and financial goals and talk about how Bank of Blue Valley can help you while learning about what you’re looking for, and what you want your business to achieve.
You’ll provide documentation, including a certification of your business, an application for financing, and personal and business tax returns. They’ll also need information on your business revenue, and how well it’s done for the last 2 years.
For SBA loans, you’ll need to have been in business for at least two years, with a personal credit score of 680 or higher. Your business needs to have generated at least $100,000 in revenue for the last 12 months—and it needs to be profitable.
Funding speed on Bank of Blue Valley’s loan products is dependent on the type of loan, amount, and the strength of your application. A solid application package with good supporting documentation requires less time in underwriting than one that is missing paperwork, data, or needs extra work.
The loans done in-house at Blue Valley are slightly different from the SBA loans. If you’re just starting out with your small business dream, for instance, and can’t show two years of profit, you can still get a loan for your idea.
The Downsides
As a small local bank, BBV has a much higher threshold for loan approval than an online lender or large national bank. Their required credit score is higher than expected elsewhere, and your personal credit plays a large part in getting approval—even for business financing. For a small or fledgling business just starting up, being able to show $100,000 in revenue for the last year might be tricky unless you can get approved for the loans specifically geared to a startup.
Is It Worth It?
If you’re a small business owner, chances are that at some point you’ll need financing. You may need equipment, inventory, seasonal extras, or even operating cash for hiring and paying employees. If you’re ready to expand, you could need to purchase real estate—or remodel the space you already have.
If the SBA loans offered by Bank of Blue Valley are not going to be exactly what you need, their in-house loans may be a better fit—and with personal service from a BBV business banker, you’re sure to find the solution that will best fit your business needs and financial goals. The competitive interest rates, excellent service, and small-town friendliness could be just what you’re looking for as you start, grow, or expand your small business.