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Starting and sustaining a small business is a significant responsibility, regardless of the type of industry or customer base the company caters to. However, successful business owners create a life for themselves that offers quite a bit of freedom and creativity in earning a living.
Small business owners do have several considerations to take into account along their company’s journey, though, not the least of which is having access to and utilizing the right type of small business financing in Kansas.
Many small businesses might face the need for affordable funding at some point during their lifetime for major purchases like inventory or equipment, paying for commercial real estate, or simply covering working capital and overhead expenses during periods of slow revenue.
When small companies recognize the opportunities in Kansas along with the financing options available through small business loans, grants, and outside investments, business owners have a high likelihood of sustaining a profitable enterprise. Below are small business financing options to make the trek easier for companies in Kansas.
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Small Business Loans in Kansas
Small businesses often look into a traditional business loan first when considering their need for financing. This is because small business loans offer the greatest level of predictability in cost and repayment, with fixed interest rates and a set payment schedule over time.
Small business loans in Kansas are available from banks, credit unions, and online lenders. Here are a few options for small business loans in Kansas.
As low as 6.00%
$5,000 – $2 million
1 – 5 years
The above information is for the Lendio Business Term Loan.
Lendio is the largest small business loan marketplace in the U.S. with a network of over 300+ lenders. These lenders include PayPal, Bank of America, American Express, and more.
You can apply with one simple application without impacting your credit. The application process can be completed online in 15 minutes with no fee or obligation. If approved, funds can be made available in as little as 24 hours.
- Short term loan
- Business term loan
- Business line of credit
- Merchant cash advance
- Business credit card
- Equipment financing
- Commercial mortgage
- Startup loan
- SBA loans
- Accounts receivable financing
- Business acquisition loan
9.77% – 35.98%
$5,000 – $500,000
6 – 60 months
The information above is for the LendingClub Business Term Loan.
LendingClub is a peer-to-peer lender that connects investors with businesses in need of financing. To be eligible, businesses must have at least $50,000 in annual sales, as well as been in business for 12 months or more.
You can apply online in under 5 minutes and receive multiple quotes. If you decide to pay off your loan early, there are no prepayment fees to worry about.
7.00% – 69.00%
$500 – $250,000
6, 12, or 18 months
The information above is for the Kabbage Business Line of Credit.
Kabbage is a small business lender offering a business line of credit. The lender has a low minimum loan amount which can make it a good option for those in need of a small amount of financing.
In order to be eligible, your business needs to be at least 12 months old, with $50,000 in annual revenue.
Small Business Grants in Kansas
In addition to more conventional small business loans, companies in Kansas may also seek out financing through small business grants. Unlike loans, small business grants do not require repayment, so long as the requirements of the grant are met.
While grant funding is beneficial because it does not need to be repaid over time, the grant environment in Kansas is highly competitive. This can make it difficult for small businesses to receive grant financing when they need it most. Here are a few small business grant opportunities available to small businesses in Kansas:
Community Development Block Grant Program
Through the Small Cities Community Development Block Grant Program, the Department of Commerce in Kansas has the ability to distribute federal funding to Kansas small businesses in specific cities and counties. Projects available for grant funding through the program include those that directly benefit low- and moderate-income individuals, that remove or prevent slum conditions, or that eliminate an urgent need because of a local disaster. Application information can be found online, as well as total grant funding amounts.
As a community-focused grant opportunity for small businesses, the Jump Start program provides up to $5,000 to companies within the first 24 months of starting a new business. The grant funds are meant to ease the pressure of overhead expenses, like rent, marketing, and utilities. Financing cannot be used to pay for equipment, inventory, or employee wages.
Applicants must have a strong cash flow in order to qualify, as well as proof of sufficient resources and capital contributed to the business. More information about the JumpStart Program for small businesses in Kansas can be found online.
Small Business Investors in Kansas
Another viable option for small business financing in Kansas may be outside investment from a venture capitalist firm, an angel investor, or a seed-capital investor. These types of investments often come with an equity or debt financing agreement with the business owner, meaning they ultimately give up a portion of ownership in the business.
However, outside investment can be a strong solution for high-growth potential small businesses in Kansas. Most investors provide a degree of management and business expertise not found with other financing sources, and the amount of funding can be significant. Here are a few options for outside investment financing for small businesses in Kansas:
Wichita Technology Corporation
The Wichita Technology Corporation is a venture capital and seed investment firm founded in 1994 that’s focused on Kansas-based businesses. The firm invests predominantly in small companies that have superior growth potential in the areas of technology advancement, transfer, and commercialization.
Small businesses that receive financing from the Wichita Technology Corporation may also receive in-depth consulting and guidance on business practices. Information about the application process for venture and seed-capital financing can be found on the firm’s website.
Midwest Venture Alliance
The Midwest Venture Alliance was founded in 2005 as a network of accredited investors that focus on providing financing to high growth companies in the Midwest. Both venture capital and early-stage financing are available through the firm, mainly to small businesses in the technology sector.
The investment firm offers financing ranging from $250,000 to $2 million to small businesses that show signs of a significant return on investment. The investor network also provides reviews of business plans and investment opportunities in the state, as well as access to an experienced team of managers and business professionals. Information about application requirements can be found online.
Open Prairie Kansas
With offices throughout the Midwest, Open Prairie offers investment capital to businesses across a variety of industries. The firm’s Kansas office has managed multiple investment funds consisting of several small businesses in the area, all with the potential for high-performance returns to investors. Open Prairie allows small businesses in Kansas to submit their business plans and financing requests via phone or through an online contact form.
Author: Melissa Horton