With Kansas sitting geographically in the middle of America, having a strong economic foundation makes it an excellent choice for entrepreneurs to start up or expand their businesses. But the proper funding to start or grow a business is essential. Luckily, there are a variety of government programs, non-profit loans, and local lenders that are specifically designed to help small business owners in Kansas. Here are 20 ways to secure small business loans in Kansas:
Government Programs and Non-Profit Loans
1. Kansas Small Business Development Center (KSBDC)
The KSBDC offers free consulting, workshops, and loan preparation. Their experts connect small business owners with funding opportunities, including federal and state-backed loan programs. Entrepreneurs can also receive guidance on business planning and financial management.
2. Kansas Department of Commerce (KDOC)
KDOC also provides various funding programs: the Community Development Block Grant (CDBG) Program. The program assists small businesses in rural Kansas through economic development and job creation.
3. Small Business Administration Loans
The SBA Kansas District Office provides financing services, including 7(a), 504, and microloans. It provides loans for working capital, real estate, and equipment for Kansas entrepreneurs with better loan terms.
4. NetWork Kansas E-Community Program
NetWork Kansas partners with local communities to offer low-interest loans and gap financing. The program targets startups and growing businesses, especially in rural Kansas.
5. Kansas Angel Investor Tax Credit Program
Administered by the KDOC, this program encourages private investment in startups by providing tax credits to angel investors. Entrepreneurs enjoy increased access to equity funding.
6. Rural Opportunity Zones (ROZ) Loans
The ROZ Program offers loan repayment assistance and funding incentives for businesses relocating or starting in rural Kansas counties. This initiative is designed to attract talent and business investment to underserved areas.
7. Kansas Agricultural Loan Guarantee Program
The Kansas Department of Agriculture provides loan guarantees for agribusinesses and farms. This program supports agricultural enterprises in securing financing for operations, equipment, and expansion projects.
8. Kansas Women’s Business Center (KWBC)
The KWBC provides microloans, mentoring, and educational resources specifically for women entrepreneurs. They focus on empowering women-led businesses with tailored financial solutions.
9. Kansas City Economic Development Corporation (KCEDC)
The KCEDC facilitates access to funding programs and small business loans and assists entrepreneurs in the Kansas City metropolitan area. Their assistance empowers businesses to support regional economic growth.
10. NetWork Kansas StartUp Kansas Fund
This fund assists entrepreneurs in rural Kansas, allowing them to start-up or expand their business due to gap financing. More so, it is used by businesses that cannot meet the requirements of a loan from a traditional source.
Find the right loan product for your business.
Local Bank and Credit Union Loans
11. INTRUST Bank
INTRUST Bank bank provides small business loans such as SBA, lines of credit, and term financing. With the personal touch, the people at INTRUST bank can assure Kansas entrepreneurs are financially supported.
12. Equity Bank
Equity bank has a wide array of financing options, which comprises of SBA-backed loans, equipment financing, commercial mortgages, and much more. They are on their mission to help local businesses thrive.
13. Central National Bank
Central National Bank provides specialized loans for small businesses, especially on flexible terms for the purchase of equipment, real estate investments, and working capital.
14. Emprise Bank
Emprise Bank provides competitive small business loans and SBA financing. They cater to the needs of Kansas entrepreneurs through their customized services.
15. Sunflower Bank
Sunflower Bank provides customized financial solutions, such as lines of credit and working capital loans. The bank helps achieve the growth objectives of various businesses across Kansas.
Alternative and Specialized Funding
16. Crowdfunding Sites
The platforms of Kickstarter and Indiegogo are used for the direct collection of funds by Kansas entrepreneurs from the supporters. It is used for innovative and community-focused projects.
17. Angel Investors and Venture Capital
Mid-America Angels network connects Kansas startups with angel investors and venture capital firms. They are useful for high-growth businesses requiring equity funding.
18. Renewable Energy Business Loans
Kansas’s Renewable Energy Program, for example, can help companies that invest in renewable energy or energy efficiency projects through loans. Loans of this nature promote sustainable ventures but save operational costs.
19. Local Economic Development Loans of Kansas
Cities, including Wichita and Topeka, offer small business loans and grants from the local economic development departments. This helps in the pursuit of innovation, job creation, and local economic development.
20. Support from Kansas Chamber of Commerce
The Kansas Chamber of Commerce and local chambers offer lobbying, networking, and funding resources. All these have assisted small businesses in better navigation through the maze of obtaining funding.
Conclusion
Kansas has the capability to get small business loans through available resources and planning. Ranging from the government-backed programs such as the NetWork Kansas E-Community Program to alternative funding sources and local banks, opportunities are available in Kansas to entrepreneurs. It is in such resources, like KSBDC and KDOC, that assist businesses with funding.
Pros
Cons
Funding Options
