Depending on your business need, our loan team will recommend which mid-size loan program is the best fit for you.

 

The SBA and EDA loan programs provide funding options ranging from $50k-$300k.

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The US Department of Commerce is investing in the EDA program to provide more funding to small businesses across the state of Kansas.

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Requirements

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• Business must be located in one of the following fourteen (14) south central Kansas counties: Butler, Chautauqua, Cowley, Elk, Greenwood, Harper, Harvey, Kingman, McPherson, Marion, Reno, Rice, Sedgwick, or Sumner.

• Funding to foster job creation or retention

• For-profit business

• Individuals that own 20% of more of the business must be willing to act as personal guarantors

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Rates and Fees

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• Interest rates vary and will be estimated at the time of application

• Closing fee 2%

• Any direct or third-party closing costs associated with the loan

Terms​

• Up to 15 years based on the use of funds

• No prepayment penalty

SBA Community Advantage

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The SBA provides a mid-size loan option for small businesses seeking funds for startup costs and long-term working capital.

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Requirements:

• For-profit business in Kansas

• The business is valued at less than $15 million and has an after-tax profit of less than $5 million a year, the average of two years

•  Business owner will occupy 51% or more of the commercial real estate being renovated or purchased

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Community Advantage Loans Help Disadvantaged Business Owners

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• Business located in low to moderate income census tracts, empowerment zones, enterprise communities, or HUBZones.

• Businesses where more than 50% of the full-time workforce is low income or resides in low to moderate income census tracts

• Startups and business less than two years old

• Businesses that are more than 50% owned by veterans, minorities, or women.

• Rural business owners

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Rates and Fees

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Interest Rates

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Our Community Advantage loan program has a variable rate of the Wall Street Journal (WSJ) Prime Rate + 2.75%, adjusted quarterly per changes in the WSJ Prime Rate.

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Fees

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• Packaging fee of 2% of the gross loan amount or $2,500, whichever is less

• Guarantee fee of 2% of the guaranteed loan portion for loans less than $150,000

• Guarantee fee of 3% of the guaranteed loan portion for loans $150,001 - $250,000 

• Any direct or third-party closing costs associated with the loan