GoSBA’s Top 50 Missouri SBA Lenders in 2024
Overview of SBA Loans in Missouri
Missouri, with a population of approximately 6.2 million people, boasts a diverse economy supported by industries such as healthcare, manufacturing, agriculture, and finance. The state is home to a range of businesses, from startups to large corporations, and benefits from its central location, which facilitates logistics and distribution activities. With cities like St. Louis, Kansas City, and Springfield, Missouri offers a conducive environment for businesses to grow and succeed.
Popular industries in Missouri include healthcare, agriculture, manufacturing, finance, and transportation. In FY 2023, Missouri SBA loan providers funded 2,500 businesses, with a total loan volume of $1.8 billion. Missouri also has a vibrant entrepreneurial community, with many women-owned businesses making significant contributions to the state’s economic growth.
Finding the Best Missouri SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Missouri for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Missouri.
Challenges in Accessing SBA Loans in Missouri
A significant challenge for small businesses in Missouri is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like UMB Bank, Commerce Bank, Central Bank of the Midwest, Enterprise Bank & Trust, Hawthorn Bank, U.S. Bank, Regions Bank, First Bank, Central Trust Bank, and Academy Bank. These ten lenders funded 1,300 businesses in Missouri, with a combined loan volume of $1.4 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps Missouri Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in Missouri, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 Missouri SBA lenders in 2024.
Top 50 Missouri SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| OakStar Bank | $12,111 | $48,272,300 | 70 | 10.57% |
| Regent Bank | $4,032 | $18,530,400 | 31 | 10.16% |
| Live Oak Banking Company | $1,471 | $15,303,000 | 9 | 9.83% |
| The Huntington National Bank | $4,590 | $15,223,600 | 32 | 10.48% |
| U.S. Bank, National Association | $9,129 | $11,672,200 | 87 | 10.16% |
| Newtek Bank, National Association | $2,460 | $8,855,100 | 16 | 11.72% |
| OMB Bank | $3,132 | $8,337,600 | 19 | 10.82% |
| The Bank of Houston | $1,311 | $8,245,000 | 9 | 10.94% |
| Midwest Regional Bank | $1,804 | $7,801,000 | 12 | 11.13% |
| First Chatham Bank | $612 | $7,000,000 | 2 | 10.50% |
| Commerce Bank | $3,462 | $6,154,800 | 31 | 9.36% |
| St. Louis Bank | $1,038 | $6,077,000 | 7 | 10.93% |
| Customers Bank | $540 | $5,957,300 | 3 | 9.75% |
| Midwest BankCentre | $144 | $5,445,000 | 2 | 9.50% |
| The Central Trust Bank | $3,378 | $5,393,800 | 28 | 10.66% |
| BayFirst National Bank | $4,320 | $5,176,300 | 36 | 13.15% |
| Peoples National Bank, National Association | $240 | $5,150,000 | 2 | 8.75% |
| Simmons Bank | $720 | $5,048,700 | 6 | 10.33% |
| Old National Bank | $420 | $4,948,300 | 2 | 8.38% |
| CommunityAmerica CU | $552 | $4,924,700 | 5 | 9.00% |
| Bank of Springfield | $435 | $4,631,000 | 6 | 8.66% |
| Shoreham Bank | $720 | $4,598,000 | 3 | 10.83% |
| UMB Bank, National Association | $973 | $4,522,900 | 10 | 9.32% |
| First Financial Bank | $780 | $4,076,000 | 3 | 7.93% |
| American Bank of Freedom | $648 | $3,999,000 | 5 | 10.90% |
| People’s Bank of Seneca | $312 | $3,937,900 | 1 | 9.00% |
| CIBC Bank USA | $761 | $3,692,300 | 5 | 10.80% |
| Branson Bank | $1,620 | $3,572,000 | 9 | 9.06% |
| Stone Bank | $300 | $3,490,000 | 1 | 11.00% |
| First Internet Bank of Indiana | $360 | $3,372,000 | 3 | 11.08% |
| Readycap Lending, LLC | $3,108 | $3,185,000 | 25 | 13.82% |
| Enterprise Bank & Trust | $576 | $3,172,000 | 7 | 9.46% |
| First Savings Bank | $900 | $3,090,000 | 6 | 11.25% |
| Wells Fargo Bank, National Association | $420 | $3,054,000 | 2 | 7.95% |
| Byline Bank | $540 | $3,010,000 | 3 | 11.17% |
| First Service Bank | $180 | $3,000,000 | 1 | 10.00% |
| United Bank of Union | $1,296 | $2,989,500 | 7 | 9.00% |
| Southern Bank | $1,239 | $2,865,900 | 9 | 11.25% |
| First Bank of the Lake | $1,080 | $2,825,100 | 9 | 12.69% |
| Citizens Bank | $792 | $2,760,700 | 5 | 11.20% |
| Bank of Franklin County | $366 | $2,679,300 | 3 | 9.00% |
| Small Business Bank | $1,680 | $2,672,200 | 8 | 10.75% |
| Kendall Bank | $288 | $2,530,500 | 3 | 11.00% |
| Equity Bank | $1,020 | $2,515,700 | 6 | 9.59% |
| CrossFirst Bank | $426 | $2,510,000 | 2 | 10.38% |
| The Bank of Missouri | $840 | $2,507,900 | 7 | 9.64% |
| Millennium Bank | $300 | $2,495,000 | 1 | 10.00% |
| The Bancorp Bank National Association | $360 | $2,458,800 | 3 | 9.42% |
| United Midwest Savings Bank, National Association | $1,140 | $2,426,000 | 8 | 11.22% |
| Cadence Bank | $720 | $2,195,000 | 6 | 11.25% |
Leading Missouri SBA Lenders by Loan Volume
Analyzing the table above, OakStar Bank leads the way in Missouri with the highest loan volume, funding over $48.27 million across 70 loans. This positions OakStar Bank as a strong choice for businesses looking for substantial financing in Missouri.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, OakStar Bank also takes the lead with 70 loans totaling over $48.27 million. This makes OakStar Bank highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Missouri
Regent Bank and The Huntington National Bank are also significant players in the Missouri SBA lending market. Regent Bank funded 31 loans totaling $18.53 million, while The Huntington National Bank provided 32 loans with a loan volume of $15.22 million. These institutions are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like OMB Bank, First Chatham Bank, and Commerce Bank provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Missouri?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Missouri. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Missouri Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Missouri’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Missouri?
If you’re ready to find the best SBA lenders in Missouri, contact us to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
