Here are some helpful tips on how to get a small business loan in Overland Park, from the small business champion—Cornerstone Bank. You can always use our online tool to see which loan could fit your needs, or contact us for more information and help.
Tip 1: Decide what type of small business loan you want
As you crunch numbers for your business’s operation costs and forecasted expenses, think about everything for which you might need money:
- Space rental or purchase
- Raw materials or retail merchandise
- Marketing collateral
- Payroll for yourself as well as employees
This helps you set expectations for current budgeting and future growth.
Tip 2: Talk to lenders who actually want to talk to you
If you googled “how to get a small business loan in Overland Park,” you’ve probably been inundated with web ads for online loans. With all due respect to those institutions, you might also think about the community banks in your area.
According to a report from the FDIC, community banks are more likely to supply loans to local small businesses.
In our opinion, the bank where you do business should help the businesses where you live. If that bank invests in your community and helps it grow, that can only help your small business grow too!
Tip 3: Get help from professionals who know your area
Talk to local business owners about their experience. Talk to the Chamber of Commerce about fiscal expectations for the city’s growth. And ask your bank for help navigating the community’s business waters. The bank loan officer should be willing to understand your books, your process, and your future growth plans.
Tip 4: Have the paperwork ready when you apply
When you and your banker have uncovered which loan will work best for your small business needs, you’ll have to have some paperwork ready when you apply. This will include:
- The name and address of the business (if you already have a location)
- The business tax ID number
- Details about the company owners
- Your financial statements for the business and possibly yourself
- The business plan
- The loan proposal
There may be more paperwork involved, or there may be less. Your loan officer will help you prepare for that moment, so that you have the best chance for success.
Your best option for a small business loan: a community bank
Even the FDIC has recognized that community banks specialize in providing loans to small businesses. Up to 60%* of all small business loans are made by community banks. For farmers who need loans, it jumps to 80%.
Get a small business loan in Overland Park at Cornerstone Bank
John K. Doull, the President and CEO of Cornerstone bank, believes 100% in building community relationships. He started Cornerstone Bank in his basement in Overland Park over 20 years ago. Today John lives his dream every day, helping other small business owners.
Contact us for one-on-one personal attention, and professional guidance on how to get a small business loan. You can also apply online for an account or use our online tool to discover which loan could fit your needs. Small business is a big deal, every day, at Cornerstone Bank.