Our Verdict
NBKC, also known as the National Bank of Kansas City, is one the highest-rated banks when it comes to the advancement of business loans. It enjoys great reviews among regulators and customers as well because of its seemingly favorable rates and fees. However, some of its lending products are only available to borrowers from Kansas City
NBKC offers both commercial lending and SBA loan products with one of the most favorable and attractive terms
Pros
- Offers government-backed loans
- Some products available online to all the 50 States
- The rates and fees are fairly low
- You can easily open online
- The down payments are not compulsory although may have effects on how much fees you pay
- Its upfront fees are low compared to other lenders
- The interest rates and fees are usually customized
Cons
- Permanent loans and lines of credit are only limited to the Kansas City area
- Rates, APR, qualification points, lender’s fees, and monthly payments are not visible unless you apply
Who This Product Is Best For
NBKC business loan product is best for you if you’re a business owner who:
- Wants to raise funds to purchase equipment, for working capital, technology investment, and project financing
- Is looking for lenders with low rates and fees
- Does not mind making an application for the loan before knowing the details because the rates and fees are mostly customized
- Lives or have a business within the Kansas City region of the United States
Who This Product Isn't Right For
Take deep consideration of these before you apply for NBKC’s loan product if you’re a business owner who:
- Has a credit score of less than 620
- Want a bank that declares fees and rates up-front.
- Does not live within Kansas City and needs a permanent loan
What This Product Offers
- SBA loans. NBKC provides SBA Loans for businesses that do not qualify for other NBKC loans. The SBA loans are the encouragement provision by the Small Business Administration to lenders to grant loans with lower rates for small businesses and reduce the risk of the lenders by guaranteeing the loans.
- Real Estate & Construction. When you are expanding your business and you need to buy properties or build new ones, the NBKC real estate and construction loans are what you need.
- Line of Credit. A line of credits is a preset maximum amount of money a business can draw in times of need they reach their credit limit. The NBKC line of credit is totally a secured one and it is only available to people living in Kansas City
- Commercial Lending. With this loan, you can start your business from the scratch. The loan will help you take care of the funds for necessities like office space, a warehouse, and some other special-use properties
- Equipment Loan. When you need cash to get new equipment or you want to upgrade to the trending inventories in your field of business, this type of loan is best for you.
Product Details
Line Of Credit
One of the products you get from the NBKC Bank is the Line of Credit it provides; this includes the Traditional Secured line of credit and the Real Estate line of Credit. The Traditional secured line of credit is used when you need a business loan and you put up something of worth as your collateral for what you need. For the Real Estate line of credit, it is like the HELOCs which collateral is dependent on how much equity you have in the real estate you are using as collateral.
Where it takes you beyond 10 days after your due date to pay up, you will pay 5% of the unpaid amount or $25 Late payment fees whichever is less.
Loan amount Minimum of $10,000
APR 5.2%- 18%
Terms 180 months
Repayment schedule Monthly
Down payment 3%
Late Payment Fee 5% of the unpaid amount or $25
Availability Kansas City
Equipment Loan
NBKC also offers equipment purchase loans as part of its product; this helps businesses purchase the equipment and machinery they need to grow their business. NBKC offers two types of Equipment loans; the first is the loan for equipment and machinery while the second type is for inventory and supplies. Do you want to purchase work vehicles, any large machinery, or expensive equipment for your business? Equipment and machinery loan is what you need. If you want to raise funds for your products that will bring cash flow to your business, it’s the equipment loan that you need.
NBKC bank does not display the loan details on the website, you need to contact the email of the representative on the website to know the details of the loan to decide whether you want to go ahead.
Commercial Lending
NBKC offers Commercial loans to deserving companies to build their businesses from the ground up. This loan targets more of securing offices, stores, warehouses, and spaces that relate to the existence of the business.
This loan is disbursed under different headings suggesting the aim;
Office Space: This loan is available for businesses which in trying to expand need to build or buy a workspace that perfectly fits the company.
Retail Space: It does not matter how long your business has been existing, when you need to expand your place of business or expand it beyond the last expansion, this is the loan to go for.
Multi-Family Residential Real Estate: do you want to invest in the real estate business and you have in mind the type of construction that will bring the perfect income, consider this loan.
Warehouses and Industrial Spaces: if you want to build or expand your warehouse, move your corporate headquarters, or intend to construct your manufacturing workshop, think about this loan.
Special use properties: Do you have a one-of-a-kind type of building in mind and you want to make it a reality, share the idea with NBKC under this loan head and see it come into reality; another wonder of the world.
NBKC bank does not display the loan details on the website, you need to contact the email of the representative on the website to know the details of the loan to decide whether you want to go ahead.
Real Estate & Construction Loans
The NBKC Real Estate and Construction Loans as it implies are for the support of all real estate owned by the business either through purchase or outright construction. This loan comes under the headings, SBA 504 Loan which is generally to help borrowing businesses build expansion edifice for their businesses, the Bridge Loan helps you get a new place while you dispose of the existing business space or business-owned property, and the Income Product Real Estate investment which lends money to your business to invest in real estate as part of your inventory with the aim of profit.
Like the NBKC loan products, the details are not on the website, you need to contact the email of the representative on the website to know the details of the loan to decide whether you want to go ahead.
SBA Loans
The NBKC SBA Loans is virtually the only type of loan a person outside the shores of Kansas City can access. Since the SBA is guaranteeing the loans, the NBKC makes them available online for borrowers all over the country.
This loan is mostly for those likely to fall short of the requirements to get approval for the standard NBKC loan. Even though the loan amount is usually not going to be enough for construction but it can surely help to upgrade assets, provide working capital or purchase inventory.
To qualify for the NBKC SBA Loans your business must either be a sole proprietorship, registered corporation, or professional partnership. The business must not be a non-profit organization and the directors of the business must be the direct owners of the business. The most important qualification for NBKC is of course your business is in line with the SBA guidelines.
Where This Product Stands Out
Fair and Favorable terms
NBKC is one of the loan banks with high customer ratings which is a clear indication that the terms and rates are indeed favorable, although no display of such is on the website it is deducible from the customer reviews.
Lending options tailored along Borrowers Need
From the names and nature of the lending options, it is quite obvious that NBKC loans are really business oriented. Borrowers are not at a loss by merely going through the lending options to know which option to go for.
Where This Product Falls Short
Most Lending Options available to Kansas City
NBKC loans are majorly available to borrowers only within the Kansas City region and not available to outsiders. Only the SBA Loans are online and available to all 50 States online customers.
Fees and Rates not easily accessible
Unlike other lenders, you cannot readily access the rates, fees, and qualifications for the various lending options except you contact their representatives directly
How to Qualify for This Product
You cannot specifically see the qualification for the lending option you want on the NBKC website. The qualifications we shall display here are the common ones with business loans
Credit History
Even though NBKC doesn’t post the credit score that can qualify you for loans but from research, it’s seen that a credit score of 620 and above is what you need to get approval for your loans. To be very sure of the credit score requirement for the loan product you opt for, contact the NBKC representative whose email address is on the product.
Longevity in Business
To get a business loan product anywhere, how long you have been in business is a very important question to answer because generally, lenders will not advance loans to a business novice.
Healthy Profit and Loss Statement
Is your business struggling? Does your profit and loss statement look good enough to boost your chance of loan approval? Deal with whatever is responsible for your struggling business before you apply for a loan. Lenders don’t usually feel safe approving loan products to struggling businesses.
How to Apply for This Product
To know the specific NBKC loan application requirements, contact the NBKC representative on the product page on the website to tell you the documents you need for the type of loan you request. However, banks generally require:
- Bank Statements of Account.
- Profit and Loss Statements.
- Balance Sheets
- Statement of Owners Equity
- Recent personal and business tax returns.
- Address, social security number, SSN, etc.
- Business Plan
Alternatives to This Product
Bluevine
Bluevine is one of the most prominent banks when it comes to seeking business lines of credit up to $250,000 with no monthly fees and unlimited transactions
Zil Banking
Zil Banking is an online bank that also meets your business needs with no hidden charges.
Customer Reviews
Better Business Bureau (BBBs) rating for NBKC is 4.85 out of 5 stars from the average of 1,538 customer reviews. In three years, about 51 clients made complaints.
Regions score the average rating of 3.0 out of 5 on Trust Pilot, according to 36 customer reviews.
Methodology
In reviewing NBKC business loans based on 20 data points in the categories of loan details, we used loan costs, eligibility and accessibility, customer experience, and the application process. We rated NBKC business loans based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender.
Finally, we evaluated NBKC business loans customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.
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