UMB Bank Business Loans Review

(April 2024)

UMB Bank Business Loans Review

In This Article

Our Verdict

Try out United Missouri Bank (UMB) if you are on the lookout for flexible solutions tailored to your situations, responsive customer care, and a partner to help you leverage opportunities and plan for the short and long term. With over 100 years of banking experience, UMB offers banking and lending solutions, as well as wealth management and asset servicing.

UMB has been providing financial services since 1913, specializing in customized banking products and services. Ranking as one of America’s best banks in 2015 by Forbes and SNL Financial, UMB is based in the United States, and its headquarters is located at 1010 Grand Boulevard, Kansas City, MO 64106.

Don’t consider UMB if you are looking for trends. They’d rather focus on their long-held values than follow trends.

You may need to contact UMB directly via contact links on their website or call  844-958-1299 to get details about their business loan offer, such as amount, duration, interest, etc, as they are a bit discreet, and do not release such information to the public.

Pros

  • Operates 95 branches spread across eight states
  • offers a range of different business loan product 
  • one-on-one support and direct access to your UMB team
  • competitive terms and rates for its business loans.

Cons

  • Detailed information about the amount and duration of their loans is not released to the public.
  • Strict requirements to qualify for business loans
  • Unavailability of UMB in all states

Who This Product Is Best For

UMB Bank

You can get a business loan at UMB if:

  • You are an established businessperson or a new entrepreneur with valuable assets
  • You have excellent credit and several years in business to be eligible
  • Your business is for-profit 
  • Your business’s physical location is in the United States.
  • You provide various documents, such as financial statements, tax returns, business plans and legal documents.
  • You have assets, such as machinery, automobiles, trucks, or equipment and furniture items.

Who This Product Isn't Right For

Don’t consider applying for UMB business if:

  • you are located outside of these states: Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska, Oklahoma and Texas.
  • You have poor credit.
  • You don’t have the required documents.
  • You don’t have valuable assets.

What This Product Offers

  • Business Line of Credit

This allows you to borrow, repay, and re-borrow the amount you need, when you need it, with flexible terms and rates.

  • Equipment loans

This helps you finance the purchase of equipment for your business, with low down payment options and convenient payment plans.

  • Term loans

This lets you stretch out payments for a longer timeframe than typical business loans, with a predictable amortization schedule and a financing structure that matches the life of the collateral.

  • Small Business Administration (SBA) loans

This is a program that UMB Bank participates in as an SBA-certified lender, offering longer terms, tailored rates, and broad qualifying business purposes for various business expenses.

  • Business aviation lending

This is a specialized service that UMB Bank provides for businesses that want to invest in aircraft for efficiency, flexibility, and mobility. UMB Bank offers custom financing solutions and specific aviation experience.

Product Details

Inside UMB Bank

You cannot get details of their business loan, like the range of amount and duration, directly on their webpage, unless you follow the link to speak with the contact person, so visit the website-https://www.umb.com/business-banking/business-lending, and follow the required links or cal844-958-1299 to speak directly with their staff and get all the product details before you apply.

Where This Product Stands Out

  • UMB has a long history and reputation for providing quality financial services to its customers. UMB was founded in 1913 and has grown into a national institution with over $34 billion in assets.
  • UMB offers a variety of business loan products to suit different needs and goals. You can choose from term loans, business lines of credit, equipment financing, SBA loans, and business aviation lending.
  • UMB provides custom solutions, responsive service, and strategic insight to help you grow your business with confidence. You can expect to receive one-on-one support and direct access to your UMB team.
  • UMB participates in SBA programs that offer longer terms, tailored rates, and broad qualifying business purposes for various business expenses. UMB is an SBA-certified lender with a streamlined underwriting process.

Where This Product Falls Short

UMB has strict requirements to qualify for its business loans. You will likely need excellent credit and several years in business to be eligible. You will also need to provide various documents, such as financial statements, tax returns, a business plan, and legal documents.

UMB does not specify the range of amounts or duration for its business loans on its website. You may need to contact UMB directly to get more details and apply for a loan.

UMB may not be available in your area. UMB has branches and offices across eight states: Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska, Oklahoma, and Texas. If you are located outside of these states, you may not be able to access UMB’s business loans easily.

How to Qualify for This Product

What you need to qualify differs depending on the type and amount of loan you are applying for. To qualify for UMB business loans, you will need to get directly in touch with them. This is because they are discreet with any information in this regard, however, based on some other findings, some basic requirements you should prepare for include:

  • You must have a business that is registered and operating in the United States.
  • You must have a business bank account with UMB or another bank.
  • You must have a good credit history and score, preferably above 680.
  • You must have a positive cash flow and sufficient revenue to repay the loan.
  • You must have been in business for at least two years (or longer) for some loan products.
  • You must provide various documents, such as financial statements, tax returns, a business plan, and legal documents.

How to Apply for This Product

You may need to contact UMB directly to get more details and apply for a loan. Consider any of these options:

  • You can visit a UMB branch near you and speak to a loan officer who can guide you through the application process. You can find the nearest branch by using the online locator tool on the UMB website.
  • You can call the UMB customer service number at 800-860-4862 and request to speak to a loan specialist who can assist you with the application process over the phone. You can also use this number to ask any questions or get more information about UMB bank loans.
  • Depending on the type and amount of loan you are applying for, you may need to provide various documents, such as financial statements, tax returns, business plans, and legal documents. You may also need to meet certain eligibility criteria, such as having a good credit history, sufficient revenue and cash flow, and a minimum time in business.

Alternatives to This Product

In case you don’t get what you need from UMB, you can try any of these other alternatives:

Bank of America

Check out Bank of America to access commercial real estate loans plus all the other business loans offered by UMB Bank. You will also get free business credit score monitoring and interest rate discounts. If you qualify, you also receive free interest rate discounts and business credit score monitoring. Consider this bank to enjoy reasonable interest rates, individualized service, and a simple application process.

Wells Fargo

Consider Wells Fargo if you need business loans with longer terms, lower down payments, flexible loan terms, lower interest rates and broader qualifying purposes than conventional loans. You will also get lines of credit, term loans, equipment financing and commercial real estate loans.

Live Oak Bank 

Try out Live Oak Bank if you are into agriculture, healthcare, veterinary medicine, pharmacy, and more. You can access high loan amounts, long repayment terms, and low-interest rates.

UMB Bank

Think about applying to UMB Bank if you need a multifamily real estate loan lender. It also has term loans, lines of credit, SBA loans, and business credit cards with attractive rewards and benefits.

US Bank

Look into applying for loans at US Bank to get additional services like equipment financing, and commercial real estate loans. You will enjoy accommodating repayment terms and low-interest rates, and excellent customer service and support.

Customer Reviews

See the following customer reviews of UMB bank, gathered from various websites and platforms, such as Consumer Reports, SmartAsset, Bankrate, and Trustpilot. Some portray a depressing picture of the testimony of unhappy clients who, among other concerns, faced a variety of problems with the convenience of locations and wait times, limited availability in some states, high minimum balance requirements for some accounts, low interest rates compared to online banks, poor customer service, hidden fees, technical glitches and account closures, unreasonable fees, and poor account management. On the other hand, some other customers praised UMB for its security and convenience.

Methodology

We reviewed UMB business loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated UMB 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 score and time in business requirements and the geographic availability of the lender. 

Finally, we evaluated UMB 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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