INTRUST Bank started in 1876 and is headquartered in Wichita, Kansas. The company is a top financial provider in the Midwest and has around $5 billion in assets. INTRUST Bank focuses on providing excellent customer assistance, high-quality products, and personal and business financial services. In addition to small business loans, the company also offers lines of credit, term loans, and real estate. The bank is a member of the FDIC. Customers can come to this company for small business loan services, and funding up to $5 million.
To qualify for a small business loan from INTRUST Bank, clients must be a member of the bank, or an existing resident in Oklahoma, Missouri, Arkansas, or Kansas. The company’s website does not explain fees or specific interest rates since rates depend on each business’s unique situation. Other benefits of the INTRUST Bank platform include:
Clear Application Process
To apply, people must first tell INTRUST Bank about themselves, and then describe their loan request and business’s current finances. INTRUST Bank will verify the client’s information, and review authorizations. From there, clients can submit the simple and quick online application, and will then be contacted by an INTRUST Bank representative by phone within 24 hours.
The approval process is also quick and painless.
Small Business Loan Services
INTRUST Bank offers services to businesses of all sizes and provides customized credit solutions. The company offers 2 main kinds of small business loan programs, including the SBA 7, and SBA 504.
The SBA 7 loan programs consist of PLP, Express, Export Express, CapLines, The Export Working Capital, and International Trade programs.
For the SBA 7, clients can borrow up to $ million and can choose terms of seven to 10 years. The company boasts flexible repayment terms with competitive rates and payments. Down payments go as low as 10 percent, and the company has revolving lines of credit.
The SBA 504 program is geared toward business real estate, construction renovation, or equipment purchases. The program offers 10- and 20-year repayment plans with fixed rates. The down payment is also as low as 10 percent, and the owner occupancy rate is as low as 51 percent.
The website explains INTRUST Bank also offers lines of credit, and term loans for small businesses. Term loans can be used for any business purpose, and have flexible repayment terms with budgeted loan payments. Lines of credit are seasonal and for fluctuating business cash needs. This plan offers revolving and non-revolving options, and interest-only monthly payments based on the variable interest rate.
Online Small Business Loan Resources
INTRUST Bank offers a variety of online resources to educate business owners. The website organizes resources by different areas of service, including: Wichita, Northeast Kansas/Kansas City, and Oklahoma City.
With INTRUST Bank business loan solutions provide companies with the opportunity to get the funding they need. Despite offering this service, there are limitations that prospective borrowers should be aware of:
Website Lacks Program Information
Since credit solutions are tailored to each client’s business, loan specifications like terms, rates, and fees depend on each business’s unique situation. The website does not provide much specific information for INTRUST Bank’s small business loans; that means there is no interest rate, or fee information provided online. Prepayment, origination, and late fees are not at all explained. Typically, top companies in the industry are transparent about their programs, and will at least list their rates and APR upfront.
Additionally, the website does not provide the estimated time it takes clients to get approved, or how long it typically takes the company to deposit funds into client bank accounts.
Unclear Eligibility Terms
Eligibility requirements are not laid out and are unclear. The website only lists the following basic requirements:
Each applicant must be
- A U.S. citizen
- A Kansas, Oklahoma, Missouri, or Arkansas resident
- An INTRUST Bank customer
It is unknown whether or not the company has a minimum credit score requirement, minimum business time in operation, or annual revenue requirement.
Limited State Availability
INTRUST Bank deeply lacks availability and only provides small business loans to Kansas, Oklahoma, Arkansas, and Missouri. The company services the following cities: Wichita, El Dorado, Kansas City, Oklahoma City, Manhattan, Lawrence, Topeka, Junction City, and northwestern Arkansas.