Find the Right Small Business Loan for You
Small Business Loans in Idaho
Idaho may not be the most progressive state in terms of entrepreneurship, but there are still almost 200,000 businesses throughout this beautiful area. Most of these companies run on their own without help from employees or other staff. There has been a steady increase in the amount of small businesses throughout America, making entrepreneurship quite common among individuals looking to get away from the monotony of corporate employment. Taking out a small business loan is essential for struggling individuals who need to get their ideas off the ground.
Why a Small Business Loan?
You might be wondering why a person would take out a small business loan as opposed to a personal loan. For starters, higher amounts can be obtained through a business loan. The average personal loan is roughly $5,000, whereas the typical business loan can range from $1,000 to millions of dollars. Business loans are tied up in the capital of a company, which means that if the company should fail, the owner may not be responsible for repayment of the loan.
Finding the Best Loan in Idaho
If you’re living in Idaho, there are a variety of banks you can choose to get your small business loan from. Here is a list of some of these financial lenders:
- Syringa Bank
- Ireland Bank
- D.L. Evans Bank
- Idaho Independent Bank
- The Bank of Commerce
The Application Process
During the application process, you’ll need varying documentation to support your company’s goals and assets. The lender will not give out loans to companies that work in a niche market or have very little chance of succeeding. Your business’s liability is a main concern for the bank offering loans. They want to know that they’re giving out money to owners who are responsible and have a great chance of developing a prosperous business. It is important to note that many lenders won’t give out loans to brand new companies that are freshly established. Businesses should be more than a year old to qualify for a loan.
It takes about 45 days from the start of the application to the end of approval to receive your money. Certain lenders look at credit scores differently, so having a bad score isn’t necessarily a determining factor when applying for a loan. As long as your business has growth potential and the ability to develop revenue to pay back the loan, your credit score shouldn’t be a big deal. On the other hand, certain lenders will only approve loans to individuals with good or excellent scores, so it really depends on the bank you’re using.
Having Clear Goals for the Loan
As a business owner, it’s important that you have a solid plan for where that loan money is going to be used for. This improves the chances of the loan working for you and providing you with the essential cash you need to get your company functioning. Whether you’re using the loan to bail out a failing business or need money to expand, you need to have an objective and follow through with it.