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.
Top Cities in Idaho and Their Lenders
Idaho is one of the major powerhouses in the Midwest. It’s well known for its manufacturing and agricultural industries. While the state is widely recognized, it’s not very populated. There are only a few major cities in the area for people looking to start new businesses. Fortunately, all of your choices have the necessary infrastructure to get successful business off the ground. You may also be surprised about the level of technology present in the region. Some of Idaho’s cities have become a hotbed for various types of technological industries. The state is also much more affordable than many other parts of the country.
This portion of the article will examine the top Idaho cities for business. It will also help you determine which local small business lender is right for you!
Boise might be a Midwestern city in Idaho, but the area is most well-known for its role in the technology sector. If you’re looking for a city that has a devotion to tech, this might be a good option. It also has affordable living costs. Below are the small business lenders we recommend in the area:
Idaho Independent Bank
Idaho Independent Bank is one of the largest local banks in Idaho. They have a large presence in the Boise region, so they’re a good match for people who want a local lender with a lot of power. They provide a range of different lending products for business owners – including SBA loans and regular term loans.
Idaho Central Credit Union
The Idaho Central Credit Union is another large lender that has a reputation for providing great small business lending products to clients. If you’re looking to work with a small business lender that has a good reputation, this is another good option for Boise.
Nampa is just 20 miles outside of Boise. It’s a good alternative if you’re looking for a cheap place to set up a business. It also benefits from the same industries as Boise. Below are the lenders we recommend in Nampa:
Mountain America Credit Union
Mountain America Credit Union is a large credit union that provides business loans to various different states in the Midwest. The lender has a longstanding reputation for successful relationships with their clients. If you’re looking for a regional lender that has a local presence, this is one of your best options.
Idaho Independent Bank
As Nampa is an extension of Boise, we also recommend that Nampa residents consider the Idaho Independent Bank. They have a great reputation with business owners in the area. They’ve been working hard to help small businesses get the financing they need!
Idaho Falls, Idaho
Idaho Falls used to be a powerful agricultural hub, but recent times have seen the city turn into a base for a variety of different industries. If you want to start a business in retail or entertainment, this is a good option. Below are the lenders we recommend in Idaho Falls:
Bank of Idaho
Bank of Idaho is a mid-sized bank that has a branch in Idaho Falls. They’re a great lender that can help a range of different industries. They have different lending strategies depending on the type of business you own. They also provide banking services – using them is a great way to centralize all aspects of your business’s finances. They give their clients SBA loans, business credit cards, commercial real estate loans, and other types of term loans!
Idaho Central Credit Union
Idaho Central Credit Union also has a branch in the city of Idaho Falls. We highly recommend this lender if you’re only looking to borrow money. They have a large client base in Idaho falls – if you want to work with a company that understands the local economy, this is a good option.
Idaho State University is located in Pocatello – it’s definitely dependent on the university for much of the local commerce. The best business lender in the area is listed below:
L. Evans Bank
L. Evans Bank is a small local bank in the Pocatello area. They’re a really great option for new business owners in the Pocatello region. They provide great rates and flexible terms. They’re the perfect option for business owners who want to customize their loans.
Caldwell is another smaller city that is considered part of Boise. The area is also well-known for its technology sector. Many of the people that live in Caldwell work in Boise. Below is the top lender for the Caldwell region:
Idaho Independent Bank
As Caldwell is considered part of the metropolitan district of Boise, we also recommend that Caldwell business owners use the Idaho Independent Bank. They’re a great option for a business of any size. They have a local presence that can help you get a personal touch on your business lending.