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Small Business Loans in Nebraska (2021 Update)
Nebraska may not be the most progressive state in America for small business growth, but there are still almost 150,000 entrepreneurs throughout its cities and small towns. Entrepreneurship is steadily growing throughout the country, allowing people to truly live the American dream. Unfortunately, many people who would otherwise be successful at running their own businesses are not able to do so because of a financial block that prevents them from starting things up or keeping things going. This is where a small business loan comes into play. Millions of people nationwide have received loans specific to their business needs, giving them much-needed cash to put into the equity of their companies.
How to Know When You’ll Need a Loan
If your company is doing well, bringing in a large revenue and you’re finding it easy to make ends meet, you probably won’t benefit much from a loan. However, if you’re struggling to stay afloat or need a large amount of money upfront to expand your company, a small business loan is an ideal option for you. Lenders that give out small business loans look at a company’s risk value to determine if they are a viable candidate for the loan. For risky or niche companies, loan approval may seem like a never ending battle. Brand new companies may also be denied loans because of the high rate of failure among recently-established businesses.
The Application Process
Unlike traditional personal loans, the loan application requires thorough business-related data. You’ll need to give company documentation to the bank that tells them you’ll benefit from the money. Lenders want to know how much you’ll need and where all of that money will be spent. They want to know that your company doesn’t have a chance of failing while you still have the loan taken out. If your company should fail while still repaying the loan, the lender will take any tied-up capital to protect themselves. This prevents individuals from having to repay a loan after their business has failed.
Approval and Repayment
Depending on the lender, it could take days or months to get approved for your loan. The average wait time is roughly 45 days from the start of the application to actually receiving your money. Repayment is done in either five, ten or fifteen-year increments, giving you adequate time to pay back the loan and get it off your hands. Your interest rate plays a big role in how much money you’ll pay back in comparison to what you received. The typical loan rate is currently held at six percent. Looking for a bank that offers a low interest rate helps to make those monthly payments more affordable.
Banks in Nebraska That Offer Small Business Loans
For your business loan needs, check out these highly rated banks in Nebraska:
Adams Bank and Trust
Adams Bank and Trust first opened its doors to the public in 1916 in its first location in Ogalla, NE. Since then, they have opened branches in other states as well.
The Tilden Bank
Serving Madison and Antelope counties in Nebraska, The Tilden Bank was founded in 1887. Despite its total asset size being less than $100 million, it has managed to grant small business loans worth $13.8 million in just a year.
First State Bank
First State Bank first opened in 1905 in Gainesville, Texas. However, it also has a branch in Gothenburg, Nebraska.
Gothenburg State Bank
Under the leadership of Mr. Luke M. Rickersten, Gothenburg State Bank offers a wide array of banking, insurance, and investment services to individuals and businesses in Nebraska.
Security State Bank
Based in Pearsall, Texas, Security State Bank has expanded its servicing area to include other states such as its branch in Ansley, Nebraska.
Thayer County Bank
Thayer County Bank is headquartered in Hebron, Nebraska – the same place where it erected its first branch in 1874. Today, it operates under Thayer Agency, Inc.
Top Cities in Nebraska and Their Lenders
Nebraska is one of the many states that makes up the nation’s Midwest region. Like most of the Midwest, Nebraska played a major role in the nation’s agriculture industry during the early years of its existence. Since then, a number of other industries have moved into the area. Manufacturing plants and assembly lines play a major role in the local economy. If you’re looking to start a business in almost any industry, there should be a city that can help your business thrive. Nebraska is still largely rural, but there are a few major cities that have the infrastructure you’ll need to start great small business. This article will further examine the best small cities in the region for small business owners. We’ll also provide you with our favorite lenders in each city!
Omaha is most well-known for hosting the annual Little League World Series. But this large city in Nebraska has plenty more to offer to small business owners. With a diverse economy that benefits from financial services, insurance, and communications, Omaha is a top place to move to. In fact, Warren Buffet’s company Berkshire Hathaway is based in Omaha. Below is a list of our favorite lenders in the area:
First Westroads Bank
First Westroads Bank is one of the top lenders in the Omaha, Nebraska region. It provides small business loans to a variety of different businesses in the city. If you’re looking for a local lender with a good reputation in Omaha, this is a good option. They also have traditional business banking services for their clients.
Enterprise Bank of Omaha
Enterprise Bank of Omaha is another local lender with a large presence in Omaha. They provide their customers with a range of different lending products that can help grow businesses. You can access term loans, lines of credit, and other business loans for your new company. They have a local office so you can speak with a loan specialist.
Lincoln is the second largest city in the state of Nebraska – it’s also home to the University of Nebraska. Much of the local economy is based around retail and hospitality that caters to the area’s students. If you think you could benefit from starting a business in one of these industries, it’s a great city to consider. Below are our favorite lenders in the area:
First State Bank
First State Bank is our favorite lender in the Lincoln, Nebraska region. They have a deep understanding of how the local business environment operates. They’re a good partner to have if you’re new to Lincoln. They also have commercial banking services if you need them. First State Bank also provides their clients with SBA loans if needed – they can walk you through the entire process.
Cornhusker Bank is a regional bank in the Midwest of the country that provides small business loans to a variety of business owners in Lincoln. Like First State Bank, they also have a deep understanding of the local economy. They’re the perfect partner for anyone who thinks they need full-service banking solutions on top of their lending.
Grand Island, Nebraska
Grand Island is the third largest city in the state of Nebraska. The area is well-known for being a retail hub for the surrounding areas. Our top lender in Grand Island is listed below:
Home Federal Savings & Loan
Home Federal Savings & Loan is our top pick for the Grand Island area. They’re well known for providing business banking and lending services to companies in the Grand Island area. They’re a great partner if you need a term loan or business line of credit for your new company.
Kearney is another retail hotspot in the state of Nebraska. If you have a specific retail niche you’re trying to ender, it’s a good city to consider. Below is our top small business loan provider in the Kearney, Nebraska area:
Five Points Bank
Five Points Bank is a small, regional bank that provides small business loans to certain areas of Nebraska. If you’re in Kearney, they’re a great choice for a small business lending partner. They know how to provide their clients with full-service lending solutions to better their businesses in the long run.
Hastings, Nebraska is a small city that has a well-established presence in the manufacturing industry. If you’re looking to enter manufacturing or retail, Hastings is an affordable spot to open a new business. Below are our favorite lenders in the area:
Pinnacle Bank is our top pick for Hastings, Nebraska. They have both consumer and business lending facilities that can help you get the most from your financing. They provide traditional term loans and business lines of credit. For a small bank, they have a great online portal.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don’t worry as there still may be other alternative lenders willing to work with you.