May 13, 2022
How to Get a Small Business Loan in Nevada
If you need capital to start or grow your business in the Silver state, rest assured there are many small business loans available to you. This blog post will cover everything you need to know about small business loans in Nevada.
Uses for Nevada Business Loans
While owning a small business is rewarding, it’s also costly. Whether you own a startup or an established business, there are many costs you have to cover. Fortunately, Nevada small business loans can help you pay for expenses, such as:- Startup costs
- Commercial real estate
- Inventory
- Equipment
- Payroll
- Marketing
- Expansion costs
Types of Small Business Loans in Nevada
There is no shortage of small business loans in Nevada. That’s why it’s a good idea to familiarize yourself with all your options. While some loans come with lenient requirements, others require strong credit and sufficient revenue.Term Loans
Banks, credit unions, and online lenders provide term loans to business owners. Once you receive loan approval, you’ll receive a lump sum upfront. Then, you’ll repay what you borrow through fixed monthly payments, which may range from a few years to several years or even longer. As long as you have good credit, you can secure favorable rates and terms.
SBA Loans
Small Business Administration or SBA loans are partially guaranteed by the SBA and distributed by SBA-approved lenders. Depending on your finances and the loan you choose, you may receive up to $5 million in funding with repayment terms of up to 25 years. In most cases, you’ll need a minimum credit score of 620, a business track record of at least two years, and at least $100,000 in annual revenue.Lines of Credit
Lines of credit are a lot like credit cards. Upon approval, you can withdraw funds as much or as little as you’d like up to a set credit limit, usually based on your credit score and other financial factors. If you’d like easy access to cash or prefer a flexible business financing option, a business line of credit may be the right fit for you.Merchant Cash Advance
A merchant cash advance provides a lump sum of cash in exchange for a percentage of your future debit and credit card sales. In most cases, you’ll repay your advance on a daily basis via ACH withdrawals. While MCAs offer fast cash, their fees are high, and they won’t help you build or improve your credit.Valuable Resources for Nevada Business Owners
If you own a small business in the state of Nevada, keep these resources in mind.- Nevada Small Business Development Center (SBDC): This organization offers free, confidential advice to small business owners throughout Nevada. It also hosts a variety of workshops, seminars, and courses.
- Nevada Entrepreneur Network: The Nevada Entrepreneur Network is a community of entrepreneurs in the state, offering continued education and networking opportunities. It’s divided into two hubs: the Northern Nevada Entrepreneur Network and Southern Nevada Entrepreneur Network.
- Nevada Women’s Business Center (NWBC): NWBC supports female entrepreneurs in Nevada. It offers free, one-on-one consulting, workshops, and events. The interactive Dreambuilder business planning program also includes discussion boards, sample business forms, and templates.