|At a glance —According to the recent Small Business Administration statistics, Idaho is home to 169,000 small businesses, accounting for over 99.2% of all businesses in the state. So if you want to start a business or try to expand an existing one, Idaho is among the best states for startup loans. Here, we’ll discuss the top five local funding options available for Idaho small businesses. We will also cover grant opportunities, online lenders, and more.|
Idaho Small Business Loans: Top 5 Loan Options
Whether you are starting a new Idaho small business or you want to expand your existing business, there are several business loan options you can apply for. Most Idaho small business loans will come from government agencies, private lenders, non-profit organizations, grants, and more.
Below are six top options for Idaho small startup loans:
Idaho Central Credit Union came into existence on June 28, 1940. Since its inception, the credit union has been famous for providing small businesses with significant fundings. If you have a business in Idaho and are looking for a reputable local lender, Idaho Central Credit Union is a great option.
If you require additional information about how the credit union operates, you can fill the business request form, and a specialist will reach out to you. Idaho Central Credit Union specializes in different loans, which comes with various benefits:
- Flexible loan terms
- Increase long term working capital
- Low fixed interest and monthly payment.
- Payment terms up to 10 years
If your Idaho startup is ready to expand or needs to make some upgrades, you can trust Idaho Central Credit Union to give you the best startup funding.
Mountain America Credit Union is another small business lender that you should consider when starting or expanding your startup idea. The credit union is a large institution that specializes in providing fundings to various businesses in Idaho. They have an excellent reputation for successful relationships with their customers. If you need a regional lender with great local experience, Mountain America Credit Union is your best bet.
The credit union calls itself the SBA loan experts to provide the best financing needs for your startup idea. Additionally, the credit union provides small businesses revolving lines of credit, which gives you the flexibility to borrow, repay, and borrow again - without the need to reapply for the loan.
Small business loan benefits at Mountain America Credit Union include:
- Lower interest rate
- You can use funds for working capital needs like advertising, supplies, and more.
- Amount from $10,000 and $50,000
- Quick closings and turnaround
- Interest-only, which revolves for the first two years. The remaining payment will be on a principle-plus-interests payment plan, payable for the next five years.
- You have the option to opt-in for the Business Visa Credit Card.
Another great loan option for small business owners is the Idaho Independent Bank, one of Idaho’s biggest local banks. The bank is now a part of the First Interstate Bank (a merger between Community 1st Bank and the Idaho Independent Bank). The bank has a significant presence in the state, so it’s a good option for startup owners looking for a local lender with a lot of experience. They have a variety of local loan options, including regular loans and SBA loans.
SBA loans are government loans that give small businesses a long-term payment plan with a low interest rate. Regardless of your business needs, First Interstate Bank has a diverse mix of borrowing options for you to choose from. These include Letters of Credits, Commercial Loans, Commercial Real Estate Loans, Small Business Administration Loans, Agri-Business Loans, Ag Mortgage Loans.
Bank of Idaho is a mid-sized bank with its branch in Idaho Falls. The Bank of Idaho understands the chances you are taking to build something. So they take time to understand your business to give you the support and advice you need throughout the entire loan application.
Whether your business is just starting or wants to launch your startup, Bank of Idaho has a wide range of loan options to support your startup. The different loan options available include:
- Agriculture loans: including revolving lines of credits, equipment loans, operating lines of credits, and more.
- Term operating capital loan
- Business operating line of credit
- Eagle business line of credit
- SBA and FSA loan
- Commercial real estate loans
- Business letters of credit.
The Bank of Commerce came into existence in August 1959 and provides funding for the agricultural sector and local businesses in Idaho. Regardless of your business needs, the Bank of Commerce will help you decide on the best funding for your startup. The different business loan options available include:
- Business Real Estate Loans
- Agricultural Loans
- Business Loan and Lines of Credit
- Small Business Administration Loans
Amount of Loan
Idaho Central Credit Union
The loan amount depends on the type of funding you applied for. You can fill the business request form to know more
You can also contact them for business loan interest rates.
Mountain American Credit Union
$10,000 to $50,000 or more. Depends on the business loan
The rate is based on the kind of business loan you apply for
Idaho Independent Bank (First Interstate Bank)
You can contact a representative online to know more.
The rate depends on the type of business loan you applied for. I.e. SBA has a fixed interest rate of 1%
Bank of Idaho
The loan amount depends on the type of business loan. For example, SBA CAN GIVE UP TO $500m
Competitive fixed and variable interest rates based on the loan type. Contact a representative to learn more
The Bank of Commerce
Depends on the type of business loan. SBA can give up to $1.3m
Low interest rate