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Idaho Small Business Loans

Idaho has grown to be a busy, solid state, specifically in southwestern Idaho where the capital Bois is located. According to the Small Business Administration’s Small business Profile, at the end of 2014, there were as many as 149,476 small businesses and 278,100 people working in small businesses, in this state. Today, small businesses in Idaho employ 96.7 percent of the state’s total population.

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

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

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. 

Idaho Independent Bank (First Interstate Bank)

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

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

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

Financial Institution

Amount of Loan

Interest Rate 

Requirement

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.

  • Contact the bank to know more. You can fill and submit the business request form.

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 

  • Membership required
  • You can schedule an appointment with a lender to learn more.

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%

  • Loans are subject to credit approval.
  • Contact a representative to know more. 

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 requirement depends on the business loan type that you applied for. You can contact the bank’s 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

  • Must be classified within the small business categories

Top Online Small Business Loans Options in Idaho

As well as government and private loan options, there are other loan options for Idaho business owners. One of them is online business lenders, which offer a more convenient way for small startup owners to apply for financing.  The application requirement is pretty simple, and you can receive your fundings within a few days. 

Though online loan options are typically more expensive than nonprofit and government lenders, they are an excellent option to consider if you need fast loans. 

Below are some of the top online lenders for small startups in Idaho. 

Fundbox is one of the top financial lenders which can be used by every startup in Idaho. Unlike other online lenders, Fundbox has the lowest eligibility requirements. 

To qualify, you need to possess:

  • Two months of working history
  • Average annual revenue of $50,000

One impressive thing about using Fundbox is that there is no minimum credit score. So, if you are worried about your bad credit score, Fundbox is an excellent option to consider.  

When applying for a Fundbox loan application, you need to integrate your accounting software or business checking account into the lender’s application. Once they have accessed and approved you, you will get your loan without delay. The loan amount can go up to $100,000 with a repayment plan between 12 to 24 weeks.

 

OnDeck is another online business lender that provides small Idaho startup owners with business loans and lines of credit.

To qualify, you need to have the following:

  • Annual revenue of $100,000
  • A credit score of 600 or more. 
  • It must have been operating for almost a year.

One benefit of using OnDeck is that you will have access to a significant loan month and more repayment duration. OnDeck small startup loans can go up to $500,000, and the payback is three to thirty-six months. 

If you need to pay for urgent expenses, such as upfront and manufacturing costs, BlueVine is one of the best options to consider. BlueVine offers invoice factoring, which is suitable for short-term bridge financing. 

Some benefits include:

  • Quick online application
  • You can borrow up to $500,000
  • There is no need for a surety
  • No minimum credit score required
  • You can get 85% to 90% value upfront.

Additional Idaho Small Business Financial Resources

Aside from online and government loans, several grants are also available for small businesses in Idaho. If your business is new or existing, you can apply for grants to help achieve your business goal. 

Grants are very competitive, but one benefit of a grant is that you don’t need to pay it back.

Are you looking for business grants in Idaho? Here are some that you can consider.

STEP Grants

The State Trace Expanded Program was created to raise the number of small businesses that export and also to increase the value of exports. 

Idaho Travel Council Grants

The Idaho Travel Council grants offer fundings to nonprofit organizations that specialize in promoting the state’s tourism and travel assets.

Others include Community Development Block Grants, Rural Community Block Grants, and more. 

How to Prepare for Idaho Small Business Loans?

After you can decide on the best local lending option for your business, you will need to prepare documents for the application process. Institutions that offer grants have different criteria for evaluating applications, some common ones to consider includes:

  • Creating a great business plan.
  • A good credit score.
  • Maximize your business revenue

The Bottom line

Idaho small business loans are available from a wide range of nonprofit and bank institutions. Most of these organizations only offer loans to businesses located within the state of Idaho. Nevertheless, if you are finding it challenging to get a loan from these institutions or if your application is rejected, you can try applying for a loan with one of the top online lenders mentioned in this guide.