Top Three State Small Business Loan Options
Nevada small business loan and grant offers range from traditional secured loans and lines of credits to specialized equipment financing. In this section, we have listed some of the local loan providers and how their products can help you start or grow your business.
The Bank of Nevada holds a significant share of the lending market in Las Vegas. Being one of the larger lenders in the area, they have several local branches which cater to both retail and business banking needs. It can provide financing for more significant investments if you need to expand your business’s working capital, or implement an expansion project.
Their product line includes secured loans, lines of credit, Small Business Administration (SBA) loans, equipment financing, commercial real estate lending, mortgage warehouse lending, and technology financing. The loan processing times are competitive but are slower than those available through online lenders.
Businesses and owners can use collateral, such as current assets, to secure certain loans. Banks need to verify payment history and payment records before processing a loan, and one of the ways they do this is by checking credit records. This adds to the processing time and creates a barrier for newer businesses that don’t have a credit history.
Entrepreneurs in Las Vegas may get easier access to the Bank of Nevada services compared to citizens in the more rural parts of the state.
Clark County Credit Union has developed a strong reputation for helping small businesses with their financing needs. They have six branches in the Las Vegas region.
They offer products such as commercial loans, land and construction loans, equipment financing, unsecured lines of credit, letters of credit, and more. As far as traditional lenders are concerned, they provide one of the best rates and charge low closing fees.
There are certain advantages of selecting to finance your business through a credit union instead of through local banks for loans. Credit union loans are easier to obtain. Also, company owners claim that credit unions consider more factors when they assess small business loan applications. This means that small businesses are more likely to be eligible for loans of higher amounts.
Greater Commercial Lending is popular in the Reno, Nevada region. Traditional lenders cater to various market segments, whereas Greater Commercial Lending specializes in SBA loans.
Their product line includes the Paycheck Protection Program (PPP), a loan that aims to help small businesses during the Covid-19 pandemic. They also provide regular business loans, construction loans, and express SBA loans, among other products. Due to the global Coronavirus pandemic, the volume of PPP loan applications has increased.
Their new products are advertised at very competitive interest rates of 1% with advantageous repayment terms. This option has become a significant lifeline for businesses affected by the lockdowns and other related financial restraints.
