Business Loans in Idaho

Thanks to its booming economy and business-friendly tax laws, Idaho offers the ideal environment to pursue entrepreneurship. If you’d like to start or grow a business in the Gem State, Idaho business loans should be on your radar. 


Types of Business Loans in Idaho

There are a wide array of business loans in Idaho. Each financing solution is unique and comes with its own advantages. As you do your research and explore your options, you’re sure to come across these popular loans. 

SBA Loans

Offered by the Small Business Administration (SBA), SBA loans have a reputation for low rates and lengthy repayment terms you may not be able to find elsewhere. If you have solid credit and don’t mind a more involved application process, SBA loans are worth considering. 

Line of Credit

A line of credit is a revolving financing solution. Upon approval, you can withdraw funds as much or as little as you’d like, up to a set credit limit. You’ll only pay interest on the amount you borrow, rather than the entire amount you get approved for. 

Term Loan

Term loans are traditional business loans. You’ll receive a large sum of money upfront and pay it back through regular payments, usually over a period of a few years or even longer. You can lock in competitive rates and favorable terms, as long as you have good credit. 

Equipment Finance

Chances are your Idaho business will depend on some equipment to run smoothly. That’s where equipment financing comes in. An equipment loan can provide you with the funds you need to purchase new or used equipment, like computers, bulldozers, or ovens. 

Accounts Receivable Financing

If you tend to wait a while for your customers to pay, accounts receivable financing can make sense. With this option, you borrow money against your outstanding invoices. You can get fast cash with minimal paperwork and lenient requirements. 

Idaho Business Loan Options

Several organizations service loans to small businesses that set up shop in Idaho.

Idaho Central Credit Union has locations in Treasure Valley, Magic Valley, Eastern Idaho, North Idaho, and Spokane. Its business loan offerings include term loans, business credit cards, SBA loans, commercial construction loans, business lines of credit, and commercial real estate loans.

Citizens Community Bank also provides small business loans and online resources to help you with business financial statements, business plans, and more.

How to apply for a small business loan

STEP
1
Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

STEP
2
Receive matches.

See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.

STEP
3
Get funded.

Once you choose a card, you can get approved in as little as 7-10 days.

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FAQ about Small Business Loans in Idaho

There are six Idaho Small Business Development Centers with a long list of resources for small businesses and entrepreneurs in the state, such as free or low-cost business trainings and confidential consulting. If you’re a woman with a business in Idaho, the Idaho Women’s Business Center is another useful resource. There’s also Trailhead Boise, which supports entrepreneurship and innovation in Idaho through a variety of educational programs, like Boise Pitch Night, Lunch and Learns, and Idea Set Go!

  

The Idaho Community Foundation—a nonprofit that serves the entire Gem State—offers grants and scholarships. There are a number of general grants, as well as location-specific grants that may support business owners in north Idaho, south central Idaho, and southwest Idaho. Use the Idaho Grant Pin Map, which was created by Idaho Commerce, to find out about grant opportunities for small businesses in Idaho.

 

Before you take out a loan in Idaho, you’ll need to choose a corporate structure, like a corporation or LLC, and get up and running. You can use the Idaho Secretary of State Business Search to make sure your preferred business name is available. Once you do, create an SOS Biz account and follow the steps to obtain your assumed business name certificate. If you go the LLC or corporation route, you’ll be required to appoint a registered agent, as well. Loan qualifications vary by lender and loan type; lenders will typically review your credit score and business finances as part of the approval process. 

Since there are so many small business financing options in Idaho, do your research and compare the various solutions you find. Feel free to simplify the process with an online platform like Lendio. A line of credit can be a solid choice if you need a flexible financing option. Equipment financing, on the other hand, is ideal if your goal is to invest in new or used equipment so you can run your business. 

An Idaho business loan can help you reap the benefits of Idaho’s excellent business climate. Whether you need to cover startup costs, expand your product line, or anything in between, small business financing might be just what you need. 

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