Business Loans in Nebraska
The Cornhusker State offers a central location, tax credits, and no shortage of resources for entrepreneurs. With a small business loan, you can turn your dream of owning a Nebraska business into a reality.
Types of Business Loans in Nebraska
Not all small business loans in Nebraska are created equal. That’s why it’s important to shop around and compare all your options. Here’s an overview of several of the Nebraska business loans you might find.
SBA loans
SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.
Line of credit
Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.
Term loan
Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.
Equipment finance
With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.
Accounts receivable financing
Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.
Nebraska Business Loan Options
Several organizations service loans to small businesses that set up shop in the Cornhusker State.
Centris Federal Credit Union in Omaha is a solid Nebraska-based funding option for small businesses. It offers a variety of loan options, such as equipment loans, commercial real estate loans, business lines of credit, and SBA loans.
The Northeast Nebraska Economic Development District also provides small business loans in select Nebraska counties to create job opportunities and promote entrepreneurship throughout the state.
There’s also Invest Nebraska, which is known for microloans and venture capital.
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FAQ about Small Business Loans in Nebraska
FAQs
There are many resources intended to support small business owners in Nebraska. The Nebraska Small Business Development Center (Nebraska SBDC), for example, offers free confidential advising and technical assistance, as well as affordable workshops. GROW Nebraska is a nonprofit that hosts a number of training sessions related to marketing small businesses. The Combine is a business incubator in Lincoln with 24/7 access to a lounge, executive conference room, office supplies, high-speed internet, and mentorship opportunities.
In addition to loans, Nebraska offers a number of small business grants. Fiserv, Inc., a leading global provider of payments and financial services technology solutions, has launched the Fiserv Back2Business program. It has partnered with the Association for Enterprise Opportunity (AEO) to award approximately $1 million in grants to minority-owned small businesses in Nebraska. Each individual business can receive up to $10,000 in funding.
If you’d like to qualify for a business loan in Nebraska, you’ll need to choose a corporate structure—for example, a sole proprietorship, limited liability corporation, or S-corporation. Then, you’ll be required to apply for an Employer Identification Number required to register with the Nebraska Secretary of State. You might also have to apply for licenses and permits, depending on your business. Once this documentation is in order, you can apply for business financing in Nebraska. As part of this process, you will likely be required to show your business plan, credit score, and monthly revenues, and these will help determine how much you qualify for and your interest rate.
The ideal loan depends on your unique situation and factors like your credit, how fast you need the funds, and what you intend to do with the money. With an online platform like Lendio, you can simplify your search and hone in on the right option. For instance, if you’re a seasonal business, a line of credit may be worthwhile. Or if you have good credit and sufficient revenue, you might be better off with an SBA loan or term loan.
A business loan in Nebraska can help you cover a variety of business-related expenses. These might include startup costs, marketing, payroll, equipment, and anything else you need to run and grow your venture.
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