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.

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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

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.

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.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

FAQ about Small Business Loans in Idaho

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FAQs

What other resources are available to Idaho small businesses?

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!

What Idaho small business grants are available?

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.

What do I need to qualify for a loan 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 Searchto 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.

Which loan is right for my Idaho business?

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.

How can an Idaho business loan help my 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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