You have decided to start a business — congratulations! The first step for many business startups is securing a startup loan. Here’s what you need to know about business startup loans in Reno.
Business Startup Financing
Business startups can use different types of financing to fund the startup efforts. Some small business startups may opt for a credit card or crowdfunding to fund their endeavors. Some startup business owners first approach friends and family for funding. Keep in mind that these options all have their own benefits and pitfalls.
Another option is a business startup loan. The funding is more dependable, since your lender is a financial institution. You also won’t be asked at every holiday party or family gathering when you will be able to repay that uncle. When it comes to financing your startup, a business startup loan with your local Reno financial institution is a dependable option.
Types of Business Startup Loans in Reno
Startup businesses will need financing for different things depending on the type of business. What does your business need to succeed? There are various options for business startup loans in Reno. A lot depends on what you need and how you qualify. Your business lender will help you decide which small business startup loan will help you succeed.
The U.S. Small Business Administration offers many great options for existing businesses and startups alike.
- The SBA 7(a) Loan Program allows for startup and existing businesses to receive a government guarantee through a partnering lender up to $5,000,000. This program enables business owners to purchase equipment, get working capital, purchase real estate, refinance existing debt, and much more.
- The SBA Express Loan helps entrepreneurs and existing businesses get up to $350,000 quickly for revolving lines of credit and more, to help you build or grow your business.
- The CDC/504 Loan Program helps small businesses and startups get funding to purchase assets like real estate and land. This type of business startup loan allows for lower down payments and fixed rate options.
Business Startup Loans at Reno’s Great Basin FCU
Great Basin Federal Credit Union is a local business lender. We are able to offer business startup loans with better terms. Our Member Business Loans help small businesses and startups in Reno grow and develop to become successful. At Great Basin FCU your business startup loan in Reno can have longer terms, lower down payments, and competitive rates.
Learn more about how to help your startup business grow in Reno with the help of your neighborhood credit union. Also, attend our Small Business Seminar Series each month to learn how to help your business. Our June 29th free seminar will cover the topic of buying a building for your business. This Small Business Seminar will also highlight the benefits of the SBA 504 Loan Program!
Contact Business Services Representative, Nina Hallock, at Great Basin FCU to get a business startup loan in Reno today!Share: