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Small Business Loans in Reno

small business loan reno

You have finally made the leap to start your own business. Congratulations! You have the dream and the business plan, but do you have the capital? Learn more about small business loans and how you can get a small business loan for your startup.

Types of Loans for Small Businesses

Business lending can come in different types of capital based on your needs and timeline of repayment. Some business owners open up a line of credit, while others choose a term loan. A line of credit enables you to borrow the amount you need instead of a set amount offered in a term loan. Another business loan option is the merchant cash advance, which is set up so you pay off your loan with percentages of your debit card sales over time.

Small Business Challenges

small business loan reno

Reno startups can be eligible for small business loans at GBFCU.

It can be tough to get a business loan from a larger financial institution or bank when you are just starting out as a business. Some banks will only lend to small businesses if the loan amount is large. How can you take the next step in growing your business if your bank wants you to borrow much more capital than you need? At Great Basin Federal Credit Union, we can lend to small businesses that may need a loan amount that is considered too small for other banks to lend.

New businesses can end up having a hard time getting loans from banks, since the businesses are so new. Many businesses loans at big banks include a requirement that a business has to have been open for at least two years before applying for a loan. The first two years of a business are often the years that require the most investment, so our small business loan is open to entrepreneurs whose businesses have just opened or are even still in the process of opening!

GBFCU Small Business Loan Program

small business loans reno

Learn more about small business loans available at Great Basin FCU in Reno!

Great Basin Federal Credit Union offers business loans to small business owners and entrepreneurs who have passion, a vision, and a business plan. After you apply for a small business loan with us, we take the time to meet with you and learn more about what you need in order to grow your business.

At Great Basin Federal Credit Union, we are proud to have supported over 22 local businesses in the past year! We created the loan program to support local businesses and the Reno community. Each year our small business loan program grows as we help more local business owners with start-up companies and business ventures!

Building Small Businesses

Our small business loan program is not the only effort we use to help start-ups and businesses in the Reno community. We also host a small business seminar series that is free to the public. The small business seminars cover a variety of topics to empower business owners and entrepreneurs to improve their businesses.

Stop by a GBFCU branch today to learn more about our small business loans and small business seminar series!

Applying for Business Loans

small business start-ups

It takes a lot of work to start your business and even more effort to keep it running. Whether you are looking to expand your local business or build a startup for a great new idea, you will need to be prepared for the world of business loans.

When It’s Time For a Business Loan

Banks and financial institutions can lend to businesses for different reasons. Business owners commonly apply for loans when they are about to expand or start a new venture. Many business owners and entrepreneurs find that they need additional funding to take that next step before opening up another branch or offering a new service.

Types of Business Loans

business term loan

Some businesses may prefer a merchant cash advance over a term loan.

There are various options for business loans, and each type of business loan offers different opportunities for the business owners. A common business loan type is the term loan, which offers money in a lump sum that can be repaid in payments over time. Term loans are usually offered in specific amounts, whether you need more or less to grow your business.

Credit unions and banks can also offer businesses a line of credit as a business loan option. The line of credit allows you to borrow as much or as little as you need. The line of credit option is great for business owners who need various amounts of funds over time instead of a single sum given at one time. Keep in mind that a line of credit may also mean a different style of repayment plan.

Another type of business loan that is available to businesses like retail business owners is the merchant cash advance. Merchant cash advances offer the lump sum in the same way a term loan does. The difference between merchant cash advances and term loans lies in paying off the loan. If you borrow using a merchant cash advance, your bank or credit union will receive a percentage of your earnings in credit card and debit card sales as a business to pay off the loan over time.

Loans for Small Businesses

small business startups

At Great Basin, we can can lend to startups and small businesses.

Small business owners often have less options for their business loans, as many lenders will only lend to businesses that have been running for at least two years. Small business owners and entrepreneurs can find themselves in a predicament when it comes to business loans. Many borrowers look to alternative lenders who can offer loans without strict requirements to be eligible for a loan.

Alternative lenders for business loans can have downsides. Even though these types of lenders can offer cash quickly for smaller or newer businesses, the loans may have higher interest rates. These types of loans can also have harsher penalties for a late loan payment, so be sure to read your paperwork carefully before agreeing to a business loan from an alternative lender.

Business Loans at Great Basin Federal Credit Union

At Great Basin Federal Credit Union, we can offer business loans to startups and small businesses that may not have a chance elsewhere. As part of our commitment to the community, Great Basin Federal Credit Union consults with loan applicants to make sure you know how much you need and when as a business owner. We also offer small business seminars to continue empowering local business owners.

Budget-Savvy Improvements That Boost Home Equity

Home Equity

The sun is shining, the spring is springing, and we feel like doing some home improvements! And bonus, we’ll boost our home’s equity! Our friends at NerdWallet have a few tips.

In the age of Pinterest, a mecca of do-it-yourself projects and inspiration, you probably already have several home improvements in mind. Here are four ways to stretch your funds and maximize the payback as you remodel this year with an eye toward selling later on:

  1. Spring clean – Want to get paid to clean your house? Deep cleaning and decluttering is repeatedly a top pick by HomeGain for boosting a home’s value to a prospective buyer. It’s extremely financially efficient — just $400 of organizational additions such as cabinets, shelving, or storage can add $2,000 in value.
  2. Lighten up – Investing in measures that brighten your home can improve its value and may boost your mood as well. Adding a coat of paint, curtains and lighting costs an average of $424 but adds an average of $1,690 to resale price, according to HomeGain.  Simply painting cabinets or trim can make a big difference, too.
  3. Increase curbside appeal – If potential buyers don’t like what they see on a drive-by, it’s unlikely that they’ll want to come inside. Simply installing a steel front door can produce a 96% return on investment in the form of an increase in resale value. Even power washing the exterior or planting a few trees can make a huge difference.
  4. Add a room – If you have unfinished space such as an attic or basement, adding a room can boost value and make your home more livable. On average, homeowners recoup about 84% of the cost of adding an attic bedroom when the house is sold, and almost 78% from remodeling the basement.Save on utilities with energy-efficient additions. Improvements such as solar-powered water heaters or better windows also can provide tax credits.

Save on financing

If you don’t have ready cash for a renovation, lenders such as Great Basin Federal Credit Union provide home equity loans and lines of credit, or HELOCs, that let you borrow against your stake in the property. In general, your home has to have a market worth that’s greater than what you owe on a mortgage – which equates to your equity.

Keep in mind that there may be substantial costs tied to equity financing, and it can add to the risk of foreclosure if you don’t make the payments. But the interest is often tax-deductible, which helps reduce the cost.

When remodeling to improve your home’s value, be careful not to price the property out of the neighborhood. Creating a palace on a street dotted with average houses can make it a tough sell. So don’t let chasing a dream undercut your return on investment.

Cait Klein, NerdWallet

 

27 Shetland Ponies

StudentDebt

College is great – so much knowledge to be gained, lessons to be learned, fun times to be shared… and, unfortunately, debt to be accumulated. Student debt is what stops so many from planning to attend school, and what cripples so many for years after they’ve graduated. We always advocate for learning, and student loans can be so valuable to those who wouldn’t otherwise be able to attend school (we even have our own student loan product to assist our members who need it!). BUT student debt can cause a lot of extra stress and cost a lot in interest. The more you can get prepared ahead of time, the less you (or your child) will have to rack up in student debt. Start putting a little aside from each check now, collect all your coins, or maybe save half of a child’s birthday money – whatever you can manage to save away now will be that much less student debt in the future. Our Financial Consultant, Steve, specializes in college savings plans (and better yet is no-cost, no-obligation) and can help get you started now so that maybe you can avoid the student loan stress altogether… and spend all that money on 27 Shetland Ponies instead! What else could you buy with all that money? Well, allow us to show you with this ridiculous infographic from Mashable.

StudentDebt6

Now, don’t you think backstroking in Nutella sounds a whole lot better than loads of student debt? See Steve today and start saving now for a Nutella-rich future tomorrow.

 

Garbage Bags, Underwear, and Pecans

pecan1

Any time I meet someone new who learns that I work at a credit union, I feel like the first question they ask me is, “What are your savings accounts paying?” Well, just like everyone else, not a whole lot. I know, it stinks. Have you ever considered investing your hard-earned money in garbage bags, underwear and pecans instead? Uh, yea, me neither. But check out this story I heard on KUNR the other day. Is bulk buying the way to invest? You tell me…

http://www.npr.org/2013/05/30/186450423/how-a-trip-to-costco-can-work-as-an-investment-strategy