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
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
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!