Are you a Nevada business owner? Are you looking to become one? If so, you’re not alone. In 2015, small businesses in Nevada employed over 420,000 people, or over 40% of the state’s total workforce. In 2016, that number increased again to 41.3%.
In 2017, almost half of Nevada small business owners reported an increase in revenue, and 35% planned to increase their workforce this year. With trends like these, it’s easy to see why Nevada is an excellent place to be a small business owner.
One of the secrets to successful small businesses in Nevada is financing. A startup loan, working capital, or expansion, and the right financing can mean the difference between a business barely scraping by and one that’s successful. While the business scene is bright in Nevada, over 31,000 businesses in Nevada declared bankruptcy last year. Without the right small business financing in Nevada, your business could suffer the same fate.
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Small Business Loans in Nevada
There are a number of small business lenders specializing in offering small business loans in Nevada for locally-owned businesses looking to either jump start their success or continue it.
Here are some Nevada small business loan options:
- Valley Bank of Nevada
- Nevada State Bank
- Greater Nevada Credit Union
- Clark County Credit Union
- First Security Bank of Nevada
Valley Bank of Nevada
Valley Bank of Nevada was founded in 2005 as the Bank of North Las Vegas changing its name to in 2011 as it expanded to other communities within the state. With branches in North Las Vegas and Henderson, the locally-owned bank seeks to help Nevada consumers and businesses through both commercial and personal banking options.
The bank offers a full line of business credit products, including operating capital lines of credit, business expansion loans, and financing for commercial real estate, inventory, and equipment. Small business owners should to contact the bank directly or visit its website for more information about rates and terms.
Nevada State Bank
Founded in Las Vegas in 1959, Nevada State Bank (NSB) has grown to over 50 branches in 20 towns and cities throughout the state. By partnering with eight other banks in the region, NSB offers a variety of products for small business owners.
Term loans can run up to 84 months with conventional or SBA options. Loans and lines of credit can be secured or unsecured based on creditworthiness and business history, and the funds can be used to fund expansion, equipment replacement, or even seasonal inventory. NSB has two dedicated business bankers that will work one-on-one with business owners to find the right financing for their needs. Business customers can even set up an appointment to speak to a banker online at their website.
Greater Nevada Credit Union
Under the trade name GCL, or Greater Commercial Lending, the Greater Nevada Credit Union offers business financing products for a variety of businesses all over Nevada. Specific rates or terms are not published on its website, as lenders work directly with business owners for an individualized financing package. The credit union does publish a list of documents and information on criteria for loan approval. That list is fairly standard for all business borrowers:
- Taxpayer ID number of SSN
- Business Structure, Owners, and licenses
- Personal Financial Statements for each owner, as well as the past three years of business financials and tax returns
- Profit & Loss Statements
As with any lender, you’ll also need a solid business plan. Without one, investors and lenders will assume you don’t take your business seriously. So make sure your documentation and planning is in order before visiting financial institutions like GCL.
Clark County Credit Union
CCCULV, or Clark County Credit Union-Las Vegas, is a credit union that began in downtown Las Vegas in 1951. Its first branch office was a small wooden table, chair, and a cashbox in the county building. Since then, they’ve grown to include locations all over the Las Vegas metropolitan area, with more than 40,000 member-owners throughout the state.
The credit union’s business lending department employs commercial lending experts that perform cost/benefit analyses, and offer equipment financing, construction loans, and even unsecured revolving lines of credit. Their Vice President of Commercial Lending is the point of contact for business owners looking for financing.
First Security Bank of Nevada
FSB is an approved SBA lender, which means its been vetted by the federal Small Business Administration to offer business loans that are customized for each business. All loan decisions are made locally.
The bank offers SBA 504 secured commercial real estate financing, commercial lines of credit, and even construction and expansion loans. They have two branches in the Las Vegas area, and have business lending officers at either branch to help business owners get financing.
Small Business Grants in Nevada
If you’d rather not take out debt for your business, you have options. Small business grants are also available, and they don’t require repayment.
The first logical step is to check out the state of Nevada’s business page. There are a number of grants and incentives available to help small business owners in the state.
Here are some Nevada small business grant options:
Nevada Women’s Philanthropy
The Nevada Women’s Philanthropy (NWP) was founded in 2005 to help women-owned businesses in Nevada. They give large grants to businesses they deem to be valuable in the area, with significant growth potential. Some of their past recipients include:
- $350,000 to the Nevada Partnership for Homeless Youth
- $30,000 to New Vista Ranch
- $350,000 to Goodwill Industries of local Nevada
Each recipient must be Nevada-based and involved with a project that is helping the community. More information can be found at the NWP website.
Nevada Business Opportunity Fund
The Nevada Business Opportunity Fund is a program designed to help local small businesses succeed.
They lend $1,000 to $1,000,000 to small businesses and the money must be used to hire only employees in Nevada. In return, business owners can get a financial investment in their venture from the state, along with training and education to help them get started correctly.
Small Business Investors in Nevada
Another option for small business owners in Nevada is finding an angel investor. These are wealthy people or groups who invest in startup companies. In return for their investment, they get a share of the company’s success; some also ask for a say in strategic management decisions or offer mentoring to the owner of the business in question.
Here are some Nevada small business investment options:
Nevada Angel List
Angel.co is a website dedicated to finding angel investors. It lists 131 profiles of angel investors in Nevada who say they will fund a variety of industries and businesses. Each angel investor has a niche industry they are interested in funding. Some prefer tech ventures, others manufacturing, still others look at logistics or other businesses.
Each investor has their own terms and preferred process, and business owners sign up via the website. Once there, they can use a LinkedIn-style connection base to find people who know the investor to get introduced and get their idea to the investor. As the business grows, the angel investor looks for an exit strategy, or a way to cash in on their investment.
That strategy may be the sale of the company, expansion, or choice to go public and sell stock. Since they’re investing in the business’ success, angel investors are selective. Small businesses are considered high-risk investments.
The Reno Angels is a group of angel investors that periodically invest in Reno businesses based on a list of criteria they list on their website. It includes factors active coaching, exit strategy, and growth potential, as key to the group’s decision to invest in a business.
If they do choose to invest, they also mentor the owner and help take the business to a new level. While the motive is obviously to capitalize on their investment, their help can often be invaluable. Networking opportunities, advice, and strategic ideas are a few of the things they offer.
According to its website, Redhills Ventures is a “private family investment firm specializing in companies with well-conceived business plans, experienced management teams, and high-growth potential.” Based in Las Vegas, Redhills works with high-tech, financial, and healthcare sector startups in an investment and advisory capacity.
When it comes to financing for your small business in Nevada, the options abound. Take the time to look at your idea, create a solid business plan, and start looking at what’s available to you. Whether you go with a business loan or line of credit, grant, or even angel investor, you’ll have the money you need to make your business successful, and meet valuable people on your journey to making your small business succeed.