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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 declared bankruptcy in the state last year. Without the right Nevada small business financing, your business could suffer the same fate.
On this page:
Small Business Loans in Nevada
There are a number of small business loans available for Nevada-based companies. Here are some online Nevada small business loan options:
As low as 6.00%
$5,000 – $2 million
1 – 5 years
The above information is for the Lendio Business Term Loan.
Lendio is the largest small business loan marketplace in the U.S. with a network of over 300+ lenders. These lenders include PayPal, Bank of America, American Express, and more.
You can apply with one simple application without impacting your credit. The online application process can be completed in 15 minutes with no fee or obligation. If approved, funds can be made available in as little as 24 hours.
- Short term loan
- Business term loan
- Business line of credit
- Merchant cash advance
- Business credit card
- Equipment financing
- Commercial mortgage
- Startup loan
- SBA loans
- Accounts receivable financing
- Business acquisition loan
9.77% – 35.98%
$5,000 – $500,000
6 – 60 months
The information above is for the LendingClub Business Term Loan.
LendingClub is a peer-to-peer lender that connects investors with businesses in need of financing in Nevada. To be eligible, businesses must have at least $50,000 in annual sales, as well as been in business for 12 months or more.
You can apply online in under 5 minutes and receive multiple quotes. If you decide to pay off your loan early, there are no prepayment fees to worry about.
7.00% – 69.00%
$500 – $250,000
6, 12, or 18 months
The information above is for the Kabbage Business Line of Credit.
Kabbage is a small business lender offering a business line of credit in Nevada. The lender has a low minimum loan amount which can make it a good option for those in need of a small amount of financing.
In order to be eligible, your business needs to be at least 12 months old, with $50,000 in annual revenue.
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.
Author: Jeff Gitlen