Finimpact
Updated on

Nevada Small Business Loans

Starting and growing a small business in Nevada may be an exciting process, but it costs money. Things like payroll, office space, legal fees, marketing campaigns, and other organizational expenses require significant financial investments. Hence, many entrepreneurs are exploring how to get small...

Nevada
Tetiana Sitiugina-Babiuk
Financial Sector Specialist and Content Strategist

Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.

Nevada is home to more than 230,000 small businesses, which employ more than 480,000 people. Spanning across a diverse range of industries, small business owners have a variety of lending options at their disposal. Federal, state, and private institutions cater to the financing needs of Nevada’s entrepreneurs. Start-up loans of up to $300,000 can be processed in a short amount of time. While traditional lenders carry annual percentage rates (APRs) from three to seven percent, online and alternative lenders provide owners with a more customized loan service.

Top Nevada Small Business Loan Options

Nevada small business loan and grant offers range from traditional secured loans and lines of credits to specialized equipment financing. In this section, we have listed some of the local loan providers and how their products can help you start or grow your business.

Bank of Nevada

The Bank of Nevada holds a significant share of the lending market in Las Vegas. Being one of the larger lenders in the area, the Bank has several local branches, which cater to both retail and business banking needs. The Bank of Nevada can also provide financing for more significant investments if you need to expand your business’s working capital or implement an expansion project.

The product line includes several types of Small Business Administration (SBA) loans, including:

  • SBA 504 loans. This loan program provides long-term financing for the purchases of major fixed assets, such as commercial real estate or equipment. It comes with low down payments, fixed rates, and longer terms.
  • SBA 7(a) guaranteed loans. This loan program provides up to $5,000,000 for working capital, real estate and equipment purchases, refinancing debt, partner buyouts, and business acquisitions.
  • SBA express loans. This loan program streamlines the application and approval process to provide Nevada small businesses with quick funding of up to $350,000.

Clark County Credit Union

Clark County Credit Union has developed a strong reputation for helping small businesses with their financing needs. They have six branches in the Las Vegas region.

The credit union offers products such as commercial loans, land and construction loans, equipment financing, unsecured lines of credit, letters of credit, and more. As far as traditional lenders are concerned, they provide one of the best rates and charge low closing fees.

There are certain advantages of selecting to finance your business through a credit union instead of through local banks for loans. Credit union loans are easier to obtain. Also, company owners claim that credit unions consider more factors when they assess small business loan applications. This means that small businesses are more likely to be eligible for loans of higher amounts.

Greater Commercial Lending

Greater Commercial Lending is popular in the Reno, Nevada region. Traditional lenders cater to various market segments, whereas Greater Commercial Lending specializes in SBA loans, including both 7(a) and 504 loan programs.

The bank’s product line includes the following types of loans:

  • SBA 7(a) loan. This SBA loan can be used to start or acquire a business, obtain working capital, buy inventory and equipment, or refinance debt. Both variable and fixed interest rates are available.
  • SBA 504 loan. This type of loan can be used to build, buy, or expand real estate or purchase heavy equipment. The loan comes with fixed interest rates.
  • USDA business loans. Several types of USDA loans are available to support small businesses in Nevada’s rural areas.
  • Commercial real estate loans. Short- and long-term funding options are available to finance commercial real estate acquisition or remodeling.
  • Equipment financing. The equipment financing loans from Greater Commercial Lending come with reasonable rates and can be used to purchase the necessary manufacturing equipment.
  • Business lines of credit. Business lines of credit provide Nevada small businesses with quick access to cash at flexible repayment terms.

Top Online Nevada Small Business Loan Options

Now that you know who the most competitive local lenders are, let’s look at the top online loan providers. Online lenders have become a prevalent source of alternative financing for small business owners. They offer faster loan processing times and are accessible from any part of the country.

Here’s a list of the top online small business loan lenders for Nevada businesses:

1. BlueVine

BlueVine is an alternative lender that offers only one type of small business loans to Nevada-based entrepreneurs: unsecured lines of credit. Unlike with a traditional bank, an application for a BlueVine small business loan doesn’t require a hard credit check and won’t harm your FICO score. This makes this type of financing an excellent option for new businesses that do not yet have great credit history. One thing to keep in mind is that BlueVine doesn’t work with all industries and all states. So, make sure to review information on their website carefully prior to applying.
Pros
Fast turnaround time
Easy online application
Attractive interest rates
Helpful personal customer service
Cons
High rates for applicants with subpar credit
Funds not available in North and South Dakota
Repayments can be high
Services only available for B2B companies


BlueVine lines of credit are unsecured and come with slightly higher qualification criteria than similar products on the marker. As such, you need to be in business for at least 6 months, make at least $10,000 in monthly revenue, and have a credit score of at least 600.

The line of credit limit can range from $5,000 to $250,000, with a repayment term of anywhere between 6 and 12 months. The interest rates are very attractive, starting at only 4.8%.

The Bottom Line

If you are looking to obtain an unsecured business line of credit, BlueVine is a great online lender to keep in mind. With their quick application and fast turnaround, you can receive the necessary funds in virtually no time.

2. Fundera

Fundera is not only an online lender, but also a loan marketplace that can connect Nevada-based businesses with a variety of lending products, including SBA loans, business lines of credit, term loans, equipment financing, invoice factoring, merchant cash advances, commercial real estate loans, and business microloans.
Pros
Competitive rates starting at 6%
Connections to multiple lenders
Flexibility with loan types
Soft credit check upon application
Cons
Unclear qualification requirements
Funding can take up to 3 weeks


One great thing about working with Fundera is that you get to choose among countless loan products from different lenders, with flexible rates, terms, and borrowing amounts. Because Fundera offers such a large variety of products, the interest rates can range significantly and be either very attractive or rather high.

For example, some of the more expensive loan products are equipment financing loans, with interest rates reaching 40%. Business term loans are quite expensive as well, with rates of up to 30%. Keep in mind, however, that these forms of financing are meant to be repaid quickly, - if you manage to do so, you will save significantly on interest rate costs.

The Bottom Line

Fundera is an excellent alternative lender offering a broad range of financing options for Nevada-based small businesses. Even with the more expensive types of loan products, you will be able to save money if you repay the loan prior to the end of its term.

3. Fundbox

Fundbox has been in the business of small business lending ever since 2013. Today, the lender offers two main loan types: business term loans and revolving lines of credit. If you need the funding for a large one-time purchase, such as expensive machinery or equipment, consider applying for a term loan. On the other hand, if you are looking for on-demand funding available at all times, the Fundbox line of credit might be just the right option for you.
Pros
Quick online application
Fast approval and fund disbursement
Low credit score requirements
No additional fees
No monthly minimums
Can set up automatic payments
Cons
Interest rates can get expensive
Low maximum loan amount


With both lines of credit and business term loans from Fundbox, you can receive anywhere between $1,000 and $150,000 to be repaid on a weekly schedule. Lines of credit come with a repayment term between 12 and 24 weeks, while term loans can be repaid either over 24 or 52 weeks.

When compared to similar products on the market, Fundbox funding options aren't the most flexible in terms of loan amounts and repayment periods. Interest rates can get high as well: the line of credit APR can reach 20%, while the term loan APR can be equal to 18%.

The Bottom Line

While the loan limits and terms offered by Fundbox aren't the most attractive on the market, this lender wins in terms of a quick, automated application process, which requires minimum documentation. So, if you are looking for a fast turnaround, Fundbox might be the right lender for you.

4.Credibly

Credibly has been in business for over 10 years, offering convenient business financing to small businesses from a variety of industries, all across the country. As such, Nevada-based business owners can choose among seven types of small business loans offered by Credibly:
Pros
Multiple loan options to choose from
Streamlined online application process
Low minimum credit score
High borrowing limits
24/7 customer service
No hidden fees
Open to high-risk industries
Cons
Loans come with origination fees
Interest rates can get high
Short repayment terms (daily or weekly)

  • Merchant cash advances
  • Business lines of credit
  • Equipment financing loans
  • Long-term business expansion loans
  • Working capital loans
  • Invoice factoring loans
  • SBA loans

One of the most popular loan options are SBA loans, - backed by the government, they come with attractive rates and terms and lower down payment requirements.

Credibly’s financing is available to a wide variety of customers, from all sorts of industries, including high-risk ones like surgical and legal practices. The application process is quick, and qualification criteria aren’t overly strict: for most loans, a minimum credit of only 500 is needed.

With such a wide selection of loan products, fees, terms, and loan amounts can vary accordingly. For example, long-term business expansion loans can range up to $5 million, with a repayment term of 3 to 10 years. Working capital loans, on the other hand, have the maximum loan amount of $400,000 and a repayment between 6 and 18 months.

The Bottom Line

If you are searching for an alternative lender, Credibly is a great option to consider. With Credibly, you will be able to obtain the needed funding in no time thanks to the lender’s easy online application process, applicant-friendly qualification criteria, and friendly customer service.

Additional Nevada Small Business Financial Resources

The state has additional grants and resources for entrepreneurs unable to secure Nevada small business loans.

North Las Vegas Small Business Stabilization Forgivable Loan

The City of North Las Vegas has implemented the Small Business Stabilization Forgivable Loan Program in order to help local small businesses suffering as a result of COVID-19.

To qualify, a North Las Vegas business must demonstrate reduced revenue in the years of 2020 and 2021, as compared to 2019. If your application is approved, you will receive the funding and access to professional business consultants and advisers.

Nevada Women’s Philanthropy (NWP) Grant

NWP is a member-driven organization committed to supporting the needs of the greater Las Vegas community in the areas of education, arts, environment, social services, and health. To this date, NWP has invested $6.5 million with 27 nonprofit organizations in Nevada.

The NWP Grant is intended to support challenged small businesses, especially those in underserved communities, including women- and veteran-owned businesses and entrepreneurs of color.

Henderson Chamber of Commerce Foundation Launchpad Business Entrepreneur Grant

Launchpad is the longest running business incubator in the state of Nevada, which helps to diversify and strengthen the local economy.

The Henderson Chamber of Commerce offers six-month rent grants, which can be used for complimentary office space. In order to qualify, you must run a woman-, veteran-, or minority-owned business participating in the Launchpad Business Incubator.

How to Prepare for a Nevada Small Business Loan

We’ve discussed the different options and methods of financing available in Nevada. Now let's talk about how you can maximize your chances of securing a small business loan in the silver state.

  • You will need a complete and updated set of business records - traditional lenders will assess your payment history. Lenders will analyze your business payment history and your credit scores. Discrepancies in those records will affect your chances of getting that loan designed for small businesses in Nevada.
  • When it comes to non-traditional lenders, business records are more important. These lenders will provide financing to businesses even if they have low credit scores. However, such businesses will need to show promising revenue and disciplined payments to creditors.

  • You will need a fully detailed business plan - this is essential for any new business. Lenders need to know how much money you’re asking for, what precisely you’ll invest the money in, and what funds you’ll use to pay it back. A business plan should explain these things in detail. The length of the business plan doesn’t matter as long as these basic questions are answered.
  • Ideally you should provide some form of collateral - securing a loan is much easier if you can provide collateral or any other form of security. This becomes even more important if you have a low credit score.
  • You may need to provide a credit report - for most traditional forms of borrowing, lenders will use credit reports to assess risks. You need an excellent personal finance statement, and your business needs to show prospective profit.

The Bottom Line

The state of Nevada is one of the most business-friendly states in the United States . To fully take advantage of all that the state offers, business owners need to capitalize on the best small business loans in Nevada.

The lending industry is constantly changing. However, traditional lenders might not be able to change at the same rate as your business. The online lending platforms, however, offer different tools. We recommend looking at online lenders when you conduct your research, so that you can make the best financing decisions for your business.

Related Loan Picks

About the Author

Tetiana Sitiugina-Babiuk

Tetiana Sitiugina-Babiuk

Financial Sector Specialist and Content Strategist

Independent writer, content strategist, and financial sector specialist. Tatiana has an extensive experience in working with financial institutions such as Bank of Canada and Risk Management unit at FinDev Canada. She holds an MA in Financial Risk Management from the University of Toronto.

More about me