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Small Business Loans in Nevada (2021 Update)
The Small Business Sector in Nevada
Nevada ranks in the lower half among all states when they are compared according to the entrepreneurship environment. There are about 26 small business loans for every a hundred thousand people in the state. This is not a small number, but it is not a large one either considering there are more than 50 in some states. This is a major hindrance to the entrepreneurial establishment in the state because the likelihood of getting a loan is little. It is correct to say that most businesses require a lot of capital to get up and to operate although not all businesses need to be started with a loan. This is an improvement because the growth of SBA loans per a hundred thousand people for the three years up to 2015 was 55%. This was one of the highest growth margins in the country. It could mean that the number of loans available would continue to increase. Some of the largest technology companies have set up shop in Nevada including Zappos and Tesla.
Another reason why the small business sector in the state is not growing is due to the average size of an SBA loan/ the amount is around $300,000. It is relatively cheap considering the amount of funds that one requires to start a business. The size of a loan in a state is directly proportional to the likelihood that a company will succeed and become profitable. Financial institutions might choose not to increase the amount of available funding if they perceive that there is little room for growth. It is evident to see why less and fewer companies are being established in Nevada. The startup ecosystem in Nevada is largely boosted by the number of startups in Las Vegas. This is evident from the size of venture capital funding available per a hundred thousand people which is about a million dollars. Average investments in companies come to about $100,000. It could be harder to establish a startup considering that only $1000000 is available for a hundred thousand people. Approximately 2.04 small businesses were serving a hundred people in 2013. We have already established that fewer loans and low loan sizes make it harder for one to start a business. This is the reason why Nevada has one of the lowest ratios in this category.
Small businesses recorded a 1.7% increase in growth from 2010 to 2013 according to data. This is a better score compared to some states, but it also explains why the loan size was little. This could also be a reason why there were fewer small businesses because people do not consider them as profitable ventures. The amount of venture capital funding does not increase since no new companies are formed. This actually means that no growth is experienced in the small business sector. Some of the banks that offer SBA loans in Nevada are the Heritage Bank of Nevada, Nevada state Bank, Bank of Las Vegas, and USAA Savings Bank.
Banks in Nevada That Offer Small Business Loans
For the funding you need to leverage your business, here are the best banks for small business loans:
Nevada State Bank
Nevada State Bank was founded in 1959, back when Las Vegas wasn’t yet the tourist attraction that it is today. It has a lot of banking products specifically made for small businesses as well.
Farm Bureau Bank FSB
Headed by Mr. William Hileman, Farm Bureau Bank FSB is headquartered in Sparks, Nevada. It has also managed to help small businesses with $58.8 million in small business loans.
Heritage Bank of Nevada
Based in Reno, Nevada, the Heritage Bank of Nevada has everything that you would expect from your regular bank. Robert Cashell currently serves here as the Chairman of the Board.
Meadows Bank is a bank based in Las Vegas, Nevada that provides an extensive array of financial and banking products and services suited to the needs of both individuals and businesses.
Bank of George
Founded in 2007, the Bank of George has business banking products and services that make managing a business much easier – from savings and checking accounts to a number of lending solutions.
Nevada Bank and Trust Company
Nevada Bank and Trust Company is currently based in Caliente, Nevada and was founded in 1978. In just one year, this bank managed to leverage small businesses with $15 million in loans.
Top Cities in Nevada and Their Lenders
Nevada is world-famous for playing home to the gambling capital of the world – Las Vegas. Tens of millions of tourists flock to the state every year to take advantage of the gambling laws and high-end casinos. But Nevada has much more to offer than just gambling. The area is also home to some of the least-strict small business laws in the country. The state allows for people to set up businesses discreetly, away from the prying eyes of others. For this reason, Nevada has become a hotspot for small business owners, along with the state of Delaware. You’ll find that there are plenty of businesses headquartered throughout the state.
There are several cities in Nevada that are great for small business owners – we’re going to explore them further below. We’ll also review some of the top small business lenders in each city to give you a better idea of who to use for financing.
Las Vegas, Nevada
Las Vegas is the most famous city in Nevada. If you want to enter the hospitality, gaming, or retail industry, this is the best place to go. Las Vegas is also an extremely affordable place to live, which enhances how good of a city it is for small business owners. Below are the best small business loan providers in Las Vegas:
Bank of Nevada
Bank of Nevada is our top pick for the Las Vegas region. It’s a large lender that has plenty of experience working with business owners in the city. If you’re looking for a lender that has the strength of a large financial institution, this is definitely your best option. They also have great business banking services available for all their small business customers.
Clark County Credit Union
Clark County Credit Union is another of the excellent options you have if you want to work with a small business lender in the Las Vegas region. Clark County Credit Union offers some of the best rates in the region. They also have six local branches in the city that allows you to meet with a commercial lending specialist whenever you need help.
Henderson is another large city in Nevada that also has an established gaming industry. This is another entertainment hotspot in the Nevada region. Henderson also plays home to some financial services companies which has led to a diversification of the economy. Our top lenders in the area are listed below:
Bank of the West
Bank of the West is a subsidiary of BNP Paribas. It’s one of the major regional banks that works with small businesses throughout the West of the United States. They have a local branch in Henderson that you can use to meet with their commercial lending specialists. They can also help you with business credit cards and business banking services.
Bank of Nevada
Like Las Vegas, Bank of Nevada has a large presence in the Henderson region. They’re another large lender with a local presence in Henderson. They also have local branches if you’d like to meet with someone to discuss your commercial lending or business banking needs.
Reno is another entertainment capital in the state of Nevada. There is no shortage of resorts and casinos in the region. If you want to take advantage of the tourism industry without breaking the bank, Reno is a great spot to head to – it’s an extremely affordable city to live in. Below is our favorite lender in Reno:
Greater Commercial Lending
Greater Commercial Lending is our favorite lender in the Reno, Nevada region. They’re a great lender with plenty of power to provide you with commercial loans. They also specialize in SBA loans – they can walk you through the whole process if you find the application confusing.
Sparks is often considered an extension of Reno – it’s located just outside of the city. If you’re looking for an alternative to Reno in the same area, this is a good spot to start a business. Below is the best small business lender in the Sparks area:
Moneytree is our top pick for Sparks – they’re one of the only lenders with a presence in the area. The lender is most well-known for their personal loans and cash advances, but they also offer plenty of business loans to their Sparks customers. You can speak to someone in their branch about their commercial lending options.
Carson City, Nevada
Carson City is a hotspot for healthcare and entertainment. There is also a large retail sector in the city. It’s another awesome and affordable location to start a small business. Below is our favorite lender in the area:
Greater Nevada Credit Union
The Greater Nevada Credit Union is our top pick for the Carson City region. They have some of the best rates in the entire state. They can also provide you with business banking services and insurance policies if you’re looking to keep all your financial services in one place.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don’t worry as there still may be other alternative lenders willing to work with you.