Qualify for a business loan and use borrowed money to start a business, invest in equipment or build profit margins. Our partners at ConsumerAffairs researched the best business loans in Boise based on lender transparency and the quality of their loans.
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Business loans are a vital part of starting or expanding a company in Boise. Local business owners and entrepreneurs apply for business loans to start a business, cover unexpected expenses or purchase equipment or property needed to expand a company.
There are many types of lenders in Boise, including banks, commercial lenders and personal credit cards. A good lender, however, will partner with you to help your company succeed and provide advice on which types of loan work best with your business model. Some of the more common business loans are:
Business term loan: These provide upfront cash that is paid back over a predetermined period of time. The interest and the repayment plan are based on the business’s credit history, financial condition and monthly revenue.
Business line of credit: These are similar to a credit card, providing a maximum amount of funding the business can use and only accruing interest on withdrawn funds. While there are significant penalties for missed payments, the approval process is often simple.
Equipment loans: These loans often require a down payment and are used to purchase equipment. The purchased equipment serves as collateral for the loan.
Invoice financing: Invoice financing provides upfront cash that is secured by unpaid invoices. These loans are often ideal for companies with outstanding invoices that need funds quickly.
Merchant cash advance: These give the borrower a lump sum of cash in exchange for an agreed-upon percentage of credit and debit card sales.
U.S. Small Business Administration (SBA) loans: This is a government-backed loan that is provided by online lenders and commercial banks. SBA loans tend to be long-term loans and carry a lower annual percentage rate.
If you’re applying for a business loan through a bank or commercial lender, be prepared to discuss how you plan to use the funding, the projected outcome and the company’s business model. Lenders may also require bank statements, tax returns and financial reports.
Online lenders are often more likely to work with business owners who have a poor credit history. These lenders will provide financial consultants, create a comprehensive viability assessment of the business and provide funding based on the business plan rather than the owner’s credit score or history.
Seek Business Capital is an online lender that helps small business owners with startup consulting, business services and funding. The lender approves 92 percent of qualified applicants and provides free funding estimates within two hours. Customers in Boise appreciate the company’s experienced consultants and that the company does not place restrictions on how the funding is used.
Imperial Advance works with an extensive network of lending partners to provide the best rates and terms possible for Boise applicants. Once an application is approved, the funding is transferred to the borrower’s account in 24 hours. Boise customers appreciate the straightforward application process and the company’s quick response.
National Business Capital provides a simple application that connects borrowers with the company’s marketplace of more than 75 lenders. The company has financial advisors who help borrowers receive competitive offers. Boise business owners say they would recommend the company to others because of the simple, friendly service.
GUD Capital has provided loans for big and small businesses for more than 50 years. The lender is a nationally recognized online finance company that offers a variety of loan options. Boise customers say they appreciate GUD Capital’s employees for their expertise and experience.
Idaho Central Credit Union
Idaho Central Credit Union has 36 full-service locations throughout the state. The lender offers low fixed interest rates and flexible monthly payments with terms up to to 10 years. Boise customers say they appreciate the convenience provided by the multiple locations and the free quotes available on the lender’s website.
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