Small Business Loan Options in Nebraska

Entrepreneurs and startup founders in the wonderful state of Nebraska have one thing in common: they’re not afraid of making their dreams of business ownership come true!

How a Small Business Loan Can Help Your Nebraska Business

State banks, credit unions, and online lenders offer a wide variety of financing solutions for small businesses. These funds can be used as working capital, to purchase inventory, or to invest in marketing. You can also use a loan to hire employees or carry you through until your clients pay you. And if you want to purchase commercial real estate, there are loans specifically for that purpose.

Types of Small Business Loans to Choose From

Small business loans come in all shapes and sizes, and there are a variety of different business lenders to choose from. Here, start exploring your options.

SBA Loans

The U.S. Small Business Administration guarantees small business loans through several loan programs, including 7(a), 504, and microloans. SBA loans generally have low interest rates and long repayment periods.

Term Loans

Term loans are another option. You may need a long-term loan that you repay over 25 years, or one that you can quickly pay back in a few months. 

One thing to note: term loans offered through banks tend to have more strict requirements to qualify; you may need to have excellent credit and have operated your business for a minimum of two years. Online lenders have looser requirements.

Commercial Real Estate Loans

As I mentioned, there are loans specifically for buying commercial properties. The real estate you buy acts as collateral for a commercial real estate loan, so interest rates are generally low and repayment periods long.

Business Credit Cards

Maybe what you need isn’t a loan at all. If you just need to have the ability to purchase items for your business, consider a business credit card. Many come with rewards that let you earn points with every purchase.

Small Business Loan Options for Nebraska

Not sure where to start with the options above? We have a few lenders that we frequently recommend to borrowers looking for business loans.

SBA Loans

Term Loans

Commercial Real Estate Loans

Business Credit Cards

What it Takes to Get Approved for a Small Business Loan

Small business owners should research what a lender requires before applying. As I’ve mentioned, banks often have more strict parameters for qualifying. If you have great credit, you should have no problem. If your credit is less than stellar, explore online lenders.

When you apply with an online lender, the application process is usually short and sweet. If you apply for a bank loan or SBA loan, you may be asked to provide tax returns, financial statements, and a business plan.

Small Business Grant Options for Nebraska

In addition to all the loan options above, you may also want to apply for small business grants offered by corporations, nonprofits, and local and state governments. Here are a few of our favorite options.

Additional Resources for Nebraska Small Businesses

You might feel like you’ve got to figure it all out on your own. But you don’t! Nebraska has a wealth of resources providing community development, technical assistance, mentoring, and education, and much of it is free.

Whether you live in Lincoln, Omaha, or anywhere else in the state, know that Nebraska’s banks, online lenders, and small business organizations are here to help you succeed.

This article was originally written on February 28, 2022.

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