Small Business Loans in Nevada

small business loans2

Let's Get Started

Table of Contents

    Business Loans in Nevada

    Nevada is famously known as the gaming capital of the world. Beyond the bright lights of the Las Vegas strip, thousands of small business owners are hard at work across the state. Business owners rely on SMB Compass to provide business loans across a variety of industries in Nevada.

    Ready to apply for a Business Loan?

    Hospitality Loans for Nevada Companies

    Tourism plays an immense role in the state's economy as millions of people from around the world travel to Nevada every year. As a popular travel destination, the hospitality and gaming industry thrives. Hotels, casinos, and other tourism attractions employ nearly 460,000 people making up roughly 27% of the state's workforce. SMB Compass advises owners and managers throughout the tourism and hospitality industry. Hotel business loans in Nevada are crucial to the local economy. Small business loans Nevada help with renovations, expansions, and other expenses.

    Manufacturing Loans for Nevada Companies

    While tourism is at the forefront of the local economy, many other growing industries exist. The manufacturing and logistics industries are a massive part of Nevada's economy. Centrally located in the western market, the state is situated perfectly for manufacturing and distribution. It is less than a day's drive from over 40 million consumers and five major U.S ports. The logistics and manufacturing industry benefits from major highways and locations. These B2B businesses in Nevada use asset-based lending and factoring to help fuel their growth.

    Ready to apply for a Business Loan?

    Invoice Factoring for Nevada Companies

    Invoice factoring in Nevada has helped grow the logistic and manufacturing industry. The logistic industry has long payment cycles, sometimes as long as 30-90 days. This allows businesses to receive payment as soon as they invoice clients, giving companies the working capital to take on the next project. Nevada's economy depends on small businesses providing a wide range of goods and services. Small business loans help these small businesses ensure they can operate effectively and continue to grow.

    SMB Compass works with all industries and sizes to secure financing throughout the state. SMB Compass specializes in Nevada to provide equipment financing, asset-based lending, SBA loans, bridge loans, and business lines of credit. Schedule a call with a Lending Advisor today to learn more about the business loan options in Nevada.

     

    Ready to apply for a Business Loan?

    Small Business Loans in Nevada

    A business line of credit work a lot like credit cards. With this type of small business financing, lenders give you a credit limit, and you can withdraw funds from it as needed. You only need to repay the money you've drawn, plus interest. The amount of your credit limit is based on your credit score, revenue, and other financial factors.

    A business line of credit is revolving, so you can access your full credit line once you've repaid the money used without reapplying.

    The Small Business Administration offers SBA loans to help small business owners access flexible funding. There are over 10 SBA loan programs, including 7(a) loans (up to $5 million) and microloans (up to $50,000).

    The Small Business Administration guarantees a portion of the loan, but they aren't the ones handing out the money to small businesses. Instead, the Small Business Administration works with SBA-accredited lenders.

    Asset-based loans mainly rely on your business' assets rather than credit and cash flow. You can use the following assets as collateral: inventory, accounts receivable, machinery, real estate, purchase orders, and more.

    It's easier to qualify for asset-based lending since the collateral lowers the lender's risk. Some lenders can offer 75% to 85% of the asset's value in funding.

    Invoice factoring allows small businesses to sell outstanding invoices to lenders in exchange for upfront cash. You'll typically receive 85% to 97% of the total invoice value. Once your customers pay their invoices, you'll get the remaining percentage minus a small fee.

    This financing option is best for companies with slow-paying customers or those offering net term payments.

    Business term loans are a classic financing option where you can receive a lump sum of money repaid (plus interest) in fixed installments within a specified period.

    It's a great long term financing solution for businesses that require a predetermined amount of funding. The monthly repayment terms usually last for two to five years, but some can go as long as 25 years.

    Equipment financing in Nevada is a crucial resource for businesses. This loan option provides financial resources to purchase or lease much-needed equipment for your business.

    There are two types of equipment financing: equipment loans and equipment leases. Equipment loans are structured like term loans, where you purchase the equipment and repay the loan in fixed monthly payments. On the flip side, equipment leasing is similar to renting. You pay to use the equipment, and once the lease is over, you can either cancel the contract, continue it, or purchase it.

    Purchase order financing leverages purchase orders to advance cash to fulfill large orders.

    The PO financing company will pay your suppliers directly so that they can immediately manufacture and deliver the goods to your customers. Upon receiving the products, your customers will pay their dues to the PO financing company. They will send the payment over to you, minus a small fee.

    PO financing only applies to businesses that sell completed products - not services or materials.

    Inventory financing for Nevada businesses allows borrowers to use their inventory as collateral in exchange for immediate funding. However, keep in mind that lenders may repossess your products in case of a default. Borrowers can typically receive up to 80% of their inventory's appraised value.

    Wholesalers, retailers, and seasonal businesses benefit the most from inventory financing. The funds can help you prepare for sales fluctuations and allows you to stock up for busier seasons.

    How to Use a Small Business Loan in Nevada

    • Acquire small business loans
    • Refinance existing loans and credit card debt
    • Purchase or refinance commercial real estate
    • Buy or lease machinery and other tools
    • Purchase inventory and raw materials
    • Improve cash flow
    • Marketing and advertising campaigns
    • Upgrade technology and business software
    • Renovate existing office space
    • Day-to-day operating expenses

    Ready to apply for a Business Loan?