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LOCATION & INDUSTRIES

Small Business Loans in Idaho

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By Erin Ryan Social Community Manager and Senior Writer at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Business in Idaho is no small potatoes. Forbes ranked the state as the 10th best for business and second for growth prospects. 

Whether you have an agricultural enterprise, run a technology business or have another kind of venture, there likely will come a time when you need capital to maintain the status quo or grow. 

When that happens, where can you turn? Here’s some helpful information, including top lenders for small business loans in Idaho as well as resources that can help.


Idaho’s Small Business Landscape

There are slightly more than 169,000 small businesses in Idaho, employing more than 325,000 workers, according to the Small Business Administration (SBA).

Major industries include the following:

  • Food processing
  • Lumber products
  • Chemicals
  • Paper
  • Mining 
  • Tourism
  • Science and technology

Additionally, there are roughly 1,400 small business exporters in the state.

5 Banks for Idaho Business Loans

1. First Federal Savings Bank of Twin Falls

This bank has earned a 4.8-star rating on WalletHub. It’s also A+ rated with the Better Business Bureau (BBB). If you’re in search of SBA Idaho business loans, you’ll find them here, as well as the following:

  • Term loans 
  • Business credit cards
  • Commercial real estate loans
  • Revolving lines of credit

2. Farmers Bank

Farmers Bank has earned a 4.7-star rating on WalletHub as well as a 5-star Facebook rating. In addition to offerings Idaho SBA loans, this bank offers these financing options:

  • Agricultural loans
  • Business credit cards
  • Commercial term loans
  • Commercial real estate loans
  • Operating lines of credit

3. D.L. Evans Bank

D.L. Evans Bank is A+ rated with the BBB and has been named the Best Regional Bank by SmartAsset. Additionally, this bank is not only an Idaho SBA lender, it also is a Farm Service Agency financing lender.

Other loan options include these:

  • Commercial loans
  • Agricultural loans
  • Business credit cards
  • Commercial real estate loans

4. Zions Bank

Zions Bank has earned an A+ rating from the BBB. It also has been named as one of the best banks in the state by WalletHub, where it’s been awarded a 4.4.-star rating. Business loans, lines of credit and credit cards are available here

5. U.S. Bank

This bank was named best for customer service by SmartAsset. U.S. Bank also earned a spot on WalletHub’s 2021 Best Bank in Idaho list as well as a 4-star rating.

In addition to SBA Idaho business loans, you’ll find the following here: 

  • Vehicle loans
  • Business credit cards
  • Business term loans
  • Equipment financing
  • Practice financing
  • Business line of credit
  • Commercial real estate loan
  • McDonald’s franchise financing

Alternative Financing Options in Idaho

Banks are often the first place small business owners think of when they’re in search of financing. Too often enough, however, they realize banks have strict qualification requirements and the funding process can take time. 

That’s why some entrepreneurs are seeking alternative lending solutions, such as short-term financing and merchant cash advances, for their Idaho business. 

Alternative lenders are known for less streamlined applications, less stringent qualification requirements and speedy funding times. In exchange, lenders typically offer shorter repayment terms, more frequent payments and higher interest rates.

  • Applying for Business Funding in Idaho Through Fast Capital 360

    Whether you’re in search of an SBA loan or a merchant cash advance in Idaho, we can help.

    Here’s what sets up apart. 

    Speed

    In just a few minutes, get started online. See what type of funding you qualify for fast.

    Multiple Offers

    We partner with lenders throughout the country, so your single application could return multiple financing offers.

    Expert Guidance

    A Fast Capital 360 Business Advisor will review your offers with you so you can select the best option for your needs.

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Additional Resources for Entrepreneurs in Idaho

Here are a few organizations offering assistance to entrepreneurs throughout the state.

Idaho Business 

This state-run organization is available to new and seasoned entrepreneurs. Get assistance with any of the following and more:

  • Hiring 
  • Management
  • Business startup
  • Taxes and credits
  • Business registration
  • Professional license renewal

Resources for entrepreneurs in the trucking industry are also available.

SCORE

This nationwide nonprofit has 2 branches in Idaho: one in Boise and another in Idaho Falls as well as a virtual branch. 

Access free 1-on-1 business consulting as well as in-person and online workshops. Other helpful resources available online include webinars, prerecorded videos, business articles and document templates.

Small Business Development Center 

Find free professional business consulting or take part in low-cost entrepreneurial training programs and special events. 

Browse through videos and podcasts on relevant topics. Also, find resources that can help with business planning, financials, operations, marketing, management and more. Six branches are available in the state.

One application. Multiple loan offers.

Quickly compare loan offers from multiple lenders without impacting your credit score.

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