10 Best Small Business Loans in Idaho


Idaho small business lenders help fund growth and build success for business owners.

Key Terms

  • Lenders take on risk when providing small business loans, which is why credit scores are important, and why many lenders charge an interest rate higher than other loans.
  • Most small business loans can have 5-to-10-year terms, but some are longer, providing a more affordable monthly payment for borrowers that fit within their financial goals.
  • If you do not have a business credit history established, the owner’s personal credit score could be a factor in determining if the borrower qualifies.

Idaho is located in the Pacific Northwest region of the country and is a stunning state with open fields, beautiful parks, and a growing population. The state is home to 1.8 million people, which makes it one of the smallest in terms of population as well as the density of that population. Boise, the largest city, is also the capital. It’s quite diverse with various environmental regions, from the Snake River Plain, where there’s a significant amount of agricultural areas, to the Rocky Mountains, which offer some of the best hikes and views in the region. Idaho may not be a large state in terms of population, but it has much to offer the many businesses located here.

One of Idaho’s many benefits is that it has an ample amount of agricultural development. There is also a strong forestry and mining industry present. That, along with manufacturing, makes up the largest component of the state’s economy, with numerous large corporations and international companies calling it home.

Yet, small businesses play a valuable role in the state as well. The U.S. Small Business Administration states there are 183,972 small businesses operating in the state. Those businesses provide jobs for 347,193, contributing $13,059,266 to the livelihood of residents today. These companies span widely throughout the state, from local artisan shops and contractors to restaurants, service providers, and much more.

To keep those businesses operational, it is critical for companies to have the financial means to do so. That is where small business lenders in Idaho come into the picture. The latest three years of data from the U.S. Small Business Administration shows that there are 1,487 active small business loans in the state with a total loan volume of $872,250,838. The average size loan for these companies is $586,584 in Idaho. That’s an impressive amount of funding to help support the growth and development of the companies that help support such a large number of the state’s families and households.

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How small business loans work in Idaho

A small business is one that typically has fewer than 100 people working within it, though there’s some variation of this. A small business loan is capital that lenders provide to those businesses that qualify for it so they can use those funds for business-related needs. This could include things like expanding the company, adding more equipment, or meeting payroll needs. Small business loan lenders in Idaho provide these funds with the expectation that the borrower will repay them with interest in a timely matter, often within 5 to 10 years, though again, there are some flexible options out there in this area.

Usually, a start-up company is founded with personal funds or credit cards, but as a company grows, the organization might need more financial support. Entrepreneurs may turn to small business loans in Idaho to help fund the next phase of growth. There are many loan options available, each with their own application process. If you need assistance with cash flow, business financing any a number of lending institutions or lending programs can help close the gap. Whether you need short-term support, are more concerned getting a low interest rate, or have other business needs, working with someone on a loan is a great way to help get your business to the next level in the gem state.

Idaho small business lenders come in all forms. They typically set their own rules and qualifications for small businesses to meet before they can lend to them. Most often, this means ensuring the company has the financial means to repay the loan. To determine this insight, the company may request a great deal of information about the small business, including information about its monthly revenue, the industry, its overall financial health, and a wide range of other details. One of the best ways to show this insight is through a well-designed business plan.

The creditworthiness of the company is a big factor in the determination of whether the lender will offer a loan to the company. If the company does not have a strong credit history just yet, the lender will use the business owner’s information. You can look at financial institutions directly or contact the Idaho Small Business Development Center for more information about specifics.

Once the company seems to be a viable risk for the lender, there’s the consideration of the type of loan that may be best suited for their needs. Some loans provide a one-time payment, while others are a line of credit. Some are much more affordable than others, too. Some examples of the types of loans you can expect to find in Idaho include:

  • Bank loan
  • SBA loan
  • Business term loan
  • Business line of credit
  • Equipment financing

Small business lenders in Idaho work with many companies to provide them with affordable, accessible capital needed to grow and expand. It is critical for companies to have access to this capital, from lenders that are noted for their ability to meet these needs.

10 Biggest small business loan lenders in Idaho

Idaho small business loan lenders ranked by loans issued in the state.

RankBank Name# of Idaho LoansAvergage Interest RateAverage Loan Size
1Glacier Bank394.95%$349,459
2Zions Bank385.18%$224,421
3Bank of Idaho375.36%$852,538
4Idaho Central Credit Union365.19%$646,372
5U.S. Bank355.78%$308,894
6Columbia State Bank265.70%$233,627
7Wells Fargo Bank177.40%$254,782
8D. L. Evans Bank165.10%$178,813
9Idaho First Bank145.49%$730,892
10KeyBank145.68%$208,829

Get Small Business Loan Quotes

1. Glacier Bank

Opening in Kalispell, Montana, 65 years ago, Glacier Bank has grown from an original staff of two in 1955 as First Federal Savings and Loan to now having 16 branches. Glacier Bank is located in five counties in Montana and is able to provide all banking services, including business loans.

We reached out to Glacier Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • While the bank offers small business products, we weren’t able to verify their experience with SBA loans specifically. If you are interested in working with them, we suggest reaching out and contacting the bank directly.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

2. Zions Bank

Zions Bank, headquartered in Salt Lake City, Utah, has been providing banking services since 1873. Now with 122 locations in Utah, Idaho, and Wyoming, Zions Bank is able to meet all customers’ banking needs for personal and business accounts, including small business loans and checking and savings accounts.

We reached out to Zions Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • Offers the SBA 7(A) Loan Program, SBA 504 Loan Program, SBA Express and SBA Export Working Capital Program.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

3. Bank of Idaho

Operating 19 locations in Idaho and eastern Washington, the Bank of Idaho provides a number of options for its customers to meet all of their banking needs. Products available through the Bank of Idaho include small business loans, wealth management, home loans, and business and personal bank accounts.

We reached out to Bank of Idaho to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • SBA Preferred Lender
  • Offers SBA Express Loans, SBA 504 Loans, SBA 7(a) Loans and SBA CAPLines Loans
  • Terms vary across the SBA loans but loan amounts are available pursuant to the SBA guidelines
  • SBA fees are waived for loans $500,000 and below
  • Appear to have substantial experience in the State of Idaho with SBA loans

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

4. Idaho Central Credit Union

Chartered in June 1940, Idaho Central Credit Union began to serve the people of Boise, Idaho, to meet their financial needs. No serving communities in Idaho, Washington, and Oregon, Idaho Central Credit Union offers a number of products to meet customers’ needs, including small business loans and personal banking.

We reached out to Idaho Central Credit Union to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • Offers the SBA 7(A) Loan Program and SBA 504 Loan Program.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

5. U.S. Bank

First coming into existence in 1863 as the First National Bank of Cincinnati, U.S. Bank now operates in 26 states across the country. U.S. Bank offers a number of products and services to meet customers’ needs, including small business loans and personal banking solutions, including checking and savings.

We reached out to U.S. Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • Preferred SBA Lender
  • Offers the SBA 7(A) Loan Program and SBA 504 Loan Program.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

Other resources for small businesses in Idaho

Building a financially sound company takes more than just having access to money. That is why it is critical for small businesses to have access to valuable resources that can help them. These resources include services like the Small Business Administration of Idaho. The organization has offices locally you can visit, but it also offers a comprehensive website packed with information on establishing, growing, transitioning, and expanding companies. This includes information about building business credit, tax support, and financial decision making.

Another resource that is incredibly valuable to many small businesses is SCORE. It has a local office in Idaho Falls as well as a comprehensive website packed with information and support tools. This site includes webinars, tutorials, and guides, many of which were created and provided by successful business professionals in a range of industries. The value here is exceptional, and what is even better than that is that all of this information and support is available without any cost to you as an Idaho small business owner.

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Joshua Holt

Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.

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