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10 Best Small Business Loans in Nebraska

Key Terms

Small business loans are a common way for companies to raise funds at all stages of their establishment and growth.
Borrowers should consider their credit score along with the ability to repay these loans before choosing a loan, with careful attention paid to the actual terms and conditions.
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.

A state noted for its farmland and beautiful natural area, Nebraska has much to offer today’s residents. The state has more than 77,200 square miles of space, and its population is just 1.9 million, often meaning that most areas are very rural and remote. The largest city is Omaha, and the capital is Lincoln. This expansive area, called The Cornhusker State, has beautiful open plains and a semi-arid climate. The state is known for much more than this, including its incredible music scene and its numerous attractions, including the Henry Doorly Zoo and Aquarium. For those who open a small business here, there are numerous benefits to doing so.

Nebraska is recognized for its large agricultural industry, especially in the production of wheat, corn, and soybeans. It also has a beef and pork production industry, manufacturing, and telecommunications. These may be the biggest industries here, but the state has much more supporting its economy, including small businesses. The state has 182,684 small businesses, according to the latest data from the U.S. Small Business Administration. Those businesses provide 413,735 jobs for the state, accounting for nearly 21% of the state’s population. These jobs generate $16,982,859 in payroll each year. That helps to support many of the state’s households.

Without a doubt, small businesses need financial support. There are a wide range of ways that lenders are helping these companies in the state, including through small business loans. The U.S. Small Business Administration’s most recent data shows that there are 1,052 small business loans in the state with a total loan volume of $592,269,610, according to the previous three years of available data. These funds may be used for many needs, such as helping to support a business expansion, modernization, updates to equipment and systems, and much more. The average loan size is $562,994. For small business owners operating in Nebraska, having access to these funds is critical, and it may not be as difficult as many expect.

Show Me Lenders

How small business loans work in Nebraska

A small business that needs an infusion of capital may turn to a lender for funds. Small business loans are typically given to companies that are established rather than startups, but they are meant for smaller companies that need a cash infusion to grow and support their future operations. Small business lenders in Nebraska are available in numerous forms, including banks and private lending organizations. These lenders provide the capital to the business after verifying the risk involved and then set up repayment terms. Most often, business owners have to repay the amount borrowed as well as interest.

Business lenders set their own terms and qualifications for these loans, but most rely on key data about the business to determine if offering a loan is an option and a good risk. The qualifications often range by the type of loan but typically include verification of ownership and identity of the owner, bank statements, balance sheets, profit and loss statements, and personal and business returns. If the business does not have an established credit history, the lender may then offer to use the owner’s personal credit score.

Often, providing a business plan is a way for owners to showcase their company’s products, services, market analysis, and business operations in a clear manner. This allows lenders to make decisions about whether or not to lend.

Business loans may be used for a variety of needs. Depending on the loan, companies may wish to borrow the funds to help with making improvements to the business’s operations or equipment. They may use the funds to help grow profits and sales through new marketing or branding. Some loans are helpful in expanding operations to new areas or targeting new product development. There is a lot of flexibility in how the company can use these funds.

Nebraska small business lenders also typically offer a range of types of loans for companies to choose from (though most do not qualify for all of them). Each type provides a different structure and repayment process, often focused on providing company owners with flexibility. Some are a business line of credit which means the borrower will obtain funds, pay them back, and borrow from the credit line again. Many are term loans, which are in place for a set number of years with a fixed payment. Lenders typically work closely with borrowers to determine the best loan structure for their needs. Some of the most common Nebraska small business loans include:

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

While entrepreneurs usually cover startup business needs with their own savings or investments, going to the next level with your business or nonprofit might eventually require outside funds.

Other resources to review include the Nebraska Business Development Center, a local Small Business Development Center, economic development agencies in your region, or providers of commercial real estate loans. Ultimately, there are many options for business financing. Reviewing all your loan options, such as microloans and credit union financing, is also recommended so that you have a full picture of what to expect and your best avenues for funding.

Borrowers should take some time to truly understand what they need and then find the best lender for it. The best small business lenders in Nebraska are flexible enough to work with most needs. Each lender has their own financing options and application process. This could include small business grants or express loans.

10 Biggest small business loan lenders in Nebraska

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

Rank	Bank Name	# of Nebraska Loans	Avergage Interest Rate	Average Loan Size
1	First State Bank Nebraska	37	4.43%	$816,924
2	Union Bank and Trust Company	36	4.48%	$379,092
3	Arbor Bank	20	4.50%	$550,465
4	First National Bank of Omaha	19	4.13%	$504,658
5	U.S. Bank	15	6.30%	$195,280
6	The Hershey State Bank	14	4.31%	$326,786
7	Northwest Bank	11	5.02%	$310,064
8	i3 Bank	9	5.25%	$918,933
9	Midwest Bank	9	4.25%	$452,500
10	American National Bank	8	5.44%	$394,125

Get Small Business Loan Quotes

1. First State Bank Nebraska

Starting in Hickman, Nebraska, in 1912, First State Bank Nebraska began serving the community and has since grown to 18 branches to serve Lincoln, Nebraska, First State Bank Nebraska offers a number of products to help its customers, including agriculture loans, small business loans, personal accounts, and mortgages.

We reached out to First State Bank Nebraska 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.