| Product Image | Product Name / Primary Rating / Description | Primary Button / Pros |
|---|---|---|
|
|
|
|
Delancey Street is a premier small business lender, based out of NYC, that has helped broker 100's of millions in business loans. They are a pro, at making sure you get all of your financing needs satisfied.
- Over $200 million in funding secured
- Can handle low risk credit
- Handles all industries
- Handles high risk and low risk loans
If there’s one thing that Las Vegas is known for, it’s taking risks. From the sheer grandeur of the Bellagio to the pyramid-shaped Luxor, every corner of Sin City exudes an unapologetic go-big-or-go-home attitude.
And speaking of taking risks, starting a small business in Las Vegas can certainly leave you feeling like you’re rolling the dice with every decision you make. But don’t despair – there are several options available to small business owners looking for financial support in this vibrant city.
In this article, we’ll dive deep into the various Las Vegas small business loans available, explore their benefits and drawbacks, and provide you with all the information you need to make an informed choice. So let’s get started!
Traditional Bank Loans
If you’re looking at securing a Las Vegas small business loan, your first port of call is likely to be your local bank. And while banks work fine for some businesses, securing a loan from a traditional lender can be challenging for many small business owners.
One major issue is the upfront costs associated with borrowing from a bank. Most banks will require collateral (such as personal assets) in order to grant a loan, while others may charge application or origination fees, among other expenses.
Additionally, if your business has less than stellar credit, it may be difficult to secure a loan through a traditional bank. Even if you do manage to secure a loan, you may find yourself locked into a high-interest rate, making it harder to thrive financially over the long term.
Alternative Lenders
Thankfully, there are plenty of alternative lending options available to Las Vegas small business owners. One of the most popular options is peer-to-peer (P2P) lending, which connects borrowers directly with investors willing to lend money.
By cutting out the middleman (i.e., the bank), P2P lending often results in lower interest rates and faster approvals than traditional bank loans. And best of all, P2P lenders tend to be more forgiving when it comes to qualifications like credit score or collateral requirements.
Another option for Las Vegas small business owners is merchant cash advances (MCA), which allow you to borrow against your future credit card sales. An MCA provider will give you a lump sum upfront, while taking a percentage of each sale until the loan is fully repaid.
While the application process for an MCA is less rigorous than a bank loan, the interest rates can be much higher – sometimes above 50% – which means that this type of loan should only be considered as a last resort.
The SBA
If you’re looking for a government-backed source of funding for your small business, you may want to consider the Small Business Administration (SBA). While the SBA doesn’t lend money directly, it does work with banks to guarantee loans made to small business owners.
The advantage of the SBA programs is that they offer low-interest loans with flexible repayment terms, making it a viable option for businesses looking for affordable financing with manageable payments.
However, the downside of SBA loans is that the application process can be lengthy and difficult to navigate, and there are strict eligibility requirements that must be met. Nevertheless, for those who qualify, the SBA loan program can provide long-term stability and growth through access to needed capital.
Conclusion
At the end of the day, whether you choose a traditional bank loan, alternative lending, or an SBA loan for your Las Vegas small business, it’s crucial to make sure you understand the terms and conditions before signing on the dotted line.
By choosing the right financing options, you can set yourself up for success in the long term, giving your business the solid foundation it needs to thrive in the world of Las Vegas entrepreneurship.
And always remember – in a city dedicated to taking risks, the biggest risk you can take is not investing in yourself and your business. With the right financing and hard work, you too can hit the jackpot in the world of small business ownership.
Get it on 
Download on the