Investing in your small business

Starting a small business requires dedication and, often, taking out a loan. A loan can be a practical step for those seeking growth and can allow small business owners to tackle challenges like cash flow gaps, space constraints, or inventory needs.

Why apply for a loan?

A loan can be a powerful tool for small businesses when used strategically. Loans are versatile and can be used for equipment, working capital, or real estate. Additionally, programs like the Nebraska Advantage Microenterprise Tax Credit offer tax benefits to growing businesses, making loans more accessible.

Preparing to apply for a loan

Before applying, ensure you have key documents ready. Having these in place demonstrates your readiness and credibility as a borrower. Generally, you'll need:

Financial records: bank statements, tax returns, and pay stubs.

Collateral information: documentation of assets you can use as collateral.

A plan: a clear, detailed explanation of the loan's intended use.

Determine the exact loan amount needed. You don't need to take out a large loan to make a difference in your business.

What is the Microenterprise Tax Credit?

The Nebraska Advantage Microenterprise Tax Credit Act provides a refundable individual income tax credit to small business owners who show growth over a two-year period. This tax break can help lower your tax burden, freeing up funds to reinvest in your business. It's an appealing incentive for anyone looking to expand or make improvements as it rewards the hard work of growing your own business.

How the Center for Rural Affairs can help

The Center for Rural Affairs supports small business owners through the lending process with resources, one-on-one consulting, and continued guidance. We encourage responsible borrowing to empower your business's growth. Contact us to see how responsible borrowing can support your journey to success.