4 Types of Commercial Loans for Southern Nevada Businesses
Running a business can bring personal and financial fulfillment. However, it requires careful planning and execution. A big part of it is ensuring you have access to funding that can help your business grow and expand. The good news is there are several types of commercial loans you can take advantage of at Clark County Credit Union.
From purchasing new equipment or land for a new location, CCCU has you covered! Here are some types of commercial loans that are worth checking out.
1. Business Credit Cards
A business credit card is a type of unsecured loan and is a powerful tool to reap cash-back benefits and rewards that can help your business save money each year. When you choose a business credit card, pick one that matches your business spending patterns to ensure you’re maximizing its full potential.
Plus, a business credit card can help a small business that is looking to build its business credit, which is very important when applying for a business loan.
2. Construction Loans
Construction loans are mainly used for businesses that are looking to finance a commercial structure from the ground up. Unlike a mortgage loan, which you can use to purchase both property and land, this type of loan is specifically used for acquiring land and covering expenses related to the construction of commercial buildings.
Loan funding for this type of commercial loan is disbursed in a series of drawings during the construction rather than receiving a lump sum of money.
3. Equipment Financing
Equipment financing enables businesses to purchase the required machine(s) to operate and improve their workflow. Instead of buying the equipment straight away, you can finance the equipment through a loan and repay it over time. CCCU has a unique medical equipment financing program – contact us today for more info!
4. SBA 504 Loans
SBA 504 loans are one of the top loan programs by the Small Business Administration. This loan provides long-term and fixed-rate financing for purchasing existing buildings or land, new facilities, or long-term machinery and equipment. Clark County Credit Union was named as the only credit union to make the top 10 list of SBA lenders in Nevada for the SBA’s end-of-year report.
Apply for a Commercial Loan Today!
CCCU is focused on helping our local businesses thrive by offering a variety of commercial loans that are tailored to their needs. Visit our commercial loan page to learn more about our loans, or call us at 702-228-2228 to speak to our commercial team.