National Idaho Day

by | May 17, 2022 | Resources | 0 comments

On May 17, we commemorate National Idaho Day. This is the day in history, back in 1863, when Idaho was first recognized as a state. It was declared the 43rd state to join the union. Nicknamed the Gem State, Idaho is prized for its scenic beauty. With iconic mountain ranges, picturesque gorges, canyons, and numerous rivers, tourists flock to Idaho to simply take in the view.

On National Idaho Day, it is also important to remember that the state is also considered something of a technology haven in that part of the country beyond its natural beauty. With over half a million people living in the Boise area, Idaho’s urban scene is considered a training ground for those aspiring to have a career in the IT sector. In fact, Idaho is home to the sole US memory chip maker, Micron Technology, and it is also a hub for Hewlett-Packard.

Why Starting a Business in Idaho Can be Profitable

National Idaho Day is a great time to consider your options for starting a small business in the state. Among some of the benefits that companies receive in Idaho are:

  • Lower taxes than many other areas of the country
  • Lower cost of doing business
  • It is among the easiest states in which to start a business
  • It has been voted one of the best states for entrepreneurs

And this is just a snippet of the list. Starting and operating your small business in Idaho could very well result in a lucrative endeavor that keeps you busy and incredibly fulfilled.

Getting Small Business Loans in Idaho

With the current inflation rates especially, many small business owners are finding that they do need additional working capital. Getting a small business loan in Idaho is not as difficult as many think. In fact, when working with an alternative or online lender, the process could not be any easier. And many clients find they receive funds within 2 to 3 days of their application.

Uses For a Small Business Loan in Idaho

Beyond, of course, just weathering this difficult time and helping boost your cash flow, there are numerous things that you can do with a small business loan. For example:

1) Expanding your office space. It happens that many businesses do outgrow their initial space. Getting a business loan for the purposes of expansion, whether you want to build out your current office or buy/lease a new one, is the most expedient route to take.

2) Hiring additional personnel. If your business is experiencing growth, then you will probably find that you need more staff. Many companies will take out a loan to help offset the cost of hiring more personnel. This way, you do not have to drain your reserve funds.

3) Launching a new marketing campaign. Too often, marketing goes overlooked. The thing is, if nobody knows your business exists, then your business doesn’t really have a chance of survival. Marketing is the key here. Launching a robust new marketing campaign can help put your company on the map. And getting loan proceeds to help do this just makes sense.

4) Purchasing equipment. One of the most common reasons for companies to take out a business loan in Idaho is for the purpose of an equipment purchase. Whether it’s for heavy machinery, IT equipment, or factory-based equipment, numerous lenders offer favorable rates and terms on equipment loans in Idaho.

5) Devising a new product line. Developing, testing, and then launching a new product line can be costly. This is where a small business loan could come into play. You diversify your current portfolio, making those loan funds truly work for you.

First Union Lending is Here

We work with numerous Idaho businesses across the state, helping them get the cash they need when they need it – not weeks or months from now. Even if your credit score is less than ideal, we might still have a financing solution for you. With short-term loans, SBA loans, and equipment loans, we have the resources on hand to help your business succeed. Call today, and let’s get started.