Many small businesses find it difficult to qualify for a bank loan in their early years.
Banks usually only lend to businesses that have a history of profitable operations and collateral to back the loan. If the applicant is located in Nevada, business owners who may have been declined by a bank may apply for an NDCC loan through NSDC's offices in Reno or Las Vegas. NDCC is determined to assist Nevada communities in their economic development and diversification efforts. Interest rates can be variable or fixed and start at the Prime Rate plus two percent, depending upon financial risk and collateral. A two percent origination fee is typically charged.