If you’re thinking of starting a small business, you don’t want to overlook the Gem State. Idaho has a robust economy and is known for enacting favorable legislation for small business owners. Whether you’re starting a business or looking to grow an existing enterprise, check out this list of business grants and loans only available to Idaho-based businesses. Scroll through now and find one that fits your needs.
Department or Agency: Idaho Workforce Development Council
Loan or Grant title: Employer Grant
Idaho businesses that are training new workers or re-training existing employees may qualify for an Employer Grant. The intention behind the grant is to help spur economic activity, increase skills for workers, and integrate technology into the workforce, among other benefits.
Department or Agency: Idaho Workforce Development Council
Loan or Grant title: Industry Sector Grant
The Idaho Workforce Development Council provides Industry Sector Grants to employers throughout the state who are looking to help fill the skills gap, retain jobs, and increase wages in the Idaho workforce.
Department or Agency: Altura Community Consulting and Business Finance
Loan or Grant title: Revolving Loan Fund
Businesses from any county in Idaho may be eligible to apply for Altura’s Revolving Loan Fund. This program was designed to provide access to capital for businesses that are not typically able to qualify for traditional loans. Funds range from $5,000 to $250,000 and can be applied toward building and plant acquisition, new construction, partner buyouts, renovation or expansion, machinery, equipment and fixtures, inventory and receivables, and working capital. The borrower needs to be able to put down 10-20% of the loan total.
Department or Agency: Southeast Idaho Council of Governments (SICOG)
Loan or Grant title: Revolving Loan Program for Southeast Idaho
The Revolving Loan Program for Southeast Idaho was designed with the intention of creating and retaining jobs and driving economic growth throughout the areas served by SICOG, which include Bannock, Bear Lake, Bingham, Caribou, Franklin, Oneida, and Power Counties. Business loans are available up to $250,000 (microloans up to $10,000) and can be used toward equipment and inventory purchases, real estate, and working capital.
Department or Agency: Regional Development Alliance (RDA)
Loan or Grant title: Microloan Program
Idaho’s Regional Development Alliance’s Microloan Program supports new businesses with startup costs. With a quick approval process, this loan helps entrepreneurs bring their ideas to market sooner than traditional business loans. Applicants must be located in Bannock, Bingham, Bonneville, Butte, Custer, Jefferson, or Madison counties to qualify for these loans, which max out at $50,000.
Department or Agency: Regional Development Alliance
Loan or Grant title: Regional Investment Fund
Businesses located in Bannock, Bingham, Bonneville, Butte, Custer, Jefferson, or Madison counties that are expanding in Eastern Idaho may be eligible to apply for the Regional Investment Fund through the Regional Development Alliance. Inventory, equipment, operating capital, and start-up costs are all eligible uses of the funds, among other costs.
Department or Agency: Regional Development Alliance
Loan or Grant title: Entrepreneur Loan Fund
Businesses in Bannock, Bingham, Bonneville, Butte, Custer, Jefferson, or Madison counties may be eligible for a loan through the Regional Development Alliance’s Entrepreneur Loan Fund. This funding opportunity was designed as an alternative to traditional financing options and takes into consideration individual market placement. Loan amounts vary between $1,000 and $25,000 and are geared toward businesses and entrepreneurs looking to design their workforce initiatives around local movements.
Department or Agency: Regional Development Alliance
Loan or Grant title: Rural Retail Loans
Retail businesses in the following rural communities in Idaho may be eligible to receive a loan through the Regional Development Alliance’s Rural Retail Loan program: Downey (Bannock County), Lava Hot Springs (Bannock County), Aberdeen (Bingham County), Arco (Butte County), Challis (Custer County), Mackay (Custer County), Stanley (Custer County), and Mud Lake/Terreton (Jefferson County). While there is no maximum amount of investment, businesses must be determined to be a benefit to the community.
Department or Agency: Idaho Department of Commerce
Loan or Grant title: State Trade Expansion Program (STEP) Grant
Idaho’s State Trade Expansion Program (STEP) is designed to support businesses that need help exporting and exploring new trade opportunities. Eligible Idaho businesses can apply for the STEP grant’s Financial Assistance Awards, which give between $2,000 and $12,000 to use on an international or domestic trade show. The awards typically open for application in August.
Department or Agency: MoFi
Loan or Grant title: Business Loans
MoFi is a certified CDFI that lends to businesses in 13 different states, including Idaho. MoFi provides financing to business owners who’ve struggled to get approved for loans from traditional financial institutions. They offer customizable business loans starting at $1,000 to start, grow, or purchase a business.
Department or Agency: Economic Opportunity (EO) by Jannus
Loan or Grant title: EO Microlending
Economic Opportunity (EO) is a nonprofit microlending organization dedicated to uplifting Idaho businesses that don’t meet the credit criteria of traditional banks. Eligible small businesses can get microloans of up to $50,000 to use for a variety of business purposes.
Department or Agency: Idaho Housing and Finance Association
Loan or Grant title: Collateral Support Program
Eligible small businesses in Idaho can work with their local bank to qualify for the Idaho Housing and Finance Association’s Collateral Support Program. The program helps cover loan losses and collateral for small businesses that wouldn’t otherwise qualify for financing.
Department or Agency: Nimiipuu Fund
Loan or Grant title: Business Lending
Nimiipuu Fund is a certified CDFI that lends to tribal and non-tribal community members on or near the Rez Perce Reservation in Idaho, Oregon, and Washington. New and existing businesses can apply for regular business loans up to $100,000 and commercial business loans up to $250,000. Loans can be used for startup costs, working capital, equipment, commercial real estate, debt refinancing, and project financing.
