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Are you looking for Louisiana’s best business loans & startup financing companies? If you run a small business in the Pelican State, you can access different loans to meet your financial needs. You just have to carefully check the offerings and eligibility requirements of various lenders. It’ll help you choose the ideal startup financing option for your Louisianan business.

Were you aware that 442,000+ small businesses operate in the Bayou State (as per the most recent estimates)? These small businesses provide 900,000+ jobs to local employees. That’s why many different funding options are available for businesses in Louisiana today.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your startup in the modern-day business landscape. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 14 business loans & startup financing options in Louisiana to get started:

1. Swoop Funding

Swoop Funding is every Louisiana-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types including traditional term loans and innovative financing options with a simplified funding process. Whether you need half a grand or up to $10 million, Swoop Funding has your back!

2. Wells Fargo

The second-best option is Wells Fargo where the SBA loan amount is up to $5 million. Terms are 10 years for normal purposes. However, if you want to buy commercial real estate, the term will be 25 years. Interest rates can be fixed or variable.

3. Community Bank of Louisiana

If you need ample funding quickly from a reliable lender, then get in touch with the Community Bank of Louisiana. This lender offers both variable-rate financing and fixed-rate financing. Also, you can visit its multiple branches in Louisiana, such as in Logansport, Mansfield, Shreveport, and other areas. 

4. Louisiana Federal Credit Union

Another amazing solution to fund your business idea is to get in touch with the Bayou State’s FCU. Here, you can apply for real estate loans, installment loans, business lines of credit, and commercial vehicle loans among other things. That’s why Louisiana Federal Credit Union has caught the idea of many entrepreneurs in this state.

5. Gulf Coast Bank & Trust Company

This lender offers an average interest rate of 5.64%. Also, the average payout amount is $637k.  You can easily apply for term loans here and utilize Gulf Coast Bank’s competitive rates to grow your business. Here’s why you should choose the Gulf Coast:

• Local Lenders, Local Decisions 
• Fixed or Variable Rates 
• Variable Terms 
• Secured Loans 
• Unsecured Loans 
• Fast Approvals 

6. Fidelity Bank

This bank has a high interest rate (over 5.90% on average). The loan amount they approve is also 314,000 dollars on average. However, Fidelity Bank has a stellar reputation in the financing community. Also, it offers several key features, such as the following:

• Competitive rates
• Lower down payments
• Extended repayment terms
• Local processing and approval

7. Pelican State Credit Union

This credit union focuses on businesses located in Louisiana. So, you can apply for SBA 7(a) loans here, especially when traditional financing options disappoint you. The maximum amount they give you as a loan is $5 million. The term is 25 years if you have a long-term plan. That is why the Pelican State Credit Union is popular among local entrepreneurs.

8. Red River Bank

The average interest rate here is 5.25% and the average payout amount is $273,000. At the Red River Bank, Louisiana business owners can get secured & unsecured loans easily. Also, it’s the ideal bank for commercial & real estate loans. Moreover, you can open a line of credit here to get funded continuously.

9. Hancock Whitney

At Hancock Whitney, the average loan amount approved is $584,000. The interest rate is a little high but manageable. However, this lender is not insured by FDIC. That’s why we have ranked it #9. It offers you multiple loan options, such as the following:

• Commercial loans
• Revolving lines of credit
• Term loans
• Commercial real estate loans
• Construction loans

10. b1BANK

At b1BANK, you can easily apply for SBA loans to get funded in a jiffy. The interest rate here is 5.17%. But the average payout amount is $436,000. So, get in touch with b1BANK if you want ample funding to pursue your entrepreneurial dreams.

11. Fast Capital 360

We’ve mentioned this lender before as well. You can apply easily and get funding within the next 24 hours. Up to $500,000 in loan is possible with this lender. Moreover, the interest rate starts at 7%, which is a bit high. Other than that, Fast Capital 360 seems like a pretty good lender.

12. American Bank

American Bank is yet another lender for Louisiana-based small business owners. This lender will give you a loan of up to $5 million with the term being no more than 25 years. Also, this lender doesn’t ask for balloon payments.

13. National Funding

National Funding supports small businesses and startups in Louisiana. The processing time is very fast and you can get up to $400k in funding from this lender. If you need funding to buy new office equipment, then National Funding will lend you up to $150,000 for it. You just have to be 6 months in your business and show more than $250,000 in annual sales.

14. First National Bank of Louisiana

Lastly, you can also get in touch with FNB Louisiana if nothing pans out. This bank will help you find the perfect government funding program tailored to align with the needs of small businesses and startups.

Louisiana Government Resources

Check out these government resources about business grants/funding and startup financing options in the beautiful state of Louisiana:

• City of Shreveport Small Business Loans
• Restore Louisiana | Small Business Loan Program (Economic Revitalization)
• Opportunity Louisiana Special Programs for Small Businesses
• Small Business Assistance Grants

Top Cities in Louisiana for Business Loans

Curious to know which cities, towns, or census-designated places (CDPs) in Louisiana are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. New Orleans
2. Baton Rouge
3. Shreveport
4. Lafayette
5. Lake Charles
6. Kenner
7. Bossier City
8. Monroe
9. Alexandria
10. Houma
11. Slidell
12. Natchitoches
13. Ruston
14. Thibodaux
15. Zachary
16. Mandeville
17. Gretna
18. Central
19. LaPlace
20. New Iberia
21. Logansport
22. Covington
23. West Monroe
24. St. Gabriel
25. Sorrento
26. Mansfield
27. Donaldsonville
28. Franklinton
29. Shreveport-Bossier City Metropolitan Area (combined)
30. St. Martinville

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in Louisiana. It’s a great idea to look for Texan lenders that provide business loans to struggling entrepreneurs in the Bayou State.

Choose a reliable lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors.

Let Sophisticated Investor help you understand how to fund your startup in the Sugar State.