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Small Business Loans in Houston

What financing options are available to Space City’s small businesses? Find out what your options are and which ones match your needs.


Business Loans in Houston Made For Your Business

Thanks to its favorable tax laws, easy permitting process, ample transportation options, and diverse talent pool, Houston is the ideal place for entrepreneurs and small business owners. If you hope to launch a venture in Space City, small business loans are worth exploring. 

Types of Business Loans in Houston

There is no shortage of small business loans in Houston, making it important to shop around and explore all your options. Here’s a closer look at some of the most popular loans you might want to consider. 

SBA Loans

SBA loans are backed by the U.S. Small Business Administration (SBA) and distributed by SBA-approved lenders, which can be banks, credit unions, or online lenders. Several of the most common SBA loan programs include 7(a) Loans, Express Loans, and CAPLines.

Line of Credit

A line of credit is ideal if you’re a seasonal business or prefer the flexibility of being able to withdraw funds at any time. You can access money as much or as little as you’d like, up to a set credit limit. You’ll only pay interest on the amount you borrow, rather than the entire amount you’re approved for.

Term Loan

With a term loan, you receive a set amount of money at once. Then, you pay it back over fixed intervals. Most lenders offer repayment terms between one and ten years, so you can take your time repaying your loan. If you have good credit, you can lock in low rates and favorable terms. 

Equipment Finance

If you don’t have the cash to cover the entire cost of your equipment up front, equipment financing can come in handy. You can finance anywhere from 80% to 100% of its cost, depending on the lender. You’ll need a quote or estimate that shows the price of your equipment. 

Accounts Receivable Financing

Accounts receivable financing lets you obtain fast cash in exchange for your unpaid invoices. A company may advance you between 70% to 90% of the invoices and collect customer payments on your behalf. You’ll receive the remaining invoice balance, minus a fee. 

Houston Business Loan Options

Several local organizations provide small business funding resources in Houston.

LiftFund, a nonprofit that helps startups, women, and minority entrepreneurs with funding has a Houston office with startup loans of up to $50,000, small business loans of up to $1 million, and SBA 504 loans.

Houston Business Development, Inc. (HBDi) is another nonprofit with business financing solutions in Houston. It offers small business loans, fast track loans, startup business loans, and SBA loans.

In addition, Houston Federal Credit Union supports businesses in the area through real estate loans, equipment loans, vehicle loans, and SBA loans ranging from $300,000 to $5 million.

How to apply for a small business loan

STEP
1
Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

STEP
2
Receive matches.

See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.

STEP
3
Get funded.

Once you choose a card, you can get approved in as little as 7-10 days.

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FAQs About Small Business Loans in Houston

Houston SCORE offers expert mentors that can give you one-on-one, confidential business advice for free, as well as low- to no-cost workshops and a wealth of templates and tools. If you’re searching for networking and marketing opportunities, the Houston Metropolitan Chamber of Commerce and Houston West Chamber of Commerce should be on your radar. Another great resource is the Houston Public Library, which offers a robust business resource center, meeting rooms, and a number of events geared toward entrepreneurs and small business owners. 

  

The City of Houston has partnered with Wells Fargo to create the Houston Fund for Social Justice and Equity. It provides grants to help over 500 small businesses and nonprofits that benefit communities of color. Given by the Texas Department of Agriculture, the Young Farmer Grant is designed for agriculture ventures and offers up to $20,000. The Skills for Small Business Grant by the Texas Workforce Commission supports small business owners with new worker training. You may receive up to $1,800 for each new employee. 

 

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