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Which financing options are right for your small business in the Alamo City? Learn about loans in your city and get matched with the right one.
If you’d like to start a business, San Antonio is a great place to do so. It offers low taxes, simple regulations, and a diverse, supportive community for startups and new business owners. With business loans in San Antonio, you can set your venture up for success.
There are a number of business loans in San Antonio. The ideal options depend on your unique needs and goals. Here are several of the most popular types of small business financing solutions you might want to consider.
SBA loans are guaranteed by the U.S. Small Business Administration (SBA) and offer a variety of perks, like low interest rates, lengthy repayment terms, and flexibility. SBA 7(a) loans are the most popular and can be used for a variety of purposes, such as new construction, equipment, working capital, and debt refinancing.
A line of credit is similar to a credit. You can withdraw funds as you need to, up to a set credit limit, which is based on factors like your credit score and annual revenue. You’ll only pay interest on the amount you borrow.
Term loans provide a lump sum of cash up front. Once you take one out, you’ll repay it over time through monthly payments. As long as you have good credit, you may get approved for a term loan with a competitive interest rate and large amount.
If you need to cover the cost of new or used equipment, equipment financing is worth exploring. While every lender is unique, many will allow you to finance up to 100% of the cost of your equipment, which may be computers, tractors, or anything else you depend on to operate.
Accounts receivable financing is when you sell your unpaid invoices to a company in exchange for fast cash. The company may give you 70% to 90% of the total invoice balance. Once they receive payments from your customers, they’ll distribute the remaining invoice amount, minus a fee.
Several local organizations provide small business funding resources in San Antonio.
San Antonio Citizens Federal Credit Union serves San Antonio business owners with a variety of products, like business credit cards, business lines of credit, vehicle and equipment loans, and commercial real estate mortgages.
You may also lock in business financing through the Cosa Loan Interest Buydown Program.
San Antonio partners with LiftFund, a non-profit, Community Development Financial Institution (CDFI), and Community Development Corporation (CDC), that supports small business owners, to provide 0% interest loans that assist with business startup or expansion costs or the purchases of property, inventory, and equipment.
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Once you choose a card, you can get approved in as little as 7-10 days.
Through the Bank of San Antonio, you can enjoy access to a number of small business loans, including equipment financing, lines of credit, and business construction loans. The bank is also an SBA-approved lender that offers SBA 7(a) and SBA Express loans. Broadway Bank is another local small business financing option. It offers term loans, lines of credit, and SBA loans in addition to iBIZ® Small Business Online Banking, which comes with ACH direct deposit, wire transfers, bill pay, and mobile deposit.
San Antonio’s COVID Impact Grants Program may be an option if your small business is still feeling the effects of the pandemic. You can apply for grants that range from $15,000 to $35,000. Depending on your unique situation, you might also qualify for an extra $10,000 construction impact supplement. There’s also the Skills for Small Business Grant from the Texas Workforce Commission (TWC), which supports small businesses with less than 100 employees who prioritize training opportunities. To find an updated list of other grants in San Antonio and Texas, don’t hesitate to check out Texas GrantWatch.
A San Antonio small business loan can help you get your venture up and running or grow the business you’ve already established. If you take out a term loan, for example, you can put the proceeds towards commercial real estate, marketing, insurance, or inventory. An equipment loan may come in handy if you need to purchase new equipment or upgrade old equipment.
Before you move forward with a San Antonio business loan, decide on a business structure, like a sole proprietorship or LLC. Then, choose your business name and register your business. Don’t forget to obtain any required licenses or permits, register for San Antonio taxes, and apply for an employer identification number with the IRS. Once you complete these steps, you can apply for financing, as long as you meet certain credit score and annual revenue requirements imposed by the lender.
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