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Everything might be bigger in Texas, but the Lone Star State also values small businesses, and a small business loan can provide you with the capital to help your business succeed.
Texas prides itself on being very friendly to small businesses with no corporate income tax and simplified state business regulations. However, most small businesses require outside funding to get off the ground, so knowing the options for small business loans in Texas can be critical to the future of your Texan company, whether it’s based in Houston or Lubbock, Dallas or Ciudad Juarez. Fortunately, nearly every small business loan you can receive across the United States also applies to Texan small businesses like yours.
SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.
Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.
Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.
With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.
Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.
Several non-profits service low-interest loans to small businesses that set up shop in the Lone Star State.
Business & Community Lenders of Texas is dedicated to helping Texan small businesses.
PeopleFund has become very popular for microloans and other small business lending projects.
Texas Trust Credit Union has several branches throughout the state. Check in with this or your local credit union to learn more about its small business options.
Texas Capital Bank provides a strong array for commercial loans for small businesses.
Business Investment Growth Austin offers many lending options specifically for small businesses driving innovation in Austin.
Bank of Texas is a preferred SBA lender and offers both SBA 7(a) and SBA 504 loans.
Cadence Bank is an SBA-preferred lender. It offers a variety of SBA loans, including SBA 7(a) & 504 loans, SBA Express loans, and CAPLines.
For a large, SBA-backed loan, look to Ready Capital. They offer loans up to the standard $5 million with offices in Irving and Austin, Texas.
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Anand Palanisamy
(469) 949-4284[email protected]
Sean Hasson, Chablis Ambrosia, Tara Harrison
(281) 214-6268[email protected]
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Starting a business in the Lone Star State? Follow this guide to get started.
Because the state is so focused on attracting and incubating small businesses, you will find many Texas organizations and agencies that are set up to help your company thrive. The non-profit SCORE provides mentoring to entrepreneurs via its chapters established throughout the state. In addition, the SBA has set up many Small Business Development Centers (SBDCs), throughout the Lone Star State to provide resources for small businesses. Moreover, the Texas Economic Development Corporation, a state-run program, exists to connect Texan businesses with helpful resources and information.
New and existing companies alike may qualify for grant programs specific to the state of Texas. The Texas Workforce Commission offers a Skills for Small Business Grant, and the state government offers the Texas Development Fund. Additionally, the federal government keeps a list of grants for small businesses, many of which are especially focused on farming or rural businesses.
To qualify for a small business loan in Texas, you need to officially launch your business Texas-style. You need to choose a structure for your business—sole proprietorship, corporation, or LLC (limited liability company). Usually, incorporated businesses have to register with the Texas Secretary of State, while sole proprietorships often register with their county, so be sure to check your local regulations before conducting business. In many cases, you will also need a business license from the Texas Business Permit Office.
Once your company is made official and licensed, if necessary, you are ready to apply for loans in Texas. Typical loan requirements include a minimum credit score, time in business, and monthly revenue. Of course, each lender will have its own requirements and qualifications, so take time to do your homework on each one.
Deciding on the right loan for you will depend on your business needs, the size of your business, how long you’ve been in business, and your creditworthiness. To find the best rates for you, always research and compare loan options across local, national, and online financiers. Online platforms like Lendio help you do this in just a few minutes—and at no cost to you.
A Texas small business loan can help your company reach those beautiful stars shining over Texas. The state’s lenders provide a broad array of grant and loan options, including options that are designed for farmers or other rural businesses. Even if your Texas business has strong cash flow at present, financing can be just what you need to expand and become even more profitable. Learn more about what Texas loans are available for your businesses here.
An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.
SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.
Applying is free and won’t impact your credit
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