February 23, 2022
How to Get a Small Business Loan in Texas
In other words, Texas is a great place to start or move your business. Still, lenders aren’t going to approve your application just because you’re doing business in the Lone Star State.
You’ll still need to prepare yourself to choose the right loan and submit a strong application. To that end, this post will summarize everything you need to know about obtaining a small business loan in Texas.
Why Apply for a Texas Small Business Loan?
Low taxes, minimal regulation, plus a large and growing business and consumer market make Texas a great state in which to do business. To compete in this hot market, though, entrepreneurs need additional funds. While there are other options, business loans have helped many small business owners finance successful growth investments. Also, Texas is a particularly good place to invest in growth in industries such as transportation, retail, construction, technology, and many others. Another reason to invest in Texas is the massive growth of its population. According to a recent report from U-Haul, Texas had more one-way U-Haul trucks entering in 2021 than any other state in the country.Types of Small Business Loans in Texas
Texas’s relatively lenient approach to business regulation also extends to business loans. As a result, there are many lenders that provide many types of loans to choose from in Texas. You can expect to find plenty of lenders offering the following types of term loans and business funding:- Lines of credit
- Traditional and online commercial business loans
- Commercial real estate loans
- Small Business Administration (SBA) loans and microloans
- Equipment loans
- The Pros and Cons of Securing a Line of Business Credit
- The Pros and Cons of Commercial Business Loans
- Real Estate Business Loans: What You Should Know
- What You Should Know About SBA 7(a) Loans
- The Pros and Cons of Equipment Loans
Alternative Loans in Texas
In addition to the loan programs mentioned above, Texas also has a robust selection of alternative financing. These other working capital options include:- Accounts receivable financing
- Merchant cash advances
- Medical business loans
Lenders to Consider in Texas
In Texas you can choose between traditional lenders like credit unions and banks as well as online lenders. Banks in Texas include large, multinational corporations and smaller, local banks and credit unions. According to NerdWallet, the best lenders local to Texas are:- Business and Community Lenders (BCL) of Texas
- PeopleFund Small Business Loans
- Business Investment Growth Austin (BiGAustin) Microloans
- Texas Capital Bank Small Business Loans
- Texas Trust Credit Union