Small Business Loans In Texas
Texas is the most small business-friendly state in the nation. Its regulatory regime is light, and taxes are low (business earning $10 million or less only pay a rate of 0.575%.) Texans also have a fierce sense of individualism that leads them to empathize with and cheer on entrepreneurs.
Despite this, however, most small business owners eventually get to a place where they can’t do it on their own. They need small business funding in Texas so they turn to lenders that offer small business loans in Texas.
In this guide, we will reveal the best business lenders in Texas. They are qualified by state authorities to offer business loans to Texans. They have a fast turnaround, have transparent processes, and approve loans at a higher rate than traditional financial institutions. No matter whether you are looking for small business loans in Dallas Texas or Houston, these firms have you covered.
Best 3 Lenders in Texas
- Great Customer Support
- Suited for Small Businesses
- Easy Application Process
- Helpful Customer Service
- 92% Application Approval Rate
- No tax Return or Financials Required
- Loan Amount: $1,000 to $100,000
- Fully Online and Automated Funding
- No Early Repayment Fees
- Easy to Understand Payment Plans
- Easy to Qualify
- A+ BBB rating
- Streamlined Application Process
- Variety of Financing Options
- High Approval Rates
- Funding in 24 Hours
- Fixed Fee Factor Rates
- A+ Rating on BBB
Additional Business Loan Options in Texas
On top of our list presenting the best business loans for small businesses in Texas, which is focused on online, quick, lending for the most part, there are also local business lenders and business loan brokers available in Texas. Read our short reviews below:
Business and Community Lenders of Texas (bcloftexas.org) is a business lending company that helps people to get the best financial opportunities. Business and Community Lenders of Texas offers you to borrow for small businesses up to $50,000 and for growing businesses you can borrow more than $50,000. The company offers you multiple financial services such as minority and women-owned businesses, working capital, refinancing existing debt, and much more. The company headquartered is located in San Jacinto, Blvd Suite, Austin.
Amarillo Venture Capital (amarilloventurecapital.com) is a commercial mortgage broker that has access to over 600 different nationwide lenders. Amarillo Venture Capital Inc. will give you a loan in a short time from $1,000 to $1,000,000. It offers multiple loan programs such as merchant cash advance, commercial lending, venture capital, and small business loans. The company headquarter is located in Amarillo, Texas.
PeopleFund (peoplefund.org) is a business loan broker company. The PeopleFund company offers various loan programs such as City of Eagle Pass, SBA loans, women-owned business loans, and Flash Funds. The company’s headquarter is located in Austin.
Texas Certified Development Company (txcdc.com) is a loan network which is based in Austin. The agency offers multiple loan services such as Business Equipment Financing, SBA 504 loan and the Conventional loan program. While following simple steps, Texas Certified Development Company will issue your fund.
ClarVel Business Funding (clarvelbusinessfunding.com) is a business loan company that gives loans from $75,000 to $2 Million. ClarVel Business Funding offers several business loans such as Hard Money loans, Apartment loans, SBA loans, Fix N Flip loans, Business Real Estate loans, and Bridge loans. The headquarter of this company is located in Dallas, Texas.
Peach Capital (peachcapital.com) is a business loan company which is based out of Texas. As per the website, the Peach Capital company helped several people by approving approximately $240 million in loans. The company offers different business loans such as Merchant Cash Advance, Business Terms Loans, SBA Loans, SBA 504 Loans, Working Capital Loans, and Commercial Real Estate Loans.
Moby Capital (mobycap.com) is a business loan company that offers financing from $50,000 to $5 million. As per the website, Moby Capital offers different financing options and business loans program such as Term loans, Invoice Factoring, Business Line Of Credit, Revenue Advance, and other special funding programs. The headquarter of the company is located out in Austin, Texas.
Houston Business Development (hbdi.org) is a loan broker network that helped thousands of people through financing and loan programs. According to the Houston Business Development site, they offer multiple loan programs such as SBA 504 loan, Start-Up Business loan, Fast Track Loan, and Small Business loan. The loan amount starts from $5,000 to $5 million. The Houston Business Development headquarter is located in Houston, Texas.
Heritage Land Bank (heritagelandbank.com) is a farm business loan company that has helped small businesses to large-scale businesses. As per their website, the company offers different loan programs such as Country Home loans, Equipment loans, Poultry loans, Timber loans, Recreational Property loans, Livestock loans, Farms & Ranch loans, and Agribusiness loans. The headquarter of Heritage Land Bank is located in Tyler, Texas.
MONEY MAN 4 Business (moneyman4business.com) is a business loan network that helped people to get loans on easy terms. As per their website, the Money Man 4 business offers several business loans programs like SBA 7 (a) loan, SBA 504 Business loan, 1 to 5-year loan, 12-year simple loan, Business Line Of Credit loan, ACH MCA Business loan, and other special financing programs. The company’s headquarter is located in Houston, Texas.
Capital CDC (capitalcdc.com) is a loan lender network that helped people with different loans and financial programs. As per the website, the Capital CDC offers multiple loan programs such as the SBA 504 loan program, Community Advantage Loan Program, and SBA 504 Refinance Loan Program. The company’s headquarter is located in Texas, United States.
Commercial Fleet Financing (commercialfleetfinancing.com) is a business loan company. As per the website, Commercial Fleet Financing offers several financing programs such as loans, leases, private party sellers, auction lines of credit, and dealer partners. Also, the industries in which Commercial Fleet Financing are tow trucks, trailers of all types, semi trucks, and much more. The company headquarter is located in Carrollton.
Community Business Finance (communitybusinessfinance.com) is a business loan company that offers business loans for up to $15 million. As per the website, Community Business Finance offers SBA loans with a multiple benefits program. The company’s headquarter is located in Texas, United States.
Texas Small Business At A Glance
Cowboy hats aren’t the only thing that’s big in Texas. This state possesses the second-largest economy in the United States. In 2018, they had a GDP of more than $1.8 trillion. To put that number in perspective, this state has a bigger economy than South Korea or Canada. If Texas were a country, it would be the 10th largest in terms of economic output.
In Texas, agriculture, energy, defense contracting, technology, and tourism are its leading industries. In addition to being home to many energy company HQs, Dallas is also a major telecommunications hub. Thanks to its wealth of high-paying corporate jobs, its retail and professional services sector also thrive.
On the Gulf Coast, Houston is also an energy powerhouse. However, while oil & gas firms predominate, the city also has a growing renewables sector. Houston also has healthy aeronautics and biotech industries.
There is more to Texas than Dallas and Houston. San Antonio is a popular tourist destination. Austin also does well with tourists, but their booming tech sector stands out. And in countless smaller cities across the Lone Star State, agribusiness dominates.
While Texas is home to many Fortune 500 companies, small businesses are its backbone. SMEs, defined as firms with fewer than 500 employees, comprise a mind-boggling 99.8% of all Texan businesses. These businesses employ 4.7 million workers or 45.1% of all working-age Texans.
For this state to thrive, these firms must have ready access to Texas guaranteed loans. As such, it comes as no surprise that business loan broker Texas has plenty of clients.
Why Do Entrepreneurs Need Small Business Loans In Texas?
The vast majority of businesses in Texas are small. However, they face challenges that deep-pocketed corporations don’t. Small business taxes are indeed low, and income taxes are non-existent, However, this means that municipalities have to make up the revenue shortfall by imposing high property taxes. This burden is felt directly by owners, and landlords pass along this cost to tenants in the form of higher rents.
As such, it’s easy for small businesses to fall on hard times, especially when they’re in startup mode. If small companies lose revenue suddenly during a downturn, they may miss payments, which can tank their credit score. In these instances, circumstances may force them to get small business loans in Texas for bad credit. These come with higher interest, which can further stress a small firm.
However, in recent years, businesses have thrived under Texas’ small-business friendly regulations. As a firm grows explosively, it may outgrow its infrastructure quickly. This situation means they may have to get business grants in Texas to fund upgrades to their production capacity.
Whenever a Texan SME needs funds, they can count on online business lenders in Texas. These brokers are quick and reliable – invaluable qualities for small businesses that need to make payroll. Often, these firms can get an answer in less than 24 hours from business loan broker California rather than waiting weeks.
Grants & SBA Lenders Available To Texas Small Businesses
Without Texan small businesses, the state’s economy wouldn’t function. For this reason, the state government has made a variety of grants available to business owners. The boost they provide can help startups achieve the momentum needed to become sustainable, growing enterprises.
These initiatives include the following:
- The Young Farmer Grant offers support to farmers between the ages of 18 and 45. It provides funds, matched dollar-for-dollar, to help younger owners of agribusiness in financial need. Owners of corporations and LLCs (limited liability corporations) are not permitted to apply. Cash awards of between $5,000-$20,000 are available, but applicants must document that they possess the necessary matching funds.
- The Texas Enterprise Fund provides “deal-closing” grants to businesses considering expansion in Texas. To qualify, firms must prove they will employ an additional 75 workers in urban areas, or 25 employees in rural areas. They must also plan to pay a wage higher than the county average and provide documentation of planned capital investment.
- The Product Development and Small Business Incubator Fund issues asset-backed loans to majority Texas-based businesses to foster the development of companies and new products. To qualify, the applicant must provide details on the proposed new product. They must also show that they have fewer than 100 employees and that 51% work in Texas-based operations. Loans range between $1 to $5 million and have terms of 15-20 years.
- The Capital Access Program provides financing to SMEs that face barriers to small business funding Texas. In addition to documenting the barriers preventing access to capital, these firms must employ 499 employees or less to qualify. 51% of these employees must be based in Texas. Applicants can use these loans to fund working capital or to pay for infrastructure improvements. However, real estate investing is excluded from this definition.
Businesses that decide to take on a small business loan in Texas should do so through a lender approved by the SBA. The Small Business Administration backs these loans, which encourage lenders to offer more forgiving terms. They are also more readily available, thanks to the backing of the feds.
Notable business lenders in Texas that issue SBA loans include institutions like:
- Wells Fargo
- JP Morgan Chase Bank
- United Midwest Savings Bank
- Frost Bank
- Comerica Bank
Texas doesn’t just have the second-largest economy in America – it is also well-balanced. While the price of oil has languished since 2015, the state’s other industries have, thanks to business financing Texas, propped things up. Diversification efforts led by Texas’ 2.6 million small businesses have also helped. However, to weather economic downturns and other surprises, easy access to small business loans Texas is crucial. In this vein, we hope our Texas lending reviews will aid you in finding the help you need quickly.