Business Loans in Texas
Texas is the second largest state in the U.S., and home to over a whopping 28-million proud “Lone Star State” residents. The state of Texas is so vast that it boasts ten climatic regions, and is said to be 10% larger than France. The culture in Texas is unlike anywhere else, and Texans are described as full of hospitality with larger-than-life personalities. The cities in Texas are some of the largest in the country – including Houston, TX – which is famous for its energy industry, and Austin, TX – which boasts an impressive high tech industry.
Texas currently ranks first for its economic climate and was ranked by Forbes as #2 on the “Best States For Business” list in 2017. The state is home to an impressive 54 company headquarters that are listed on the Fortune 500 list, tied with California for the highest number in the country. And, Texas is also home to a large population of entrepreneurial women – the number of businesses owned by women in the state has increased by 146% in the past ten years.
Needless to say, Texas is the place to be if you want to see your business grow. However, success doesn’t just happen overnight – many factors contribute to the prosperity of a business, including funding. Not only is financing required to start up your business, but to help keep it afloat, as well. You may be in need of funding for your small business for many reasons, including overcoming growing pains or to help get through a slow season for your industry.
Fast Business Funding in TX
So, where is a small business owner in Texas to turn to when they find themselves in need of funding? Usually, business owners tend to consider loans through big banks or the SBA. However, for those that are in need of funding fast or have bad credit, this option can sometimes be out of the question.
Traditional banks will want to look at your balance sheets, personal and business tax returns, and profit and loss statements among many other documents – and even after the application is over with, it can still take months just to respond to you with a decision. And, since banks prefer to lend small business loans to only the most responsible borrowers, your credit score will have to be in order as well – usually at least 600 and above.
Then, there are loans administered through the SBA. SBA loans offer long terms and low-interest rates, so you can imagine how sought-after they are by small business owners. However, the SBA makes the application process just as, if not, more thorough than qualifying for a bank loan. The SBA has many requirements that they like to be met, and you better be prepared to prove that you meet those requirements with the help of lots and lots of business documents and financial statements. And, in some high-risk scenarios, the SBA may even require that you put up some amount of collateral just in case you can’t repay the loan.
Small Business Funding Offered in Texas
At Fast Capital 360, you won’t have to worry about rummaging through years and years of business documents. We’re committed to helping small business owners in Texas, which is why we work hard to provide consumers in a wide variety of industries with the alternatives to loans that they need. We know small business owners are pressed for time, which is why we make our funding process short and sweet with a straightforward online application and a convenient review system.
We know thinking about business loans and evaluating your funding options can be intimidating, and we want to ease that burden. Loans through the SBA or traditional banking institutions are often confusing – that’s why we created an application that’s easy to understand and offer alternatives to loans with transparent terms and fees. That way, you can spend less time filling out the application and more time putting that funding to good use.
SBA loans and bank loans are great for some business owners, but they’re not for everyone. But, at Fast Capital 360, we make it easy to qualify and will help you find the business funding solution that’s right for you – even if it’s not with us.
If you are ready to explore the funding options available with Fast Capital 360, give us a call today at (800) 735-6107 to speak with a dedicated Business Advisor. Or, fill out our online application if you are ready to start the funding process right away.