Up to $25,000
7.00% to 15.00%
Up to 84 months
PeopleFund, a Community Development Financial Institution (CDFI) in Texas, offers quick business loans of up to $25,000 to new and established businesses. The organization’s mission is to provide economic opportunity for underserved communities in the state by providing a mix of resources, education and access to capital.
In addition to Flash Funds, you can apply for SBA 504 loans to finance real estate and large equipment purchases and SBA Microloans for smaller expenses. Although PeopleFund has branches throughout Texas, the fastest way to apply is by using its streamlined online application.
Learn more about PeopleFund.
In order to qualify, you’ll need to meet PeopleFund’s criteria of:
$20,000 to $50,000
Not disclosed
Not disclosed
Business and Community Lenders of Texas (BCL) of Texas is another CDFI lender, offering startup business loans of up to $50,000 for Texas-based companies with less than a two-year business history. As an added bonus, you’ll also gain access to free business coaching services for the entirety of the time you borrow from BCL.
If BCL’s startup business loans aren’t right for your company, other financing options include:
Learn more about Business and Community Lenders of Texas.
In order to qualify, you’ll need to meet BCL of Texas’s criteria of:
Up to $5,000,000
9.50% to 13.50% Based on the current prime rate of 7.50% + 2% - 6% added by Lendistry
Up to 120 months
Lendistry partners with Texas Capital Bank to offer financing of up to $5,000,000 to businesses in Texas that have at least a two-year operating history. However, if you can meet that benchmark, its loans come with long repayment windows and reasonable interest rates. Plus, the funds can be used for anything from increasing working capital to refinancing business debt or expanding your company.
Since Texas Capital Bank is a traditional lender, you’ll likely face stricter qualifying requirements than you would with an online lender. Alternatively, you can explore Lendistry’s business grants to see if there are any options for your Texas-based business.
Learn more about Lendistry and Texas Capital Bank.
In order to qualify, you’ll need to meet Lendistry’s criteria of:
Up to $35,000
Not disclosed
12 to 72 months
Business Investment Growth Austin (BiGAUSTIN) offers microloans to growing businesses in Austin, Texas, and its surrounding counties. Startups with at least a three-month business history can qualify for up to $15,000 in funds, while more established businesses with at least a year in business can borrow a total of $35,000.
While loan approval can take two to four weeks, which is longer than you’ll find with many lenders, this organization may be a good choice for business owners who are looking to take advantage of supplemental services. BiGAUSTIN offers a range of entrepreneurship programs and workshops, helping emerging businesses in Texas grow and expand their ideas.
Learn more about BiGAustin.
In order to qualify, you’ll need to meet BiGAustin’s criteria of:
$100,000 to $10,000,000
8.20%
Up to 180 months
If you’re interested in taking out a commercial loan to purchase or develop real estate, consider LISC Houston. In particular, this CDFI’s permanent loan extends to $10,000,000 with a 180 months repayment window and an affordable 8.20% interest rate. Plus, LISC Houston also offers grants and educational resources for its borrowers.
Still, this program’s eligibility criteria indicates that it’s not suitable for startups. Plus, it charges a 1.50% loan fee, which may get pricey, especially at higher loan balances.
Learn more about LISC Houston.
LISC Houston doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Apply online or contact the lender directly to learn if your business qualifies for a loan.
$1,500,000
13.00% Fora Financial's minimum rate is a 1.13 factor rate. This means you'd repay 13.00%, plus any additional fees, on top of the amount borrowed.
Up to 18 months
Fora Financial is an online lender offering competitive business term loans and revenue advances. The biggest benefit of Fora Financial is its high borrowing limit of $1,500,000 and lower credit score requirement of 570, plus its quick funding times — with funds hitting your business bank account in as little as 24 hours after approval.
However, Fora Financial has a higher-than-usual annual revenue requirement of $240,000. What’s more, even if you’re approved for the loan, you may face a high interest rate depending on your credit score and business history.
Read our full Fora Financial review.
In order to qualify, you’ll need to meet Fora Financial’s criteria of:
Up to $5,000,000
12.50% to 15.50%
15.5% for loans $25,000 or less
14.5% for loans $25,001 to $50,000
13.5% for loans $50,001 to $250,000
12.5% for loans above $250,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
10.50% to 14.00%
14% for loans $50,000 or less
13.5% for loans $50,001 to $250,000
12% for loans $250,001 to $350,000
10.5% for loans above $350,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
Up to 300 months
Huntington National Bank advertises itself as the leading SBA lender in the nation. The bank’s SBA loan options include the SBA 7(a) Loans, SBA Express loans and SBA 504 loans.
If you choose to participate in Huntington’s SBA loan program, you get access to longer terms, no balloon payments and down payments as low as 10%. What’s more, since it’s an SBA-preferred lender, the bank can help you receive funding faster than other financial institutions.
Learn more about Huntington National Bank.
In order to qualify, you should aim to meet the SBA’s recommended criteria of:
Starting at $10,000
6.75%
12 to 60 months
If you prefer to borrow from a traditional bank with in-person support, Bank of America could be a good option. In particular, its unsecured business loan is our pick for veteran borrowers because it offers an interest rate discount for them, as well as existing Bank of America Preferred Rewards members. We especially like this loan because of the bank’s straightforward, transparent information on how to qualify.
At the same time, though, BofA doesn’t list its maximum loan amount, which makes it difficult to understand how much you can borrow. The bank also charges a $150 origination fee, which is smaller than some other lenders charge.
Read our full Bank of America review.
In order to qualify, you’ll need to meet Bank of America‘s criteria of:
Up to $1,000,000
0.00% to 18.00%
Up to 180 months
LiftFund is a CDFI lender that works to support entrepreneurs nationwide who have limited access to capital. With a strong focus on startups, LiftFund is unique because it boasts flexible credit score, time in business and annual revenue requirements. However, in addition, this lender provides low-cost funds for inventory, payroll, equipment, vehicles, commercial real estate and more. Business owners in San Antonio can also inquire about the Zero Percent Interest Loan Program.
Still, ranging up to 18.00%, the interest rate on LiftFund’s loans can be quite steep for some borrowers. Plus, if you want to borrow up to the $1,000,000 loan limit, you may have to use your own real estate as collateral.
Learn more about LiftFund.
In order to qualify, you’ll need to meet LiftFund’s criteria of:
