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What financing options are available for small businesses in Texas’ capital? Find out about possible loans and which ones might fit your business.
No matter whether your small business keeps Austin weird or toes a more ordinary line, a business loan can help your operation two-step toward success!
Not only is Austin the capital of the Lone Star State, but it is also an international hub of commerce and innovation with a relatively low cost of doing business compared to other high-profile cities, a diverse population, and a high survival rate for small companies. Used wisely, a business loan can empower your company to thrive in Austin.
A Small Business Administration (SBA) loan is a type of business lending that is serviced by private lenders but partially guaranteed by the federal government through the SBA. This results in a more rigorous application process, but interest rates that are typically lower.
A line of credit is a funding option for your business that allows you to make purchases on credit, within a certain credit limit, and pay back the balance later, plus interest and fees.
If approved for a term loan, your business receives a disbursement upfront that it repays (plus interest and fees) in monthly installments over the term.
Financing equipment allows your business to obtain equipment now, and then pay it off in installments over the following months or years.
Accounts receivable financing is a business loan that is based on the amount of money owed to your company from unpaid invoices. Compared to other options, the process of securing this kind of financing is relatively easy.
Several local organizations provide small business funding resources in Austin.
If your company is working in Austin’s bustling innovation sector, Business Investment Growth Austin has multiple lending programs specifically built with your field in mind.
Texas Capital Bank is a popular Texas bank that has a strong history of commercial lending for businesses big and small.
A lender focused on bolstering communities through promoting entrepreneurship, Business & Community Lenders of Texas has a headquarters in Austin and many funding options for small businesses.
The Family Business Loan Program offers financing to businesses focused on expansion and job growth located in Austin through a partnership between the City of Austin, HUD, and private lenders.
PeopleFund is a CDFI with locations in Austin and several other cities in Texas that offers SBA (7a) and SBA microloans to businesses in low to moderate-income areas.
The Bank of Austin is a preferred SBA processing lender offering SBA 7(a), SBA Express, and SBA 504 loans.
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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
Once you choose a card, you can get approved in as little as 7-10 days.
The city government of Austin has a great online resource for small businesses in Austin, whether you are just starting up or have been in business for decades. Over the years, Austin has styled itself into a bastion of innovation, entrepreneurship, and culture, and many organizations in the city want to help your business grow, including an active chapter of SCORE, a non-profit targeting small businesses, and Austin’s Small Business Development Center (SBDC), which is partnered with the SBA. A state-run initiative called the Texas Economic Development Corporation exists to connect small businesses with resources, mentorship, and networking opportunities.
The City of Austin has a Business Expansion Incentive Program for small businesses that functions similarly to a grant—by moving to Austin or hiring Austinians, your business can receive partial reimbursement for wages and property taxes. From the state government, the Texas Workforce Commission offers a Skills for Small Business Grant which is targeted
toward helping employees train and retain great workers. Small business owners in Austin and the rest of Travis County should also regularly check the list on USGrants.org
for grants from the federal government, especially if your company works in childcare or environmental conservation.
You can use an Austin small business loan for any of your company’s capital needs—to pay bills, hire new staff, open a new location, or develop a new product.
Before applying for any funding in Austin, you should select a corporate structure for your business—this could be a sole proprietorship, corporation, or LLC (limited liability company). Depending on your structure, you might have to register with the Texas Secretary of State, and you should check to see if you need to register with the City of Austin as well. In some cases, you will need to apply to the Texas Business Permit Office for a business license. Once your Austin company is legal, you can apply for business loans. Each financier and type of financing has different requirements, so do your homework to determine your business’s best path forward. Lendio’s easy-to-use online platform makes comparing your options a breeze.
Often, a financier will consider your business plan, your company’s financial history, and your credit score in making an approval decision.