Small business loans in Austin

What financing options are available for small businesses in Texas’ capital? Find out about possible loans and which ones might fit your business.

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Types of business loans in Austin.

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.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Local business loan options in Austin.

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.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

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FAQs

What other resources are available to Austin small businesses?

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.

What Austin small business grants are available?

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.

How to use an Austin small business loan?

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.

What do I need to qualify for an Austin business loan?

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.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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