The best small business loans for Allen, TX

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

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Industries we work with in Allen, TX

We're proud to work with small businesses across various industries in Allen, TX. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Allen, TX

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Allen, TX

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Allen, TX

How to get a small business loan in Allen, TX?

If you’re looking to get a small business loan in Allen, TX, here’s what you should do:

  1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
  2. Check your credit score. Many lenders in Allen, TX, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
  3. Research lenders. Many different types of lenders offer small business loans in Allen, TX, including banks, credit unions, and online lenders. Do your research to find out which ones best fit your needs and qualifications.
  4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
  5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
  6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Allen, TX

Allen, TX

What are the 5 C's for business loans in Allen, TX?

The 5 C's of credit are a set of criteria that lenders use to evaluate the creditworthiness of a potential borrower. These criteria are:

  • Character: This refers to the borrower's reputation, integrity, and history of meeting financial obligations.
  • Capacity: This refers to the borrower's ability to repay the loan. It takes into account their income, cash flow, and other financial resources.
  • Capital: This refers to the borrower's equity in the business, or their personal assets that can be used as collateral.
  • Collateral: This refers to assets that the borrower pledges as security for the loan. It can be real estate, inventory, equipment, or other valuable assets.
  • Conditions: This refers to external factors that may affect the borrower's ability to repay the loan, such as the economy, industry trends, and competition.
What are the benefits of business loan from the borrower in Allen, TX?

The benefits of a business loan for a borrower in Allen, TX can include:

  • Access to capital: A business loan can provide the necessary funds for a business to grow, expand, or cover unexpected expenses.
  • Lower interest rates: Business loans can often offer lower interest rates than other forms of financing, such as credit cards or lines of credit.
  • Longer repayment terms: Business loans typically have longer repayment terms, which can help businesses manage their cash flow and make regular payments over time.
  • Flexibility: There are a variety of business loan options available to fit the specific needs of a business, including loans for working capital, equipment purchases, and real estate.
  • Improved credit: Making timely payments on a business loan can help establish or improve a business's credit score, which can be important for future financing needs.
  • Ownership retention: Unlike equity financing, where investors take a share of ownership in the business, a business loan allows the borrower to retain full ownership of their business.
What is the interest rate on a business loan in Allen, TX?

The interest rate on a business loan in Allen, TX, can vary depending on various factors such as the type of loan, the lender, and the creditworthiness of the borrower.

Generally, interest rates for small business loans can range from 4% to 13%. Some loans, such as SBA loans, may have lower interest rates due to their government backing, while other loans, such as short-term loans, may have higher interest rates due to their shorter repayment terms and higher risk for the lender.

It's best to shop around and compare rates from different lenders to find the best interest rate for your specific business needs.

Here are our interest rates:

TYPE OF SMALL BUSINESS LOAN

INTEREST RATES

Business Line of Credit

 Starting at 7.99%

SBA Loan

 Starting at 6.25%

Equipment Financing

 Starting at 5.99%

Asset Based Loans

 Starting at 5.25%

Bridge Loan

 Starting at 12%

Inventory Financing

 Starting at 7.25%

Invoice Financing

 Starting at 12%

Purchase Order Financing

 Starting at 15%

Business Term Loans

 Starting at 6.99%