Texas Business Loans
Business Loans for Texas Companies
The great state of Texas has a rare and flourishing economy, it is considered by many to be one of the best states in the country to do business. The old saying, “Everything’s bigger in Texas” certainly pertains to their local economy, as the state has one of largest economies in the country. With a GDP of over $1.6 trillion the growth of states economy has blossomed over the last quarter century. Known for years as strictly an oil and gas powerhouse, a variety of other industries have recently become key elements in the state’s economy. Texas’s economy today relies on the manufacturing, agriculture, information technology, electric power, banking, an oil and gas industries to pioneer their economy.
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Oil and Gas Loans inTexas
Texas’s oil and gas industries impact is enormous, making up more than 9% of states GDP and contributing over $130 billon of revenue to the state’s economy annually. The state is home to more than a quarter of the country’s largest oil fields and over a third of the country’s oil reserves. Being so dependent on one single industry is dangerous for the state economy; it causes the entire local economy to struggle when things aren’t going smoothly. Equipment financing and business loans in Texas provide businesses the opportunity to purchase new machinery and properly manage expenses.
Manufacturing Loans in Texas
The manufacturing industry is a valuable element to the state’s economy, with a keen focus on machine manufacturing and chemical manufacturing. The manufacturing industry is consistently dealing with inventory and overhead expenses, SMB Compass provides businesses throughout Texas with the business financing needed to overcome these obstacles.
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Construction Business Loans in Texas
As the state’s economy has grown the demand for construction has risen rapidly, giving the feeling as if something new is being built every day. Business owners use equipment financing in Texas to acquire new equipment and machinery to take on new projects and finish existing jobs. With a healthy economy both commercial and residential construction is booming, causing the demand to be greater than the supply. Contract financing in Texas is proving to be an essential need for growing companies. With more projects and contracts, business owners are using small business loans in Texas to cover expenses and grow their businesses. Business loans in Texas allow business owners to have the flexibility to take on new jobs that sometimes have 30 to 90-day payment terms. With extra working capital business owners can continue to expand while covering added expenses. SMB Compass provides business loans in Texas to wide range of businesses in the Construction industry.
SMB Compass has loan programs in Texas from $25,000 up to $100 million. SMB compass specializes throughout Texas in equipment financing, SBA loans, asset-based lending, bridge loans, invoice factoring, and business lines of credit. Schedule a call with a Lending Advisor today to learn more about the business loan options in Texas.
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Small Business Loans in Texas
Here are the many ways to use a small business loan in Texas
Acquire small business loans
Refinance existing loans and credit card debt
Purchase or refinance commercial real estate
Buy or lease machinery and equipment
Purchase inventory and raw materials
Improve cash flow
Marketing and advertising campaigns
Upgrade technology and business software
Renovate existing office space
Day-to-day operating expenses
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