The best small business loans for McKinney, 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 McKinney, TX

We're proud to work with small businesses across various industries in McKinney, 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 McKinney, 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 McKinney, 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 McKinney, TX

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

If you’re looking to get a small business loan in McKinney, 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 McKinney, 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 McKinney, 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.
 

McKinney TX

McKinney TX

Can you get a loan to start a business in McKinney, Texas?

Yes. Getting a loan to start a business in McKinney, Texas, is possible. However, the availability and terms of such loans will depend on various factors, such as the type of business, the borrower's credit history, and the lender's requirements. It is recommended to research and explore different financing options and speak with lenders to determine the best choice for your specific business needs.

What is the most common type of small business loan in McKinney, TX?

As in most places, the most common type of small business loan in McKinney, TX, is a term loan. A term loan is a type of loan where the borrower receives a lump sum of money and then repays it with interest over a set time, usually several years. Term loans can be secured or unsecured, and the funds can be used for various business purposes, such as purchasing equipment, expanding the business, or covering operating expenses.

Where do you borrow money for business in McKinney, TX?

There are various places where you can borrow money for your business in McKinney, TX. Some options include traditional banks, credit unions, community banks, online lenders, and Small Business Administration (SBA) lenders. Each of these lenders may have different requirements and criteria for lending, so it's essential to research and compare the various options to find the best fit for your business needs. Additionally, consider working with a financial advisor or consultant to help you navigate the lending process and find the right loan for your business.

What are the loan requirements in McKinney, TX?

Loan requirements for businesses in McKinney, TX, will depend on the lender and the loan type. Here are some of the general requirements that many lenders ask for:

  • Business plan: Lenders will want to see a detailed business plan that outlines the company's goals, market analysis, company overview, financial forecasts, and other important details.
  • Good credit: Lenders will review the business owner's personal and business credit history to determine the risk of lending money.
  • Collateral: Depending on the loan type, lenders may ask for collateral such as real estate, equipment, or inventory to secure the loan.
  • Cash flow: Lenders will want to see evidence of steady cash flow through revenue or a detailed budget.
  • Legal documents: Lenders may require legal documents such as business licenses, tax returns, and financial statements to assess the business's financial health.