The best small business loans for Odessa, 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 Odessa, TX

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

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

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

Odessa TX

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

The most common type of small business loan in Odessa, TX, is a term loan. This is a loan where a lender provides a fixed amount of money upfront, which is then paid back over a set period with interest. The funds can be used for various purposes, such as purchasing equipment, inventory, or real estate, or to cover operating expenses. Term loans can be secured or unsecured, with collateral required for the former.

What is the best source for small business loans in Odessa, TX?

There are several sources for small business loans in Odessa, TX. Some common sources include:

  • Banks and credit unions: Traditional lenders like banks and credit unions often offer small business loans. These loans may have more stringent requirements and longer application processes compared to alternative lenders, but they may offer lower interest rates and higher loan amounts.
  • Online lenders: Online lenders are an increasingly popular source of small business loans. They may offer faster application processes and more flexible requirements compared to traditional lenders but may have higher interest rates and fees.
  • Small Business Administration (SBA) loans: The SBA offers several loan programs for small businesses, including 7(a) loans, microloans, and disaster loans. These loans may offer lower interest rates and longer repayment terms compared to traditional lenders but may have more rigorous eligibility requirements and longer application processes.
What is the small business interest rate in Odessa, TX?

The small business interest rate in Odessa, TX, can vary depending on several factors, such as the lender, the loan amount, the borrower's creditworthiness, and the type of loan. Generally, interest rates for small business loans can range from around 4% to 30%, with higher rates for riskier loans or borrowers with lower credit scores. It's best to research and compare different lenders to find the most competitive interest rate for your 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%

How much is given in a small business loan in Odessa, TX?

The amount given in a small business loan in Odessa, TX, can vary widely depending on the lender and the business's specific needs. Some lenders may offer loans as small as a few thousand dollars, while others may provide several hundred thousand dollars or more. Ultimately, the amount a business can borrow will depend on factors such as its creditworthiness, cash flow, collateral, and business plan. It is recommended that businesses research and compare various lenders to find one that offers the best loan terms and meets their specific needs.

Here’s a breakdown of the maximum loan amounts we offer:

TYPE OF SMALL BUSINESS LOAN

MAXIMUM LOAN AMOUNT

Business Line of Credit

$10,000 -$5,000,000

SBA Loan

$100,000 – $10,000,000

Equipment Financing

$25,000 - $5,000,000

Asset Based Loans

$250,000 - $10,000,000

Bridge Loan

$25,000 – $5,000,000

Inventory Financing

$25,000 – $10,000,000+

Invoice Financing

$25,000 - $10,000,000+

Purchase Order Financing

$25,000 – $10,000,000+

Business Term Loans

$25,000 – $5,000,000