The best small business loans for Waco, 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 Waco, TX

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

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

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

Waco TX

Waco TX

How much can a business borrow from SBA in Waco, TX?

The maximum loan amount that a business can borrow from the Small Business Administration (SBA) in Waco, TX, depends on the type of loan program they are applying for.

 

The maximum loan amount for SBA 7(a) is generally $5 million, although there are exceptions for specific industries such as manufacturing and international trade.

 

The maximum loan amount for SBA CDC/504 loans can be up to $5.5 million.

 

It's important to note that the loan amount a business can receive from the SBA is determined by the lender and is based on factors such as the borrower's creditworthiness, business history, and the purpose of the loan.

 

If you have more specific questions about SBA loans in Waco, TX, I recommend contacting your local SBA office or a local SBA lender who can provide more personalized guidance.

What are the easiest business loans to get approved for in Waco, TX?

The easiest business loans to get approved for in Waco, TX, will depend on your specific business needs and financial situation. That being said, here are a few options that may be easier to qualify for:

  • SBA microloans: The SBA Microloan program provides small business loans up to $50,000 to help with working capital, inventory, equipment, or other needs. The program is designed to help small businesses that may need help to qualify for traditional bank loans. The SBA Microloan program is administered by nonprofit community-based organizations, which may be more willing to work with small businesses with limited credit histories.
  • Business lines of credit: A business line of credit is a flexible form of financing that allows you to access funds as you need them, up to a predetermined credit limit. This type of financing is often easier to qualify for than a traditional term loan because it offers greater flexibility and lower borrowing limits.
  • Invoice financing: If you have outstanding customer invoices, you can use invoice financing to get cash upfront. With invoice financing, a lender advances you a portion of your unpaid invoices, and you repay the loan when your customers pay their invoices. This type of financing is often easier to qualify for because your outstanding invoices secure it.

Even though these options may be easier to qualify for, they may also come with higher interest rates and fees. Research and carefully compare rates and terms before applying for a loan.

What is the interest rate on a business loan in Waco, TX?

The interest rate on a business loan in Waco, TX, can vary depending on several factors, including the lender, the loan amount, the term of the loan, the borrower's credit score, and the purpose of the loan.

Business loan interest rates in Waco, TX, generally range from 4% to 30%. However, it's important to note that rates can vary widely depending on the lender and the specifics of your loan application.

Some lenders may offer fixed-rate loans, where the interest rate remains the same throughout the loan term, while others may provide variable-rate loans, where the interest rate can fluctuate based on market conditions.

Additionally, some lenders may charge additional fees, such as application fees, origination fees, or prepayment penalties. These fees can also affect the overall cost of the loan.

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%

What is the best place to get a business loan in Waco, TX?

There are several places to get a business loan in Waco, TX, each with advantages and disadvantages. The best place to get a business loan will depend on your specific needs and financial situation. Here are a few options to consider:

  • Local banks and credit unions: Local banks and credit unions may be a good option if you have an established relationship with them. They may be more willing to work with you and offer more personalized service than larger national banks. Additionally, local banks and credit unions may be more familiar with the Waco business community and the local economy.
  • Small Business Administration (SBA) lenders: The SBA offers a variety of loan programs to help small businesses access financing. SBA lenders are banks and other financial institutions that partner with the SBA to offer these loans. SBA loans often have lower interest rates and longer repayment terms than traditional bank loans.
  • Online lenders: Online lenders may be a good option if you need quick access to funds or have less-than-perfect credit. Online lenders often have more lenient requirements than traditional banks and can offer faster approval and funding times. However, be aware that online loans can come with higher interest rates and fees.