Small business loans in Houston are available in various sizes and forms. These range from just $50,000 up to a maximum of $5 to $5.5 million. And, which is right for you and your situation depends on a number of factors. But, there are several choices, which is why it’s very important to understand the basics of small business loans. So, read on to learn more about SBA loan programs in and around the city of Houston.
While there are numerous kinds of small business loans here in Houston and throughout the Lone Star State, three are among the most common and popular.
Perhaps the most well known and used is the SBA 7(a) loan program, which is for the procurement of commercial real estate, buying business equipment, and working capital.
The SBA 504 loan program is also for purchasing commercial real estate and equipment, like the 7(a) but has a different rate and term. Lastly, the Microloan program is intended for use by nonprofits and home-based businesses.
SBA Loan Requirements
Of course, small business loans do carry qualification parameters. For instance, the company must have less than five hundred employees and earn less than $7.5 million in annual revenue over the past three years. Plus, the net income cannot exceed $5 million after deducting taxes and also not counting carry over losses.
If you need to know more about small business loans in Houston, please visit
Proactivelendinggroup.com for answers.