SBA Loans
A loan option aimed at helping small businesses grow
When you’re a small business, obtaining funding to help you grow is not always an easy task. That is where Small Business Administration loans, or SBA loans, can help. For eligible businesses, the SBA offers loans on terms not available through conventional loans. These loans are guaranteed by the U.S. Small Business Administration and serve to help small businesses grow. To learn more about how an SBA loan works, click here.
READ MORE: COVID-19 Small Business Guidance & Loan Resources (SBA)
Examples of typical SBA Loan Uses:
- Purchase
- Construction
- Renovation and Expansion of Commercial Real Estate facilities
- Business Purchase
- Co-Owner Buy-out
- Equipment Purchase
- Start Business
Typical SBA Applicants:
- Medical & Professional
- Service Providers
- Manufacturers
- Retailers
- Wholesale/Distributors
- Restaurants
Requirements for securing an SBA loan
At TGB, we will help you determine if your business is eligible for SBA financing. Basically, your business will need to meet the following:
- Business Size - Only “small businesses” are eligible as defined by the government. Requirements vary by industry and/or Net Worth and Net Income. For a full list of size requirements by industry, click here
- Business Type - Most business types are eligible, but they must be owner-operated, for-profit and located in the U.S. Certain types are ineligible such as Investment, Lending, Speculative and Gambling related.
- Qualifications - Business applicants must meet minimum financial and background standards such as:
- Equity in the business or project
- Personal and business credit and criminal history
- Historical and/or projected Revenues, Net Income and cash flow
- Education and/or Work Experience
How to get started
Texas Gulf Bank has helped many small businesses successfully secure SBA loans. To learn more about SBA loans, or to speak with a lender, simply call Texas Gulf Bank at 1-800-467-7216, email sbaloans@texasgulfbank.com, or visit one of our many local banking centers. All loans subject to credit approval.
Your company needs to meet lender SBA loan specific qualifications. It is best to have all of the documents and information required to apply collected prior to visiting with the lender. To view the SBA’s loan application checklist, click here. We will gladly assist you in this process.
