If you have been affected by a natural disaster, you may be able to get help from the government. This can include money to help with lost revenue and increased expenses. Moreover, several types of loans and grants are available to businesses after a disaster hits....
Funding for Small Businesses
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Suppose your business has been struggling due to an economic disaster. In that case, you may be eligible for an Economic Injury Disaster Loan (EIDL) from the Small Business Administration (SBA). Economic disasters may include events like floods, hurricanes,...
The Small Business Administration (SBA) provides many options for funding for small businesses. This blog post will discuss the different types of loans available to small businesses. We’ll also provide information on applying for a business loan in Texas. Whether you’re just starting or you’ve been an entrepreneur for years, there’s sure to be a loan that fits your needs!
SBA Provides Funding for Small Businesses
The Small Business Administration (SBA) is a federal agency that helps small businesses. It can offer counseling, capital, and contracting assistance.
There are six offices in Texas, including Dallas/ Fort Worth, El Paso, Harlingen, Houston, Lubbock, and San Antonio.
The SBA provides small business loans in Texas to entrepreneurs through lending partners. Lending partners are in different areas. Therefore, you will need to search for one in your location. Once you find a partner, you must complete the loan application. The lending partner will then approve the loan and help you manage it. Ultimately, the SBA makes finding a loan that fits your needs easier.
If you are a small business owner in Texas, the SBA can offer you resources and support to help your business grow. Contact your local office today to see what they can offer.
Lending Partners that Assist with Funding for Small Businesses
Several types of lenders offer small business loans through the SBA program. Look over the list below to see if any of these lenders might fit your business. Additionally, you may want to contact a Business Lawyer in Texas to find the right loan for your business needs.
Texas Angel Investors
Angel Investors are private individuals who provide equity funding for start-ups, entrepreneurs, and new businesses. Ultimately, they provide their own money in return for shares in the company. You can find the Angel Investors in your area by visiting the Alliance of Texas Angels Network.
Community Development Financial Institutions (CDFIs) are non-profit lenders that focus on helping disadvantaged businesses and entrepreneurs. They offer favorable terms, such as low-interest rates, advice, mentoring, and workshops. The goal of non-profit lenders is to help companies grow and create jobs in underserved communities.
Some examples of non-profit lenders in Texas include:
- BCL of Texas
Texas Workforce Training Grants
The Texas Workforce Commission (TWC) offers grants to businesses to train employees. The Skills for Small Business grant supports businesses with fewer than 100 employees. This grant provides training for new, full-time workers. Additionally, it provides support to upgrade the skills of existing workers. Your business will receive training through community or technical colleges or the Texas Engineering Extension Service (TEEX).
This training grant can help your business save money on the cost of training new or current employees. Furthermore, it can help your business keep employees and improve employee productivity.
If you are interested in applying for this grant, you can visit the TWC website. Additionally, you can also contact a business lawyer in Texas to learn more about this and other loans for small businesses in Texas.
The government also partners with SBA to provide grants to small businesses. These grants are typically for companies doing research and development or providing services to the government.
Some of the most popular federal grants include the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program.
To learn more about these programs, visit grants.gov.
United States Department of Agriculture
The United States Department of Agriculture (USDA) offers a variety of business programs to assist rural businesses.
The USDA has many different business programs to help rural businesses get started or grow. There are loans, loan guarantees, and grants available to individuals, businesses, cooperatives, farmers and ranchers, public bodies, non-profits, Native American Tribes, and private companies.
Product Development and Small Business Incubator Fund
The Product Development and Small Business Incubator Fund (PDSBI) is a program that offers long-term loans. They usually give loans to companies that develop products, specifically manufacturing companies. Further, the program’s goal is to help develop, produce, and commercialize new or improved outcomes in the state.
If your small business is developing a new product, you may be eligible for a loan through this program.
Why hire a Texas Business Attorney?
Texas businesses have many loan options. But not all loans are the same. Therefore, it can be hard to figure out which type of loan is best for your business. However, a business lawyer can help you understand the different types of loans and pick the best one for your business.
Researching your options will help you make the best decision for your business. Additionally, a business lawyer can help you understand the different types of loans available and make the best decision for your business. Contact Dooley Noted Law today for a free consultation. We can help you find the right loan for your small business in Texas.
The contents of this post, and the posting and viewing of the information on this post, should not be construed as, and should not be relied upon for, legal advice in any particular circumstance or fact situation. An attorney should be contacted for advice on specific legal issues.
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