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Lendio Small Business Loans In Houston

Lendio Small Business Loans In Houston – Buying a business can be a great way to get started in the small business world or to expand your existing business. The advantage of this approach is that it avoids the hassle of building infrastructure and quickly accesses value from established customers.

You have 2 main options: buy an independent business or buy a franchise. With the former, you get full ownership and control over business activities and decisions. The franchise model provides many resources and strong support, but you also lose some independence. You may also find that your corporate headquarters often defines many aspects of your business.

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Lendio Small Business Loans In Houston

Carefully consider the pros and cons of communicating in both directions – that way you can decide which option best suits your goals.

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That’s a big question. We are coming out of a pandemic, so buying a company now may seem like an extreme move to some. However, there is no perfect time to buy a business. If you do it tomorrow, you may face challenges related to the economic and cultural impact of COVID-19, but you will also benefit today. For example, you can get financing at a low cost. And competition in your industry may be less intense than it was during the boom.

“Honestly, it’s not about the time, it’s about you,” says business guru Brian Scudamore. “Only you have the power to create your own success story, and it takes a certain kind of person. It takes integrity, courage, but most of all, it takes vision. Starting and running a business is always hard work, rolling in the sleeves and putting in the hours… Sure it will be scary and there will be a big learning curve, but time is ticking… where do you want to be. a year? Still in your boss’s dream or 12 months to build the life of your dreams?”

Are you ready to do it? Do you really want to commit to this decision? Before you answer these questions, you need to make a plan.

There’s no way to confidently proceed with buying a business if you don’t have a plan. And the process of making your plan allows you to determine if the time is right for you.

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The best way to build your business plan is to answer questions related to your motivation and goals. Here are some questions to think about:

You won’t have all the answers ahead of time – the right answer requires research and innovation. But you should start this process to continue when you feel the time is right.

“Do research and analysis of your product, your market and your target audience,” explains the Houston Chronicle’s business report. “Imagine spending twice as much time researching, evaluating, and brainstorming as you would actually spend writing a business plan. To write the perfect plan, you need to know your business, your product, the competition and you are the market.”

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Once your business plan is complete, you can check your options on when and if you should buy a business or go the franchise route. Your business plan is a living, breathing thing – you want to review it regularly to make sure it reflects your current situation and aligns with your future goals.

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If you’re ready to move forward with buying a business, your business plan will be your north star and your meal ticket. From lenders to franchisors, everyone wants to see your plan to gauge your experience and commitment.

The most common way to finance the purchase of a business is debt financing. You should start by looking at the various business purchase loans that can offer up to $5 million and provide financing within 30 days. Interest rates start at 5.5%.

It is very helpful to have a trusted advisor during the business buying process. If you don’t already have such a mentor, you can find a candidate within your network or visit your nearest SCORE office to be matched with someone who has walked this path before and can guide you along the way.

Grant Olsen is a writer specializing in small business lending, leadership and growth strategies. He is a contributing writer for KSL 5 television where his articles have generated over 6 million page views and have been featured on and Grant is also the author of The Rhino Problem. Has a B.A. in English from Brigham Young University. We offer desirable products. We may earn an affiliate commission when you make a purchase through a link on our site.

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Texas has been named the best state to start a business in 2020 and 2021, with cities like Laredo, Lubbock, Austin, Dallas and Fort Worth leading the way.

Here’s a list of the 11 best small business loans in Texas based on number of approvals, credit score and other key factors.

From 0 to 10 years for working capital, up to 20 years for fixed assets and up to 25 years for real estate.

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Up to $50,000 for startups, up to $300,000 for growing businesses and up to $5.5 million in SBA loans

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3 to 5 years for a long term loan, 1 to 25 years for a business, and up to 25 years for an SBA loan

Up to $250,000 for business loans, up to $500,000 for business casual loans, and up to $5 million for SBA 7(a) loans )

Wells Fargo offers SBA 7(a) and SBA 504 small loans with long payment terms and affordable down payments.

As of mid-September 2022, Wells Fargo has approved 243 small loans, with an average loan amount of $161,356.

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Although this loan amount is not as high as other small business loans in Texas and may not be sufficient for large or fast-growing businesses, it can work well for many small businesses. the first stage of development.

With a loan amount of $788,411 in 2022, Newtek Small Business Finance offers almost five times more small business than Wells Fargo.

But they are known to expand into other industries, if the company is at least two or three years old.

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Loans can range from $10,000 to $10 million, with repayment terms ranging from 7 to 25 years.

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While Comerica may not be good enough for large or fast-growing businesses in Texas, it can work well for small and medium-sized businesses, with a loan amount of $382,346 in 2022.

With a loan amount of more than $1.4 million by 2022, Live Oak Banking Company is a good choice for Texas business owners who need serious capital.

It’s also worth noting that this lender won two awards in 2021 – the No. 1 SBA 7(a) Lender in Dollar Amount and the No. 1 USDA B&I Lender in Amount the dollar.

In terms of industry, Live Oak Banking Company offers small business loans to a variety of businesses. Here is a complete list.

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Unlike other small loan providers, BCL of Texas is, as the name suggests, based in Texas, with branches in Austin and Dallas.

BCL Texas small business loans are generally for small and medium-sized businesses rather than large corporations, as most loans range from $50,000 to $300,000.

However, BCL has a Small Business Administration 504 loan program that is higher – up to $5.5 million.

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“Through this unique program, your bank provides 50% of the financing and the SBA provides up to 40% of the financing with an injection of 10-20%.”

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In terms of capital, this bank offers interesting financing, with an average loan amount of $1,467,233 in 2022.

However, an SBA 7(a) loan can be up to $5 million, while an SBA 504 loan can be up to $15 million, making it ideal for fast-growing small businesses.

Some of its most popular small loans include the SBA 504, BIPC small business accelerator, SBA small loans and flash funds for businesses that need rapid financial growth.

With the average loan amount in 2022 from PeopleFund just $154,387, this may not be the right choice if you need serious capital.

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But if your needs are small and you want a variety of small loan options while working with lenders in your area, PeopleFund is definitely worth it.

You just need to answer a few basic questions, including how much you need, how you use the financing, and your credit score (this won’t affect your credit score).

While this may not be a good idea if you’re looking for more than $1 million in funding, it’s a good idea to start looking for things like small business funding.

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Small loans of up to $5,000 are available if you just need a few dollars to get your idea off the ground. But you can go

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