Find an SBA Loan Specialist to Help Grow a Business
April 28, 2023
Strategic loan options encourage small businesses to grow, achieve company goals, and experience long-term success. But it can be a challenge for some companies to attain the funding access they need.
If you are a small business owner searching for effective funding solutions, an SBA loan may be the perfect loan option for your business.
Discover how SBA loans work, the different types of SBA loans available, and how this funding can support your business. In addition, learn why it’s best to have an SBA loan specialist from Texas Gulf Bank in your corner as you navigate the loan application process.
What Are SBA Loans?
The Small Business Administration (SBA) is a federal agency that specializes in supporting small businesses by guaranteeing bank loans for companies in need of funding solutions.
SBA loans are designed to encourage small business growth, normally offering more favorable loan terms than conventional loans that may include smaller down payment requirements, longer loan terms, and less stringent collateral and cash flow requirements than a typical loan.
A wide range of companies in Texas rely on SBA loans to fuel their small business growth, elevate daily operations, and increase production capabilities. Industries that can benefit from SBA funding include:
- Construction
- Manufacturing
- Professional Services (e.g. accounting and law firms)
- Specialty Contractors
- Supply Chain Logistics
- Healthcare
- Engineers
- Hospitality
- Retailers
- Restaurants
If your company has proven success, but you believe that your growth potential is being restricted due to a lack of access to traditional business funding, you could be an ideal SBA loan candidate.
Choose the SBA Loan That Best Fits Your Needs
Small businesses in need of financing have two SBA loan options to choose from: SBA 7(a) loans and SBA 504 loans. Each one has its own criteria for how funds can be used to spur business growth, so it’s essential to assess your needs and growth goals before applying.
7(a) Loans
This loan option satisfies several key business needs, such as short-term funding for working capital to cover gaps between cash inflows and outflows. It can also provide long-term financing for real estate purchases, acquiring equipment, and debt refinancing.
The ideal candidates for an SBA 7(a) loan are businesses that demonstrate the following needs or plans:
- Currently leasing facilities as a tenant, but now want to own and occupy their own building.
- Excellent past and/or projected cash flow but lack sufficient collateral to offer lenders.
- Growing but with limited capital available for a down payment.
- Stable or growing revenues and profitability, but with cash flow history too low for conventional loan requirements.
- Business owners that need to buy out other partners’ ownership interests.
- Future plans such as:
- Long-term equipment financing
- Acquiring another business
- Refinancing existing debts with unfavorable terms
- Construction financing for business facilities
- Franchise business financing
504 Loans
SBA 504 loans are fixed-rate options that are only to be used for long-term needs such as purchasing fixed assets or promoting job creation. These types of SBA loans are available in conjunction with Certified Development Companies (CDCs), which are community-based partners that promote job growth and business development within their regions.
An SBA 504 loan may be the best possible lending solution for companies that plan to:
- Acquire land for future business growth.
- Buy or construct a facility occupied by the business.
- Invest in long-term, fixed-rate equipment financing.
- Create or preserve jobs by buying or expanding their fixed assets.
- Improve land, business roadways, parking areas, or utilities.
SBA funds provide the opportunity to give small business owners the flexibility and resources needed to expand their client base, scale their business, and strengthen their cash flow.
Trust Texas Gulf Bank for SBA Loan Needs
When your business is ready to pursue strategic funding to promote company growth, Texas Gulf Bank is ready to help with SBA loans. Serving the Gulf Coast region for over 100 years, our bank provides a better banking and lending experience.
We proudly offer our clients:
- Exceptional customer service
- Creativity in structuring loans to best meet specific needs
- Extensive SBA lending expertise
- Custom solutions for individual borrowers
In addition to our experience with SBA loans and effective financing solutions, we also offer businesses the chance to receive expert support from our dedicated SBA loan specialist, Dennis David.
How an SBA Loan Specialist Can Help
Applying for an SBA loan can be complex and time-consuming, so it’s essential to have a knowledgeable lending partner that will guide you along the way.
At Texas Gulf Bank, Dennis David serves a critical role as our in-house SBA loan specialist. With nearly 10 years of experience at the bank, navigating small business owners through each stage of the SBA lending process, Dennis offers business owners in-depth guidance to help smooth out any bumps on the journey.
Loan Prequalification
Dennis assists small business owners by pre-qualifying prospective borrowers on SBA eligibility, loan amounts, and loan terms. His extensive experience helps him quickly identify businesses that would be ideal candidates for SBA funding.
For candidates that may not qualify now for SBA loan approvals, Dennis educates them on the financial steps that should be completed to be best positioned for future loan qualification.
SBA Loan Application
Texas Gulf Bank is committed to building lasting relationships with clients. Dennis demonstrates this by helping applicants through the SBA loan approval, closing, and funding processes.
Applying for a loan can be overwhelming for small business owners. Dennis takes the time to explain each part of the loan application to eliminate confusion and ensure a smooth application process. He makes himself available to answer specific questions about the loan application form and documentation requirements.
We believe in the importance of educating and supporting clients, and Dennis embodies this effort by assisting each client through the SBA loan process.
Expedited Loan Review
As a local community bank, Texas Gulf Bank is able to provide a prompt in-house loan review, unlike other banks and lenders that require a lengthy off-site loan review process.
With Dennis as your loan specialist, he can provide feedback about your application status, prompt you on the documentation we need to receive, and position you to potentially experience an expedited loan application process.
If approved, your loan funds will be made available as soon as possible so you can move forward with business plans for growth. In addition, Dennis will review the terms of your specific SBA loan option to ensure the available loan funds will be used as intended and in accordance with SBA guidelines.
Contact Dennis to Begin Your SBA Lending Process
If you own a small business in the Gulf Coast region and need financing to grow your company, reach out to our SBA loan specialist Dennis David to learn how SBA loan funding can help.
To start a banking relationship with Dennis, call us at 800-467-7216 and connect with him about SBA lending. Or complete our contact form to get started. We look forward to participating in your growth.
All Loans Subject to Credit Approval