Dallas Small Business Loans

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Dallas is one of The Lone Star State’s largest cities, with over 1.3 million people, making it the 9th most populous city in the United States. Located in North Texas, Dallas’s city is the center of the southern United States’ biggest metropolitan area. There are over 7.5 million people, making it the fourth-largest metro area in the entire country.

The Dallas-Fort Worth metropolitan area is the third most popular business travel destination in the country. It’s no surprise that the city has such a diverse economy, including industries such as defense, financial services, information technology (IT), telecommunications, education, energy, and transportation. Dallas is known for its friendliness to entrepreneurs and small businesses both from a local and state-wide government perspective.

With all that Dallas, TX, has going on from an economic perspective, small businesses in the area still face many challenges getting small business loans. Traditional options like banks or credit unions have stringent guidelines, requirements, mountains of paperwork, and limited business loans to offer small businesses. That’s where AdvancePoint can come in to help your Dallas-based small business acquire a business loan.

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How To Get Small Business Funding in Dallas, Texas?

AdvancePoint Capital is an excellent resource for any Dallas small businesses struggling to find funding. Our extensive marketplace is full of unique business lending options, like loans and lending partners, to help your Dallas, TX, small business grow.

The 9 Best Small Business Funding Options for Dallas, Texas Small Business

1. Long Term Business Loans in Dallas, Texas

Lenders define long term small business loans as small business loans with a duration of greater than two years. Businesses are offered a fixed amount upfront and charged principal & interest. Unlike a business line, a business owner cannot draw money as they go with long term loans. Typically, long term loans are a great option for business expansion, growth, or to help your business finance larger projects.

Product Overview

Interest Rates: Starting at 5.50% or treasury index plus 1% to 2.5% 

Term: 2 to 10 years

Fees: Origination fees range from 0% to 3% (depends on risk and lender)

Loan Payments: Monthly or bi-weekly

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2. Business Line of Credit

A business line of credit is an open revolving line. This type of funding allows businesses to draw funds on-demand or make purchases when necessary. It’s important to note that a business line charges a principal & interest rate. Business lines of credit do have a limit that cannot be exceeded without a lender’s approval and is not open-ended forever. It requires renewal by lenders either semi-annually or annually to be extended. Entrepreneurs choose a business line instead of a loan for the working capital, affordable rates, and flexible terms.

Product Overview

Interest Rates: Starting at 5.50% or treasury index plus 1% to 2.5% 

Term: Open revolving line

Fees: Origination fees ranging from 0% to 3% 

Payment: Monthly, bi-weekly, or weekly

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3. Short Term Small Business Loans in Dallas, Texas

Short term business loans are loans typically repaid within 6 to 18 months. These loans feature a lump sum offered up front with a fixed payback amount calculated using a factor over a short term of time. Rates are not principal & interest but a “factor rate,” which costs more than traditional loans. Most businesses choose short term business loans when they do not qualify for conventional small business loans. Short term loans charge more for costs and are shorter in the duration of repayment, with more frequent repayments to compensate for the higher risks business lenders take in offering this product. These loans are a popular resource for small businesses because of the reduced documentation requirements and laxer tolerances than traditional loans. Working capital is the primary reason for acquiring funding with short term business loans.

Product Overview

Rates: Factor rates range from 1.09% up to 1.45%

Term: 6 to 18 months in duration (typically 12 months or less)

Fees: 0% to 5% origination fees

Payments: Weekly, bi-weekly, and in some cases daily Monday-Friday

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4. Business Cash Advance for Dallas, Texas Small Business

Business Cash Advances (BCAs), also known as the Purchase of Future Sales Agreement, advances future sales at a discount to a business. The business is responsible for a fixed payback rate known as a specified amount, which is higher than the amount that was advanced to the company. This difference between the advance amount and the payback amount is called the “factor rate or cost,” which is a fixed cost. This is not the same as principal & interest costs.

The advance is repaid by taking a fixed percentage of future overall deposits called the specified percentage. The payments are collected by an ACH fixed daily or weekly payment deducted from a business account based on the specified percentage of future sales. At the end of every month, reconciliation can occur. If the fixed payments taken out of the bank account monthly are more than the set future percentage of monthly sales, small business owners can request a refund to the business for overpayment so that the set specified percentage of sales collected for the company matches the revenue volumes. Repayment continues until the payback amount is paid back in full. There is no time limit on advances, as the fixed payback percentage constantly changes with fluctuating revenue. You do not need to provide a business plan. The most popular use for a business cash advance is working capital to help your business.

Product Overview

Rates: Ranges from 1.09% up to 1.45% 

Term: No time limits. Payments continue until paid in full based on specified percentage collection method and are dependent on future revenues

Fees: Origination fees that range 0% to 5% 

Payment: Weekly or daily Monday-Friday Fixed ACH

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Business Cash Advance

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5. Merchant Cash Advance

A Merchant Cash Advance (MCA) is also known as a Purchase of Future Sales Agreement that operates very similarly to BCAs. However, the most significant difference is the repayment process, which is connected to future credit card revenues instead of overall sales. MCA’s take a set percentage of future card sales at the time of batch until the advance is paid back in full. Businesses find this valuable when revenue fluctuates since they don’t want to lock themselves into a fixed payment that could negatively impact cash or profit margins if revenues decline or change significantly. This product is another excellent resource for working capital to help your business. Remember, a merchant cash advance is not a loan, but an advance, by selling a portion of the business’s future sales at a discount to a funder in exchange for cash for the business owner now.

Product Overview

Rates:  Range from 1.09% up to 1.45% 

Term: No time limits

Fees: Origination fees range from 0% to 3%

Payment: Set fixed percentage of future card revenues

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6. Dallas Equipment Loans and Financing

Dallas area businesses that require equipment to operate often turn to equipment financing to purchase machinery. This specific loan secures the equipment itself as collateral. The good news is little paperwork is necessary, only as much as a one-page application and bank statements, to get approved. Equipment loans are fast and easy loans to apply for and sometimes can be approved on the spot, although it typically requires additional time.

Product Overview

Rate: Range from 1.09% up to 1.45%

Term: 2 to 7 years

Fees: Origination fees range from 0% to 3% 

Payment: Weekly or daily Monday-Friday fixed ACH

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7. Dallas Small Business Administration (SBA) Loans for Businesses

The Small Business Administration (SBA) is a federal government agency that provides programs, guidelines, and loan guarantees to approved SBA lenders to issue loans to small businesses. The Small Business Administration’s (SBA) mission is to help American enterprises to start, build, and grow their businesses successfully. The SBA is not a lender itself but provides a guarantee that gives approved lenders the ability to take on business lending risks. It enables lenders to make decisions under SBA terms that they might not ordinarily do on their own. Additionally, there are rights reserved for any necessary recourse. (SBA) loans are highly sought after by small businesses, and there are many government approved lenders to choose from. Small business owners should expect an SBA loan to require a business plan. SBA application processes can be lengthy, but with the help of an experienced SBA-approved lender to help your business through the application, the process can be a smooth and efficient experience.

Product Overview

Rates: Starting at 5.50%, treasury index plus 1% to 2.5%  

Term: 3 to 25 years 

Fees: Origination fees 0% to 3%

Payment: Fixed monthly

Small Business Administration (SBA) Government Lending Programs for Small Businesses in Dallas, Texas

Small Business Administration Website Resource: https://www.sba.gov/business-guide/grow-your-business/get-more-funding

SBA Standard 7 (a) loan program- SBA loan 7(a) is the SBA’s primary program is designed to provide financial assistance to small business with a good track record. Like the guaranty percentage and amount, the terms and conditions may vary by the type of loans to small businesses. Real estate may be used for collateral but is not required.

SBA Loan Program 504- The SBA 504 Loan is a powerful economic development loan program that will provide small businesses another avenue for business financing while promoting business economic development and job creation. The use of proceeds from SBA 504 Loans must be used for fixed assets such as construction, owner occupied commercial real estate, mixed-use real estate and or land improvements (and certain soft costs), or can also be used to refinance existing debt.

SBA Disaster Loans for Dallas small business – Economic Injury Disaster Loans (EIDL)-This type of SBA loan not only provides assistance to Dallas, TX business owners after natural disasters like tornadoes, wildfires or floods but when President Trump declared COVID -19 a nationwide health emergency based on the recommendation of the CDC on March 13th, congress provided small businesses access to this program for emergency financing.

SBA Paycheck Protection Program (PPP) loan for Dallas small business –The SBA has established the SBA Paycheck Protection Program loan. This SBA loan provides loans to small businesses in the Dallas, TX area affected by the COVID-19 crisis and needs financial help. Under the right conditions, this program offers forgiveness.

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8. Invoice Financing for Dallas, Texas Small Businesses

Invoice financing advances the outstanding balance to a business owner to increase cash flow speed to the business. This solution provides cash quickly, and there is no need to wait to collect unpaid invoices from clients with invoice financing in place. Invoice financing has affordable costs ranging from 1% to 2.5% fees off of the face value of the invoice advanced.

Product Overview

Rates: None

Term: Not a traditional loan

Fees: 1% to 3% fee based on invoice. Monthly Service fees may apply depending on the volume of invoices factored

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Invoice Factoring

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9. Purchase Order Financing

Purchase order financing offers businesses the ability to raise money to pay suppliers upfront for verified purchase orders. Purchase order loans will finance an entire order or a portion of it, depending on the purchase order funder. When the supplier is ready to ship the order, the purchase order financing company collects payment directly from the customer. The purchase order funder will subtract their fees and then send the invoice’s balance to your business. This is not a loan but an advance of a purchase order.

Product Overview

Rates: None 

Term: Not a traditional loan

Fees: 1% to 3% fee for each Purchase Order. Monthly Service fees depending on volume may also apply.

The fast, convenient, and straightforward way to get the money you need for your Dallas small business – now! Get your business a quote today by filling out our simple form.

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Purchase Order Financing

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U.S. Small Business Administration

Small Business Resources Guide Dallas/Fort Worth Area Edition

View the Dallas/Ft. Worth Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.

The quick, convenient, and straightforward way to get the funding you need for your business – now!

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Why Do Dallas Small Business Owners Need Financing?

The list of the most common reasons Dallas small business owners use small business funding:

  • Access to Working Capital
  • Equipment Purchase and Repair
  • Inventory
  • Business Plan Expansion (capital for growth and additional work)
  • Help for Cash Flow shortages
  • Website Development / Maintenance
  • Provide Emergency Financial Resources
  • Advertising / Marketing needs
  • Recruitment of Employees and Training Resources

Frequently Asked Questions by Dallas Small Business Owners

It is not difficult to obtain business funding in Dallas, Tx metropolitan area as there are many business lenders and funder’s available that service Dallas, Texas area. Choose your lender and business loans wisely.

The internet can be an invaluable resource when searching for a business lender. In 2020, most businesses now search on the internet for business lending websites to glean additional information, find reviews on a business lender, and in many cases, inquire about getting more information and apply for a quote on a business lender website. This allows businesses to shop, compare, and potentially save significantly.

Are website’s trustworthy? Well, about as trustworthy as visiting any business. You are not evaluating the website as much as you are the company and people you speak and communicate with. The website is merely the port of entry, just as if you were walking into businesses on main street, without leaving the comfort of your home. Both in person in Dallas or on a website, it’s the same. The businesses you deal with must earn your trust by how you are treated and the products and terms you are offered.

There are many business lending options available for business owners with bad credit. Financing options will vary depending on the risks associated with this type of funding and impact terms, pricing, and costs. 

Getting start-up small business loans can be extremely difficult and challenging. SBA small business loans are the most traditional option, but they are challenging to get approved for. A business owners search will need to include non-traditional means to raise money like private sources or investors.

Initiatives, Programs, and Small Business Grants in Dallas, Texas for Small Businesses. Additional Resources, Tools, Support, Help, and Information To Learn More About Small Business Loans

LiftFund for Dallas, Texas – Special public and private partnerships to assist small businesses across Dallas, Tx. Please note that there is limited funding for the special programs, but LiftFund COVID-19 does have loans to assist small businesses during this time.

PeopleFund  – Provides small business loans, business assistance, and education to people with otherwise limited access to such resources. PeopleFund is a Community Development Financial Institution (CDFI) and operates as a nonprofit 501(c)(3) serving all of Texas. This organization also has assistance for women owned businesses as well.

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