Now’s a great time to seek business loans in Houston. The city makes it easy for small businesses to operate. They offer incentive programs to encourage expansion and relocation to the city. Despite the aftermath of Hurricane Harvey, Houston is experiencing rapid economic growth. You can use small business loans to tackle challenges that may be holding you back, taking full advantage of the opportunities on the horizon within Houston.
The city of Houston’s unique geographical situation gives it an economic edge. Its ready access to waterways and one of the largest international ports in the nation makes Houston’s business economy a powerhouse. But this same geographic situation also exposes Houston to frequent storms and extreme weather. In 2017, Hurricane Harvey made headlines with its sweeping floods in the Houston region. Nonetheless, damaging and less publicized storms are common.
Despite these challenges, Houston’s economy continues to grow even as it recovers. The city’s economy remains strong with many signs of positive growth. While small business owners may be facing challenges even still after Hurricane Harvey, the opportunities remain strong. In addition, the availability of business loans in Houston, are helping inject cash into business recovery efforts.
Banks are a great conventional option for small business loans in Houston, Texas, but they may only be a fit if you need a particularly large loan. If you’re looking for something smaller, you’re more likely to get approval by working with an online lender that serves the region.
Online lenders can:
● Process applications in less than 24 hours.
● Deliver funding in just a few days from the time of application.
● Approve loans from a wider range of borrowers, including those with bad credit.
● Accept applications without having to collect as much information from applicants.
● Offer multiple small loans over a period of time to provide a sustainable funding option.
Online lenders provide the benefits we just mentioned in a few key ways, making them an ideal destination for business loans in Houston. First, online lenders focus on analyzing your cash flow instead of using your credit history to determine if you can handle a loan. So if your business is healthy, but your credit isn’t, then financing isn’t out of reach.
The second major differentiator from online lenders is their focus on small, short-term loans. Funding amounts are usually less than $500,000. Plus, the loans are typically structured to be repaid in six months or less. You typically pay a service fee instead of an interest rate, further reducing the complexity. This loan structure reduces the risk for all parties. As such, you can use online lenders for business financing in Houston in a variety of ways.
A final significant distinction between online lenders and traditional banks is the flexibility. Many small business loans in Houston from online lenders are designed to function as working capital. This means you can devote the funds to whatever purpose is most important for your business at a given time.
Seeking business loans in Houston can give your business a chance to engage in growth-oriented strategies that would otherwise be out of reach. Now may be the time to put such plans into action. Houston, with its population of 2,328,419 spread over a land area of 669 square miles, is among the largest cities in the country. The city is currently the fourth most populous city in the U.S., and has grown by 8 percent in the period from 2010 through 2017, the U.S. Census Bureau found.
Population growth isn’t the only sign of potential in the city. It is well known that the state of Texas has a strong oil and gas industry sector. However, Houston’s economy is very diversified and is experiencing growth in the healthcare industry, technology and professional business services. The City of Houston Planning and Development Department explained that the city boasts a variety of indicators of economic opportunity. Which include:
● Access to sufficient affordable housing.
● Amenities available at reasonable prices based on the population.
● Job growth.
These factors all point toward sustained economic opportunity in the city, something your company can take advantage of with the help of business loans in Houston.
If you’re seeking business loans in Houston, QuickBridge can work with you to provide the consulting services you’d expect from a bank alongside the flexibility of online lending. When we receive your application, we’ll still get back to you within a day, but we’ll also take some time to analyze your business, speak with you about your goals, and optimize your loan. We focus on building strong relationships with the small businesses we lend money to, providing an edge that you wouldn’t get with a typical online lender.