Spirit of Texas Bank Small Business Loan Review
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If your goal is an SBA backed loan and you live in Texas, then the Spirit of Texas Bank is the local expert on how to get one. The paperwork around them is more easily navigated if you invest in an expert to guide you like the Spirit of Texas bank loan agents. Their level of experience can really make the process easier and thus faster, as well as their status as the largest SBA lender in Texas.
Understanding your Loan Options
Small business loans can be difficult to acquire and difficult to sort. Some companies make the process easier than others, some give better terms, and some measure you by your credit score, some by your social media presence and potential earning power. The differing terms and conditions are sometimes difficult to parse. If your small business is looking for a loan to acquire inventory, make repairs, expand or renovate, there are many eager small business loan companies or larger financial institutions often have small business loans as a subset of their financial portfolio.
The Spirit of Texas itself is considered a small business by government standards. The SBA's backing allows the Spirit of Texas Bank to provide financing to businesses which might not otherwise qualify for conventional bank financing. The process takes a little longer and is a little more paper intensive than the bank proper, but SBA loans enjoy much more economical terms and standards.
Duration of Loans and Speed of Application
The duration of SBA loans varies in and among types of loans. Most of the programs have maximum terms but few dictate the term uniformly. The SBA 7(a) can be anywhere from three years to twenty-five years, depending on the type of business expense the loan is intended to purchase. Since the 504 is designed to property or equipment, it can range all the way up to twenty-five years as well.
Aside from SBA Express, there is no quick version of a government backed loan. Since the bank is the only proprietor in the process, the inhouse underwriting will save some time but there will still be quite a wait.
Final Thoughts and Fine Print
Spirit of Texas is a good choice for Texas-based small businesses that are looking for a variety of SBA loans they can use to grow and thrive. If you meet these conditions, then you should consider looking into the Spirit of Texas for your small business lending needs.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.