Austin is the capital of the U.S. state of Texas and the seat of Travis County, with portions extending into Hays and Williamson counties. It is the 11th-most populous city in the United States and the 4th-most populous city in Texas. It is also the fastest growing large city in the United States, the second most populous state capital after Phoenix, Arizona, and the southernmost state capital in the contiguous United States. As of the U.S. Census Bureau's July 1, 2019 estimate, Austin had a population of 964,254 up from 790,491 at the 2010 census. The city is the cultural and economic center of the Austin–Round Rock metropolitan statistical area, which had an estimated population of 2,056,405 as of July 1, 2019. Located in Central Texas within the greater Texas Hill Country, it is home to numerous lakes, rivers, and waterways, including Lady Bird Lake and Lake Travis on the Colorado River, Barton Springs, McKinney Falls, and Lake Walter E. Long.
Austin is known for its live music and nightlife scenes, as well as its many parks and lakes, which are popular for hiking, biking, swimming, and boating. The city is home to the University of Texas at Austin, the Lyndon B. Johnson School of Public Affairs, and Austin Community College. Austin is also the site of the South by Southwest (SXSW) Music, Film, and Interactive Festivals, which attract over 400,000 visitors to the city each year.
The economy of Austin is strong and diversified, with a focus on technology, clean energy, life sciences, and business services. The city is home to many major corporations, including Whole Foods Market, Dell Technologies, Oracle, AMD, Applied Materials, Cirrus Logic, Biogen Idec, PayPal, and National Instruments. In addition, Austin is a hub for many small businesses and startups. According to the Small Business Administration, there are over 100,000 small businesses in Austin, accounting for nearly 60% of all private-sector employment in the city.
The cost of living in Austin is relatively high, but this is offset by the city's strong job market. The unemployment rate in Austin is just 3.1%, well below the national average of 5.0%. Austin is also a great place to start a business. The city ranks No. 1 in the U.S. for startup activity
Comparing SBA loan types in Austin
Three SBA programs come up most often for Austin, Texas businesses, and they do different jobs.
Small business loans available in Austin
An SBA 7(a) loan made to an Austin, Texas business is made by a participating lender, not by the SBA. The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is which lenders are active, not the program rules.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in Austin
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.