Small Business Loans
Start-Up Business
Loan applications (click to download attached application) will be accepted for star-up businesses. Applicants are required to work with their local Small Business Development Center (SBDC) (click on link to find closest center–http://www.sbdctexas.org/) to develop a business plan, forecast cash flow and profit/loss statements and start-up costs.
Loans may be structured for 5-7 years and real estate loans may be structured up to 15 years. Interest rates are adjustable and start at the current prime rate plus 3 points.
Business Expansion
Expansion loans must include a Business Plan from the local SBDC that includes historic and projected cash flow and profit/loss statements, IRS returns, and expansion costs. Loan applications (click to download) are the same for both loans.
Farm and Ranch Loans
TRC collaborates with the USDA Farm Service Agency (FSA) to provide loans to applicants in the FSA Direct Loan Program. FSA will lend 50% of the purchase price and TRC is available to lend the other 50% for a 100% loan for the purchase of farm or ranch land. Beginning Farmers and Ranchers as well as Socially Disadvantaged Farmers and Ranchers are also eligible for targeted funds each fiscal year.
Applicants who have been approved by FSA may ask their FSA loan officer to submit their loan application to TRC to fund remaining balance of purchase price. Borrowers may select among several options for loan rates when borrowing in conjunction with FSA for a Direct Loan.
FSA Bridge Loans
TRC accepts applications for Bridge Loans from FSA Borrowers who have been approved for funding pending available funding from FSA. Loans approved by FSA for total funding (for real estate or operating loans) may be submitted for approval and must include: application, cash flow statements, credit report, legal description of property (if applicable), appraisal summary, loan summary—including terms. The TRC terms for loans to be refinanced by FSA will be interest only payments for 12 months with a balloon payment at the end. The rates will be approved FSA interest rates at time of closing.
The application should include a signed FSA Form 2313 indicating that the application is approved by FSA pending available funds and will be refinanced as soon as funds are available.
Non-Profit Loans
TRC has financed non-profit organizations in the past on a case-by-case basis. Loans approved have included financing for a relending program, a construction program and operating expenses. In each case, the non-profit must show a steady flow of revenue and historic profit/loss and cash flow statements.