Business financing in Andrews County.

Business financing is simply money you borrow or receive to start, run, or grow a business — and you repay it over time, usually with interest, or in the case of grants, you do not repay it at all.

In Andrews County, the most common forms of business financing include:

• **Term loans** — A lump sum you repay in fixed monthly payments. Good for buying equipment, a vehicle, or covering a one-time cost.

• **Lines of credit** — A revolving amount you draw from and repay as needed. Helpful for managing slow seasons or waiting on a client payment.

• **Microloans** — Smaller loans (often under $50,000) offered by nonprofits and CDFIs. Very accessible for solo contractors and new businesses.

• **SBA-guaranteed loans** — The U.S. Small Business Administration does not lend money directly. Instead, it guarantees a portion of a loan from a participating lender, reducing the lender's risk and making it easier for you to qualify.

• **Grants** — Free money from government agencies or foundations. Competitive and limited, but worth exploring.

• **Equipment financing** — A loan tied specifically to the machine, truck, or tool you are buying. The equipment itself usually serves as collateral.

For most small business owners in Andrews County — especially solo contractors and tradespeople serving the oil patch — microloans, equipment loans, and SBA-backed products through local intermediaries will be the most realistic starting point.

Andrews County has a population of roughly 18,000 people, with a significant Hispanic and Latino community. Many residents work in oil and gas, agriculture, trucking, construction, and small retail. A large number of business owners are sole proprietors or family-run operations.

**You may qualify for business financing in Andrews County if you:**

• Have operated a business for at least 6–12 months (some lenders require less)

• Can show income — even informally, through bank statements or tax returns

• Have an EIN (Employer Identification Number), which you can get free at IRS.gov

• Have a Social Security Number (SSN) or an ITIN (Individual Taxpayer Identification Number)

• Have a business plan or can describe your business clearly

**A note on ITINs:** Many lenders in this region accept ITINs in place of SSNs. An ITIN does not prevent you from getting a business loan. CDFIs and credit unions in West Texas are particularly experienced working with ITIN holders. You do not need to be a U.S. citizen to start or finance a business in Texas.

**Credit score:** Some lenders require a score of 600 or above, but CDFIs and microlenders often focus more on your cash flow and business story than your credit score. Do not assume a low score disqualifies you.

**Time in business:** Brand-new businesses can access SBA microloans, CDFI products, and some credit union programs even without a long track record.

Gathering your documents before you apply saves time and shows lenders you are organized. Here is what most lenders in this area will ask for:

**Identity & Tax Documents**

• Government-issued photo ID (driver's license, passport, consular ID)

• SSN or ITIN

• EIN confirmation letter from the IRS (if you have one)

• Last 1–2 years of personal tax returns

• Last 1–2 years of business tax returns (if filed separately)

**Financial Records**

• 3–6 months of personal and business bank statements

• Profit and loss statement (even a simple one you write yourself)

• List of business debts (loans, credit cards, equipment payments)

**Business Documents**

• Business license or DBA (Doing Business As) registration from Andrews County or the State of Texas

• Business plan or written description of what your business does and how you make money

• Any contracts or invoices showing current or upcoming work

**For Equipment or Vehicle Loans**

• Quote or invoice for the equipment you want to buy

• Proof of insurance (required by most lenders)

**Tip:** If you are missing some of these, do not wait. Talk to a CDFI or a small business development center (see Section 4) — they can help you prepare before you formally apply.