Category Archives: Finance

Small Businesses Create More Jobs Nationwide than Big Businesses

Spirit of Texas Bank pic
Spirit of Texas Bank
Image: spiritoftexasbank.com

Spirit of Texas Bank is a community bank that focuses on customer care. It has 14 locations, including its newest location, serving Colleyville and Grapevine in the Dallas-Ft. Worth metroplex.

Community banks promote growth in the local economy by sponsoring small business loans, farming loans, and family loans. Where a large bank might have corporate offices in one state and offer services in another, a community bank has officers in the local branch to meet the requests of its clientele. Community banks are more likely to look at the person, their character, and their circumstances when a loan application is received, whereas larger banks often make lending decisions based primarily on credit scores.

Small businesses are the major source of employment, contributing 55 percent of all jobs to the workforce. Since 1990, big business has lost 4 million jobs while small businesses gained 8 million.

Community banks are small businesses themselves, so they understand the financial needs of the small business owner. Spirit of Texas Bank is invested in the community, offering small business loans to build the local economy and encourage growth and expansion.

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Texas Bankers Association Webinar to Address New Standards

Texas Bankers Association pic
Texas Bankers Association
Image: texasbankers.com

A leading loan firm and provider of a full array of financial services, Spirit of Texas Bank operates with the philosophy of Texans Helping Texans. Spirit of Texas Bank also maintains membership with the Texas Bankers Association (TBA), which offers a wide assortment of educational opportunities for members and industry players. Upcoming webinars include one called the Assessing Diversity Policies & Practices: Final Interagency Statement.

The webinar addresses the series of new advisory standards outlining a range of activities and programs that became effective in 2015. According to the new standards, banks may participate in voluntary self-assessments to demonstrate their commitment to compliance and improve their standing the public and Federal Reserves. Information presented during the webinar will include an outline of the standards and offer guidance on how to satisfy new expectations regarding entering into procurement relationships with businesses owned by women and minorities. In addition, participants may receive two continuing education credits for the Texas Board of Public Accountability, the HR Certification Institute, and the Society for Human Resource Management, respectively.

Registration fees for the webinar vary according to membership with the TBA and webinar format. Participants may choose between two formats: live and on-demand. On-demand registration allows access to the recorded webinar and related materials for six months.

To learn more, visit texasbankers.com.

SBA Loans Explained

 

Spirit of Texas Bank SBA Lender pic
Spirit of Texas Bank SBA Lender
Image: spiritoftexasbank.com

A full-service banking center with locations across Texas, Spirit of Texas Bank offers a comprehensive selection of loan, deposit, and online banking services. Spirit of Texas Bank has established itself as the top SBA lender in Texas and one of the top 10 in the United States.

Loans provided by the US Small Business Administration (SBA) help entrepreneurs and existing small business owners access the financing they need to grow their companies. Ideal for business owners who may not qualify for traditional loan products, SBA loans come with a partial guarantee to lenders if the borrower defaults on the loan. To qualify for an SBA loan, small business owners must apply with a bank or lending institution that participates in one or more SBA programs.

Common SBA programs include basic 7(a) loans, which connect business owners with financing to start and expand their businesses. Nonprofit organizations often participate in the microloan program, receiving loans up to $50,000 and using those funds to make smaller loans to eligible borrowers at the local level. Other SBA loan products include export working capital loans, disaster assistance loans, and pollution control loans.

What is Houston Money Week?

Houston Money Week pic
Houston Money Week
Image: houstonmoneyweek.org

The Spirit of Texas Bank recognizes that it is important for businesses to support local communities. Spirit of Texas Bank reaches out to do events and get involved in community and charity efforts, such as contributing to Houston Money Week.

Houston Money Week is a Houston-based financial initiative to inspire people to understand and use their finances better. It offers calculators, scholarships, contests, scavenger hunts, lectures, and classes. The event partners with and is hosted by businesses such as local banks and credit unions. For all seven days of the event, there are lectures on tax preparation, legal questions, financial recovery, and the fundamentals of maintaining good credit. For those making large purchases, such as buying a house or investing in land, there will be experts on-hand to answer questions. There are special offers for active military members and veterans, as well as special preparation lectures and events for children up to 12, including a job fair, food, and games.

Preparatory Steps for New Mortgage Applicants

Spirit of Texas Bank pic
Spirit of Texas Bank
Image: spiritoftexasbank.com

A top-ranking lender in its region, Spirit of Texas Bank provides mortgage services to both novice and experienced homebuyers. Spirit of Texas Bank remains committed to helping borrowers navigate each step of the mortgage application process.

Applying for one’s first mortgage can be an intimidating process, particularly for borrowers with nontraditional financial histories. Experts suggest that borrowers begin by looking at their credit scores and reports, as mortgage professionals will require this data to grant pre-approval. If a report reveals any problems, such as a history of late payments, a borrower can begin remedial measures. These may include making all payments on time, keeping balances below 25 percent of limits, and staying away from any major credit purchases.

Potential homebuyers will also need to collect the documentation that lenders will need to verify income. Most lenders require tax returns, detailed information about debts, and the source of any major account deposits. A separate account for a down payment and closing costs may minimize the examination process, particularly if all necessary funds are in the account no less than 60 days before the loan application date.

What Is SBA Lending?

Spirit of Texas Bank  pic
Spirit of Texas Bank
Image: spiritoftexasbank.com

The Spirit of Texas Bank is recognized as one of the top 10 SBA lenders in the country. Spirit of Texas Bank serves the citizens of Texas with full-service banks in multiple locations and offers loans, deposits/withdrawals, and competitive rates for your personal or business needs.

SBA stands for Small Business Administration, and it often refers to 7(A) loans, which are the SBA’s main program for helping small start-ups and existing businesses with their financing. The SBA does not directly loan money to companies, but instead guarantees loans from qualified and participating institutions, such as Spirit of Texas Bank.

Another type of SBA loan is a Certified Development Company or 504 loan. These are administered by nonprofit corporations that assist the economic development of their immediate communities, and these corporations are located nationwide. They operate on a state-to-state business. These loans assist growing businesses with long-term financing and security for their fixed assets.