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.

Brazos Valley Food Bank Provides Food-Filled Backpacks to Students

Brazos Valley Food Bank pic
Brazos Valley Food Bank
Image: bvfb.org

Based in College Station, Texas, Spirit of Texas Bank is the top small business administration lender in the state. Heavily involved in the community, Spirit of Texas Bank supports the Brazos Valley Food Bank.

Located in Bryan, Texas, the Brazos Valley Food Bank serves as the hub for more than 36 separate agencies that feed individuals throughout several nearby counties. It strives to distribute 6 million pounds of food annually to more than 50,000 individuals. In addition to providing food, it oversees the distribution of the children’s backpack program, family box, senior bags, and social service outreach, as well as its mobile food initiatives.

The backpack program provides food for children over the weekend via a backpack that children receive every Friday during the school year. Each school receives 30 backpacks per week to give to children that might go hungry during the weekend. During the summer months, recreation centers receive scaled-down versions of the backpacks.