Tag Archives: Economic Impact

Small Businesses in Texas Make a Big Economic Impact

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

Spirit of Texas Bank is a community bank that offers small business loans that help to encourage economic expansion and employment opportunities. Spirit of Texas Bank is one of the top 10 small business loan lenders in the United States.

Representing more than 98 percent of Texas businesses, small businesses are thriving in the state, according to a report put out by the US Small Business Administration Office of Advocacy. In 2014, community banks made 421,254 loans of less than $100,000 each to small businesses. In 2013, small businesses created 152,231 jobs.

Small businesses employed 45.6 percent of the private workforce in Texas in 2013. The largest segments of Texas’ small businesses are in the health care and social services industries. The professional, scientific, and technical services subsets have the most employees. In 2013, small businesses in Texas employed 4.4 million people.

Minority-owned small businesses increased by 48 percent from 2007 to 2012.