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.
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.