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.
The leading SBA lender in Texas and one of the highest rated in the U.S. as a whole, Spirit of Texas Bank provides a diverse array of banking services for small businesses. Spirit of Texas Bank helps small business clients open checking accounts, which represent a fundamental component of any business.
When it comes to choosing a business checking account, small business owners must decide whether to use the same bank for both their personal and their business accounts. Using the same bank streamlines financial management considerably, but it is not necessarily the best option in all cases. Small business owners often find that outside banks offer highly competitive fees and improved access to credit, which can have major financial implications.
Because one-size-fits-all checking accounts rarely meet the specific needs of a small business, small business owners should shop around to find an account with the proper offerings. If a company conducts the majority of its business via checks and electronic payments, for example, the owner should look for a premier checking account with a higher checking limit. In the same vein, small business owners should consider amenities such as online banking, electronic bill pay, and business debit cards.