While other states see declining populations, Texas has added more than 5 million residents in the past decade, putting it at the top of state population growth in the U.S. There are good reasons for the migration: A booming economy, a reasonable cost of living, and a business-friendly environment are just three of them. Put aside images of a state specializing mainly in cowboys and barbecue. The real Texas picture is much broader and richer.
Texas boasts extensive activity and leadership in an incredible number of industries:
- Advanced technology and manufacturing
- Aerospace, aviation and defense
- Biotech and life sciences
- Information and computer technology
- Petroleum refining and chemical products
- Energy (oil, gas, nuclear, and renewable and sustainable sources like wind, solar, biomass)
Economic Landscape in Texas
The Texas marketplace features some impressive economic statistics. The state has the country’s two fastest-growing economies, Midland and Odessa, both direct beneficiaries of the energy boom. For the fourth straight year, Texas led the nation in job growth, adding 252,400 jobs (5 percent growth) in 2013, according to the U.S. Bureau of Labor Statistics.
Against this backdrop of economic strength and variety is another powerful story, that of Texas’s small businesses. Owing to the many industries and companies that call Texas home, the state has a labor pool of nearly 13 million, many of them skilled workers. This has provided much of the DNA for the state’s more than 2.3 million small businesses, which account for more than 46 percent of the private labor force and more than 98 percent of the state’s employers.
Although small businesses are key drivers of the Texas economy, most are very small. More than 83 percent have no employees, and the majority of the remainder have fewer than 20.
- Forty-five percent are service-oriented, as in professional services or consulting.
- Thirteen percent are in finance, insurance or real estate.
- Thirteen percent are retail businesses.
- Thirteen percent are “other,” including food, medical or religiously oriented.
Among the most remarkable qualities of the small business community in Texas are its diversity and inclusiveness. More than 37% of small businesses are owned by women or minorities.
In the 2014 Small Business Poll conducted by the Federal Reserve Bank of Dallas, 71 percent of the state’s small business owners said they are optimistic and confident about future sales and revenue growth. Many reported that they are actively engaged in cultivating new markets and/or introducing new products. But they still express worries. A big obstacle to growth is having access to the capital they need, even more so among minority and female owners. Thankfully, BFS Capital is here to provide small business loans. Texas small business owners should give us a call today to learn more about our commitment to helping people get the funding they need.
Texas Small Business Loans from BFS Capital
If you’re in need of small business loans, Texas is a great state to find them thanks to BFS Capital. Small business owners throughout Texas are finding the financial solutions they need to grow their businesses. BFS Capital offers small business loans and merchant cash advances of up to $1 million to qualified small and medium-size businesses across a wide variety of industries. When looking for small business loans in Texas, people can look forward to these benefits with BFS Capital:
- A fast and easy online application process
- Streamlined underwriting and loan approval
- Repayment terms based on your business cash flow
- Funding in as few as two business days following approval
- Poor credit not an automatic disqualifier
After being approved for small business loans, Texas customers can use the capital for any business expense, including:
- Expansion, improvement or remodeling
- Purchase of inventory or supplies
- Equipment purchase
- Emergency or unanticipated expenses
- Cash flow management
Apply Today for Small Business Loans in Texas
Financing solutions from BFS Capital provide Texas small businesses with the funding needed to meet today’s challenges and opportunities. Our Texas small business loans have flexible repayment options and quick approval times and can be used in most industries. So why wait? To learn more about our small business loans, Texas customers can give us a call. At BFS Capital, we provide business loans for customers all over the state of Texas including:
- San Antonio
- Fort Worth
- El Paso
- Corpus Christi
Apply now to find out how much your business can qualify for today!