While they say that many things grow bigger in Texas, it appears that small businesses are enjoying the bounties of the Lone Star State.
According to Intuit Payroll, small business employment grew .11% in October which was the highest in the country. Combine that with the fact that Dallas-Ft. Worth is among three of the areas that have fully recovered from the recession, the outlook is very good for the small and medium sized businesses. (Dallasnews.com)
Bizjournals.com report that 76% of small business owners in Texas say they all plan to grow their companies in the next six months. This is compared to 69% nationwide.
Entrepreneurs and business owners needing a cash influx to aid this growth will be watching approval rates from many lenders. Biz2Credit Small Business Lending Index shares that smaller banks making small business loans increased their approvals to 50% in October. Internet sites like Biz2Credit.com can help those looking for additional cash by matching individual businesses with lenders who take into consideration more than just credit scores. Some may determine credit worthiness by adding in factors such as cash flow and accounts receivable.
Another shot of good news for Dallas-Ft. Worth and all of Texas is the fact that approval rates for non-traditional lenders has increased to 64.7% which is very encouraging to those who struggled during the recession and are now poised to increase their size and sales in the next six months. Non-traditional lenders include merchant cash advance lenders, micro lenders and Community Development Financial Institutions (CDFI)
This article was submitted by Mary Branca, she has a Bachelors of Journalism from the University of Georgia and spent 20 years in marketing management with national companies in the Southeast, Northeast and Midwest. She has combined her marketing experience with her passion for writing.