Texas small business loans were awarded well above the national average rate in Q3 2015, according to the most recent Private Capital Access Index from Pepperdine University and Dun & Bradstreet. This translates to better access to capital for businesses in Texas and could be favorable news for Texas business owners seeking to expand or get financing. Check out other highlights from the study below and look over the infographic for more insights.
- 36% of Texas small and medium businesses surveyed are planning to raise financing in the next 6 months, and 64% say they need financing due to planned growth. Both these numbers are several points higher than the national averages, and may be good indicators of strong interest in expansion.
- 48% of Texas small and medium businesses attempted to get a bank loan, and nearly half of them were successful. This is big news, since in Q2 only 28% of businesses surveyed were successful in their attempts. In addition, Texas’ small business loan approval rate is more than 10% higher than the national average for Q3.
- Unfortunately, even with a greater ability to access capital compared to the national average, 31% of business owners surveyed in Texas ended up using personal assets to help finance their operations in Q3.
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