Texas Business Resources
TEXAS ECONOMIC DEVELOPMENT covid-19 RESOURCE WEBPAGE
Texas Veterans Commission’s Veteran Entrepreneur Program
The Veteran Entrepreneur Program was created with the mission to foster and promote Veteran Entrepreneurship throughout the State of Texas. The team of consultants can assist with a myriad of typical business start-up needs. More information can be found at https://www.tvc.texas.gov/entrepreneurs/.
In addition to referencing our website, I encourage you to visit your local Small Business Development Center (SBDC). Your local SBDC Office provides free and confidential assistance to help you develop your business plan and determine what funding resources may be best to explore during this startup phase.
To find your closest SBDC Office, visit this page and you will be able to conduct a search by zip code: https://www.sba.gov/tools/local-assistance/map/filter/789c2b2e492c49b50a89b0b2323736b50000255d0453 or go to SBDC Texas State (North Austin)
ECONOMIC INJURY DISASTER LOAN (EIDL) AND EIDL ADVANCE LOAN
UPDATE - June 15, 2020
The U.S. Small Business Administration reopened Economic Injury Disaster Loan (EIDL) and EIDL Advance loans to all eligible businesses on June 15, 2020. This change was made after applications were closed to non-agricultural small businesses in late May. The EIDL is designed to provide long-term, low-interest loans to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19. Organizations looking for more information and application instructions can visit the SBA's Disaster Loan Webpage.
Another avenue to consider is SCORE Counselors to America’s Small Business. SCORE offers free and confidential assistance to start-up businesses and advice to existing businesses seeking expertise regarding problems or opportunities. SCORE offers free podcasts and workshops on a variety of topics for small business owners. Please visit www.score.org to gain additional information on program assistance and to locate your closest SCORE office. Or go to SCORE (Austin)
The Small Business Administration helps small businesses by working with lenders to provide loans. Please see their website by clicking https://www.sba.gov/funding-programs/loans
Capital Access Program (CAP)
Capital Access Program (CAP), was established to increase the availability of financing for businesses and nonprofit organizations that face barriers in accessing capital or fall outside the guidelines of conventional lending. The following non-profit lenders participate in the CAP program. They are hyperlinked to go directly to their website for more information. Please consider contacting these lenders in Texas. https://gov.texas.gov/business/page/capital-access-program
The mission of LiftFund is to provide credit and service to small businesses that do not have access to loans from commercial sources, and to provide leadership and service to the micro-lending field on a national level. LiftFund provides individual business loans from $500 to $50,000 for startups and up to $250,000 for established businesses. https://www.liftfund.com/
BCL of Texas
Established in 1990 as a statewide not-for-profit, BCL of Texas successfully promotes business and community development and provides business capital and commercial real estate loans throughout Texas. True to its mission to create jobs through business development, BCL of Texas has helped to create jobs for more than 5,000 Texans. In addition to providing businesses with counseling and technical assistance, BCL of Texas originates, underwrites, processes, closes and services business loans for healthy, growing businesses. https://bcloftexas.org/
PeopleFund is a non-profit 501(c)(3) that provides loans and financial and technical assistance to people who are left out of the financial mainstream. PeopleFund administers small business and non-profit loans, business consulting, and technical assistance as well as a variety of other programs. https://peoplefund.org/.
Business Structure and Name
Please visit the Texas Secretary of State’s (SoS) “Selecting a Business Structure” section at https://www.sos.state.tx.us/corp/businessstructure.shtml. There you will find information that will be helpful to determine the legal structure of the business and properly file the business name with the state and/or county. Once you determine the legal structure, you will either register your business at the county level (sole proprietor) or at the Secretary of State’s Office (LLC, corporation, etc.). Use the SoS online portal to file/apply for your business registration and provide payment, or call (512) 463-5555.
Foreign or Out-of-State Entities
Whether an entity is domestic or foreign does not depend on the location of the principal business office. Instead, it depends on where the entity was formed and what law governs its internal affairs. If an organization was formed under, and the internal affairs are governed by, the laws of a jurisdiction other than Texas, the organization is a “foreign entity.” We sometimes refer to foreign entities as out-of-state entities to reinforce the concept that entities formed in other U.S. states are foreign entities, as well as entities formed outside of the United States. Please see the Foreign or Out-of-State Entities webpage at https://www.sos.state.tx.us/corp/foreign_outofstate.shtml
Business Tax Responsibilities
To determine potential tax responsibilities at the State-level, please visit the Texas Comptroller of Public Accounts Office online at https://comptroller.texas.gov/ or by phone at (800) 252-5555. You will want to ensure you are in compliance and have an appropriate Sales and Use Tax Permit unless exempt: https://comptroller.texas.gov/taxes/sales/
Starting an Online Business
The Small Business Nation, a project of the U.S. Chamber of Commerce, provides step-by-step guidance for starting an online business. More information can be found at http://uschambersmallbusinessnation.com/blog/business-license-online
The Texas Comptroller of Public Accounts has requirements for online transactions at https://comptroller.texas.gov/taxes/publications/94-171.php, and one takeaway from this is to obtain a Sales Tax Permit if applicable.
Business Licenses and Permits by Business Type
There is not a general business license in Texas, however, there are certain businesses/occupations that require licenses and/or permits. To find out which licenses and permits apply to you, please see the Texas Business Licenses & Permits Guide to get information on the types of licenses/permits broken down by industry. The guide can be found at: https://gov.texas.gov/uploads/files/business/TexasLicensesPermits.pdf
Business Employer Requirements
Determine federal and state employer requirements. There are various laws relating to employment of personnel. Please visit the Texas Workforce Commission at: https://twc.texas.gov/businesses/responsibilities-liable-employer or (800) 628-5115