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Texas ranked 3rd best state for small businesses
By Crystal Price
EL PASO, Texas - The Small Business and Entrepreneurship Council ranked Texas the third-best state for starting and growing a small business.
According to the council's findings, Texas tied for first when it comes to personal income tax rates, individual capital gains tax rates, individual dividends and interest tax rates and corporate income tax rates.
The El Paso Small Business Administration says El Paso is one of the most "small business friendly" cities in the state.
According to the SBA, 90 percent of companies in El Paso are small businesses.
The SBA added that 85 percent of all jobs in the Borderland are created by small businesses.
The El Paso SBA assists more than 150 new small businesses a year with face-to-face counseling and financial planning.
"The banks are helpful in financing the small business, but more than anything else, the banks are the referral source for what we call resource partners," said Phillip Silva, the director for the El Paso Small Business Administration office. "It's places and organizations that people can go and get assistance in preparing a financing plan or a business plan."
The SBA said restaurants and sports bars have seen the largest small-business growth in the Borderland this past year.
Paul Diaz, co-owner of Industrial Water Services, said it was not an easy road when his father, Ruben, started the east El Paso business 17 years ago.
"I could see he started out of our garage and it began with two people, my father and one other person," Diaz said. "It was rough, there was quite a few times where I know it was difficult to pay bills and so forth."
However, Diaz said his father was able to get assistance from the Small Business Administration.
"A good chunk of our banking has been done through them, they offer a lot of programs to help growing businesses," Diaz said.
Now Industrial Water Services employs more than 50 people and services industries in both El Paso and Juarez.
Diaz said his small business did exceptionally well during the recession.
He said thanks to the friendly small-business climate in the Borderland, he is hopeful the business will grow even more.
"It keeps me on my toes, thats for sure," Diaz said.
For information on how to get assistance from the SBA in starting our own business, got to its website at www.sba.gov.