BUSINESS FINANCING · TX

Small Business Financing Guide for Moore County, Texas

Moore County, Texas is a rural Panhandle community anchored by agriculture, energy, and a growing small-business economy centered in Dumas. This guide helps solo contractors and small business owners — including Spanish-speaking and ITIN-holding entrepreneurs — find trustworthy local financing options. We spotlight local credit unions, CDFIs, and regional SBA resources rather than national programs alone. Take your time, compare your options, and never feel rushed into signing anything.

§ 01 — What it is

What Is Small Business Financing?

Small business financing is money you borrow or receive to start, grow, or stabilize a business. It is not a gift — most financing must be repaid, with interest, over an agreed period of time. Common types include: • **Term loans** — a lump sum you repay in monthly installments over one to seven years (sometimes longer for real estate). • **Lines of credit** — a revolving pool of money you draw from as needed and repay as you go; useful for cash-flow gaps. • **Microloans** — smaller loans, often $5,000–$50,000, designed for very small businesses or startups that may not qualify at a traditional bank. • **Equipment financing** — a loan tied specifically to a piece of equipment (a truck, a tractor, a compressor); the equipment itself is usually the collateral. • **SBA-backed loans** — regular bank or credit-union loans that carry a federal guarantee, which lowers the lender's risk and can help you qualify even with limited credit history. In Moore County, agriculture and oilfield services are dominant industries, so lenders here are experienced with seasonal income patterns, variable commodity prices, and the realities of rural business. That context matters when you sit down with a loan officer.

§ 02 — Who qualifies

Who Qualifies? Local Economic Context for Moore County

Moore County's economy is driven by beef and pork processing (the JBS pork plant in Dumas is one of the region's largest employers), natural gas production, dryland and irrigated farming, and a range of small businesses that serve those industries and the roughly 21,000 people who live here. **You may qualify for business financing if:** - You have been operating a business — even informally — for six months or more. - You can show some form of income: bank statements, invoices, tax returns, or a combination. - You have a Social Security Number (SSN) **or** an Individual Taxpayer Identification Number (ITIN). Many lenders in the region, including CDFIs, accept ITIN borrowers. - You are a sole proprietor, LLC, partnership, or corporation registered in Texas. - Your credit score is at least 580–620 for most conventional products; some microloan programs go lower. **Rural and agricultural context:** If your income fluctuates with crop prices, livestock cycles, or oilfield contracts, say so clearly when you speak with a lender. Experienced rural lenders underwrite differently than urban ones — they look at multi-year averages and asset strength, not just last month's deposits. **Startup note:** If you have been in business fewer than two years, your options narrow but do not disappear. Microloans, CDFI products, and credit-union starter loans are often the best first step.

§ 03 — What you need

Documents You Will Typically Need

Every lender has its own checklist, but gathering these documents before your first meeting will save you time and signal that you are prepared: **For all applicants:** - Government-issued photo ID (driver's license, passport, or consular ID/matrícula consular) - ITIN or SSN documentation - Last two years of personal tax returns (IRS Form 1040) - Last two years of business tax returns (if the business has been operating that long) - Three to six months of personal and business bank statements - Proof of business address (utility bill, lease agreement, or county registration) **For established businesses:** - Profit-and-loss statement (can be prepared by a bookkeeper or accountant) - Balance sheet - List of outstanding debts (other loans, credit cards, equipment payments) **For startups or businesses without full tax history:** - A clear, simple business plan (one to three pages is fine) - Projected revenue and expenses for the next 12 months - Any contracts, letters of intent, or invoices that show expected income **For real-estate or equipment loans:** - Appraisal or purchase agreement for the property or equipment - Insurance documentation **Tip:** If you file taxes with an ITIN, bring your ITIN letter from the IRS. Many CDFI and credit-union loan officers in the Texas Panhandle region are experienced with ITIN filers and will walk you through any gaps.

§ 04 — Where to start in Moore County

Local Lenders, CDFIs, and Resources That Serve Moore County

Moore County is in a rural stretch of the Texas Panhandle, so the strongest local options combine community banks, credit unions, and regional CDFIs that cover the High Plains area. Here are the institutions most likely to serve you: **Community Banks in or near Dumas:** - **First Bank & Trust (Dumas branch)** — a Texas-rooted community bank with agricultural and small-business lending experience across the Panhandle. Knows the local economy well. - **Lone Star National Bank** — serves rural Texas markets and has experience with ITIN-friendly products in communities with large Hispanic populations. - **Citizens Bank of Clarendon / Panhandle-area community banks** — smaller community banks within driving distance of Dumas that underwrite on relationship and character, not just credit score alone. **Credit Unions:** - **Xcel Federal Credit Union / Panhandle area credit unions** — credit unions in the Texas Panhandle often offer small personal and business loans with more flexibility than big banks. Ask specifically about business starter loans and ITIN membership eligibility. - **Amarillo Community Federal Credit Union (Amarillo, ~65 miles south)** — serves the broader Panhandle region; worth a phone call about business lending for Moore County residents. **CDFIs (Community Development Financial Institutions):** - **PeopleFund (Texas-wide CDFI, covers Moore County)** — one of Texas's most active CDFIs for small business lending. Offers microloans and small business loans up to $350,000. ITIN-friendly. Bilingual staff available. Strong track record with Latino entrepreneurs across rural Texas. Visit peoplefund.org or call their statewide line. - **LiftFund (Texas CDFI, Amarillo regional presence)** — another major Texas CDFI serving rural and underserved communities. Offers microloans starting at $500, business loans up to $1 million for established businesses, and dedicated programs for startups, women, and minority-owned businesses. ITIN accepted. Visit liftfund.com. - **Rural Business Development Programs via Texas AgriLife Extension / USDA Rural Development Texas** — not a direct lender, but provides technical assistance and can connect Moore County businesses to guaranteed loan programs and grant opportunities. **SBA Resources:** - **SBA Lubbock District Office** — Moore County falls under the SBA's Lubbock District. The district office does not lend money directly, but it matches you with SBA-approved lenders and can help you understand 7(a) loans, 504 loans (for real estate and equipment), and microloans through the SBA Microloan program. Phone: (806) 472-7462. - **SBDC at West Texas A&M University (Canyon, TX — ~85 miles from Dumas)** — the Small Business Development Center provides free one-on-one advising, help writing a business plan, and financial projections review. No cost to you. They can also connect you with the right lender for your situation. Visit wtamu.edu/sbdc. **ITIN-Specific Note:** Both PeopleFund and LiftFund explicitly work with ITIN holders. If a lender tells you that you cannot qualify without an SSN, that lender is not your only option — it simply means that particular lender does not serve your situation. Move on and contact a CDFI.

§ 05 — What to avoid

Texas-Specific Regulatory Notes

Texas has its own rules that affect how business loans work in Moore County. Here are the most important ones: **Texas usury law:** Texas caps interest rates on most commercial loans, but the caps are high and rarely protect borrowers from the most aggressive products (like merchant cash advances). Do not assume a product is safe just because it is legal in Texas. **Texas homestead protection:** Texas has strong homestead exemption laws. Your primary home is generally protected from most creditors — but if you voluntarily pledge your home as collateral for a business loan, that protection is waived for that loan. Never pledge your home without fully understanding this and consulting an advisor. **Texas Secretary of State business registration:** Your LLC or corporation must be registered with the Texas Secretary of State and be in good standing to access most formal loan products. If you are a sole proprietor doing business under a name other than your own, register a DBA (Assumed Name Certificate) with Moore County Clerk's office in Dumas. **Texas Veterans Commission Finance Program:** If you are a veteran living in Moore County, the Texas Veterans Commission offers low-interest business loans (up to $125,000 for most businesses, up to $250,000 for agriculture). This is a state program, separate from federal VA benefits. Visit tvc.texas.gov. **Texas Workforce Commission and grant programs:** TWC occasionally offers training and workforce grants for small employers in rural counties. These are not loans and do not need to be repaid. Ask your SBDC advisor about current availability. **Agricultural lending rules:** If your business is primarily agricultural (farming, ranching, feedlot operations), USDA Farm Service Agency (FSA) loans and Texas Department of Agriculture programs may apply. FSA has a Dumas-area service center — call the USDA Moore County service center or visit farmers.gov.

§ 06 — Ask a question

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