El Paso small business owners usually serve cross-border trade, Fort Bliss and local retail. A mortgage lender reads business statements over 12 or 24 months, where the program allows.
What the data show for El Paso
The Bureau of Labor Statistics counts approximately 16,605 private establishments with employees in El Paso County, and the sectors with the most of them are retail trade (2,156), health care and social assistance (1,992), and accommodation and food services (1,734). Solo proprietors with no payroll do not are listed there, but the Census counts around 26,971 self-employed residents in the city of El Paso.
El Paso snapshot
| Measure | Figure |
|---|---|
| Employer establishments in all private industries | 16,605 |
| Jobs at those establishments | 265,154 |
| Average annual pay | $46,288 |
| Self-employed residents in the related group | 26,971 |
| Share of that group who are self-employed | 9.0 percent |
| Statewide share for the same group | 10.7 percent |
A border economy
Customs brokerages, warehousing, freight forwarding, import and export shops, repair services and retail serve a market tied to Ciudad Juarez. Fort Bliss brings contractors and service vendors.
What buyers face in the market
For small business operators planning a purchase, the market in the city of El Paso looks such as this: approximately 0.7 percent of units are held for seasonal or occasional use; the median home was built in 1984; and college graduates make up 28 percent of adults aged 25 and older. Medians hide a wide range, and the appraisal on the actual home is what includes.
Binational deposits
Some clients and suppliers are in Mexico. A mortgage lender will trace deposits and conversions, so keep invoices and wire documents. Business documents in Spanish may need English translations.
Family ownership
Many businesses are family-owned over generations. Ownership shares and transfer records matter. A lender includes each person's share.
Property and climate
Houses in El Paso are usually one-story with desert landscaping, and monsoon storms bring flash flooding to some streets. A flood determination tells the lender whether insurance is required.
Getting the details right
About 61 percent of homes in El Paso are owner occupied, and many of those proprietors have been through this process. Ownership documents matter. An operating agreement, articles of organization or a letter from your tax professional should show that you own the business and in what percentage. When several owners share one account, bring a document that describes how profits are split.
Against the state and peers
For comparison, the Texas statewide share is 10.7 percent, and El Paso comes in at 9.0 percent, below it. Of 22 comparable Texas areas, it ranks 19th on that measure.
Reading the deposits
Owners often move money between personal and business accounts. Those transfers are not income and are removed from the average. A statement trail that is cleaner, with fewer transfers in and out, makes the look at quicker and the result simpler to predict.
Planning around timing
With a median home value about $184,000 in El Paso, the details below can shape how much paperwork a mortgage lender expects. Proprietors who file a partnership or S corporation return may be asked for a letter from a tax professional that states how long they have prepared the business's return and that the business is active. Where the program asks for the letter, getting it right away prevents delays around closing.
Where the employers are around El Paso
| Sector | Establishments | Jobs | Average annual pay |
|---|---|---|---|
| Retail trade | 2,156 | 38,688 | $36,146 |
| Health care and social assistance | 1,992 | 48,830 | $46,801 |
| Accommodation and food services | 1,734 | 38,053 | $21,517 |
| Professional, scientific and technical services | 1,648 | 12,884 | $70,660 |
| Construction | 1,416 | 15,650 | $55,706 |
| Other services | 1,220 | 7,518 | $37,490 |
Census and BLS data power the local figures here; the data sources page lists the tables and limits.
Not a loan offer or a quote. Rules differ by program, and a lender confirms your income, debts and ability to repay.
Related
- Bank statement loans in El Paso, TX
- Small Business Owners: national guide
- What you need to prove
- Owner-Operator Truckers in El Paso
- New Business Owners in El Paso
- Small Business Owners in San Antonio, TX
Ready to look at El Paso?
Apply online or call, and we will tell you which documents to pull together first.
Frequently asked questions
Do I need to translate my records?
Sometimes. Your mortgage loan officer will say which ones.
My clients are in Mexico. Can I qualify?
Possibly, if deposits are traceable and documented. Expect extra review.
How big is the small business operators workforce near El Paso?
Census estimates count about 26,971 self-employed residents in the city of El Paso, and payroll data list approximately 16,605 private establishments with employees in El Paso County. Solo operators are in the first figure but not the second.
What is unique about El Paso for small business owners?
A statement examine is not local, but the purchase is. Here the median home is worth around $184,000, 61 percent of households own, and the median home dates from 1984; the Texas median value is $284,000.