Mon July 21, 2014
Small business loans on the rise in Nebraska
The Small Business Administration says loans to small businesses in Nebraska are up almost 13 percent from last year.
The SBA says $107 million in loans to new or expanding small businesses have been approved this fiscal year, up from $94.8 million at this time in fiscal year 2013. SBA Nebraska Economic Development Specialist Michael Foutch says the loan approvals show Nebraska's economy is strong.
"The loan numbers that we've seen go to startups about 45 percent of the time. That's remarkable because nationwide, that figure is usually only 29 percent. So Nebraska is definitely bucking the trend in a couple of ways, both in the increase in loans and loan volume that we've seen, and the fact that it's going to more small businesses, startup small businesses."
In the four-state region that includes Nebraska, Iowa, Kansas, and Missouri, SBA loan volume is down 7.8 percent overall.
The SBA says since October first, the SBA loan volume to Nebraska businesses has created more than 1,200 new jobs.