It’s not all bad news for small businesses. Fifty Milwaukee-area small businesses were approved for SBA-backed loans in September and October to expand facilities, move into new ones or buy equipment, according to an article in the Business Journal of Milwaukee.
The businesses applied for those loans, ranging from $200,000 to $2 million, after the passage of the federal stimulus package in March which provided for higher SBA-backed loan guarantees and reduced fees to encourage more bank lending.
The Obama administration’s plan to raise the maximum amount for SBA-backed loans from $2 million to $5 million could further energize area small businesses, Wisconsin SBA director Eric Ness told the Business Journal’s Rich Kirchen.
“There’s a lot of pent-up demand from a lot of successful small businesses who want to grow,” Ness said.
The largest loans in Wisconsin went to businesses in the metal industry, commercial printing, outdoor furniture manufacturing and food packaging, said the article.
Greg Huffman, owner of a family-owned hunting supply business, completed a $1.6 million facilities expansion thanks to the attractive SBA-backed lending terms and lagging real estate market.
“You might see ups and downs, but when you have a passionate customer base, they’re with you through thick and thin,” Huffman told the Business Journal.
This article was submitted by Katie Kapler, Director of Online Strategy for Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org