The SBA Omaha office loaned $30.5 million to 89 Nebraska businesses. Signs of growth in the state became evident from record number of loans and dollar amounts. Borrowing became intensive due to businesses taking advantage of reduced fees and higher guarantees on loans. The provisions got extended after the signing of Small Business Jobs Act by President Obama on Sept. 27.
That the economy is improving gets revealed from the demand for loans. In last two months, the economy is found to improve. Scott Sailors, President of Nebraska Economic Development Corp. finds business to be substantially up in this time as compared to last year. ‘SBA’s 504 Loan Program’ is brought to use for lending of loans to businesses. Organizations like NEDCO partners with banks so as to help small businesses acquire buildings, equipment and land for their growth.
NEDCO had completed 24 projects worth $9.5 million during the first quarter October to December. This ranks it top lender in four state regions of Nebraska, Iowa, Kansas and Missouri. NEDCO also has 70 more projects in its pipeline. So, right now, there are positive vibes for businesses in Nebraska. This has garnered a strong fiscal first quarter for SBA in Nebraska totaling $66.7 million for 212 loans.
Lancaster County alone counted 37 SBA loans in first quarter that is double as compared to that in fiscal 2010. Thirteen of the loans went to new businesses like Greta’s Gourmet Butcher Shop, Deli and Catering in Lincoln.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to