U.S. Small Business Administration (SBA) is helping Ohio businesses to expand according to ‘Karen Mills’, the SBA director. Many small business owners received SBA loans. ‘Phoenix Steel’ and ‘Quality Electrodynamics’ are examples of it. Small Business Lending has hit an all time record last year as it approved $30 billion loans to 60,000 small businesses in the country. In Ohio itself, the loan amounted to $760 million for 3,228 businesses.
The ‘American Recovery and Reinvestment Act’ better known as ‘Economic Stimulus Bill’ has helped to reduce fees and allows guarantee on SBA loan for up-to 90 percent. It is credited to be a very important legislation to pass through Congress in the span of last 10 years. This legislation helped to change the small business loan scenario.
Mills Visited ‘Phoenix Steel’ and found that the company added 11 new jobs and also increased its sale. The onus of it goes to a $2 million loan support. Small businesses are making the recovery come bit by bit. Mayfield medical device company QED has hired 20 people last year. ‘Costas Mavromichalis’, the owner of West 9th Street grocer has received $2 million SBA loan and is using it to develop his 17,000 square-foot market. Small business owners are getting loans from SBA to help their business grow and expand.
Last year, the SBA also launched the “More Doors More Dollars” program in an effort to certify community banks and small lenders and help them find loan amounts up-to $50,000 to $250,000. This way, more SBA dollars can be made available to underserved communities.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com