The district director of the Louisville SBA Office sees signs of hope in the way the volume of loans is increasing for small businesses. There is also a hope that the volume of loans will further go up in future. Louisville Office gave approvals to 67 small business loans totaling to $19.9 million in October. This happened during the first few months of the Fiscal year, 2012. There has been a 8% increase in loan numbers and 42 percent increase in dollar volume.
Bill Fensterer, President of Capital Access Corp., brings business cash advance for SMEs by using the SBA’s 504 program. This program is being felicitated and received wide acclaim due to its advanced loan making mechanism. The 504 program enables banks to lend half the money and get a priority claim on collateral. Borrowers love this grant as they are responsible for only 10% of repayment and the remaining 40% is made available by the Government.
Several lenders have started to grant more loans. It is found that the number is going higher for many lenders in Louisville and it is expected that the phenomena will further diversify in the days to come. The Louisville SBA Office is making more funds available to entrepreneurs and there is more grants available for businesses now. Also, banks loosened restriction on SBA lending. It has been a very prosperous year for lenders and businesses too received handsome loans from SBA programs.
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 firstname.lastname@example.org