New Hampshire's economy gets boost from SBA

10/6/2011

During the current fiscal year, Small Business Administration loan approvals supported $30.5 billion in small business lending. This is a significant upgrade from 2010, which saw $22.6 billion infused, and 2009, when the SBA provided just $17.9 billion.

"Due to the Small Business Jobs Act and a return to pre-recession lending levels, over 61,000 small businesses had access to capital," said SBA administrator Karen Mills. "(The) SBA has provided small businesses with the tools they need so they can grow and create jobs."

New Hampshire small businesses received a sizable chunk of SBA loans, obtaining more than $150 million via 762 approved loans - a 33 percent increase in total dollars loaned compared to 2010 and a 70 percent increase from 2009.

"I am greatly encouraged by the results for the 2011 fiscal year," said Greta Johansson, SBA's district director for New Hampshire. "The data demonstrates that our SBA lenders throughout the state are actively looking for opportunities to lend to qualified small business owners."

Residents can receive disaster support from the SBA of up to $200,000 for damages incurred from Tropical Storm Irene. Small business owners and private nonprofits are eligible to borrow up to $2 million.