Rhode Island fourth quarter SBA loans vary

1/12/2012

The United States Small Business Administration approved $22 million SBA loans in the state of Rhode Island during the fourth quarter of 2011, the Providence Business News reports.

This is down significantly from quarter-over-quarter numbers, as the SBA backed 188 loans totaling nearly $70 million in 2010. However, those figures were inflated because of federal stimulus money, a 90 percent loan guarantee and a waiver of application fees. The latter two benefits expired at the end of 2010.

On a positive note, 76 state businesses received approval for SBA loans between October 1 and December 31. Sixty one of those loans were of the 7(a) variety, 13 were 504 loans and two were microloans.

District director Mark S. Hayward told the news source that because of the 504 loan's refinancing ability, as well as an increase in "reasonable real estate prices," it's possible that 2012's output may exceed what was done in 2011.

One example of 504 loan success is the new veterinary emergency practice building the SBA funded for veterinarian Michelle A. Lampe, the New England Business Bulletin reports. Lampe received a $277,000 SBA 504 loan to help move her practice from Barrington, Rhode Island, to a larger facility in Swansea, Massachusetts.