SBA backs record number of loans in Nebraska

12/27/2011

Due to assistance from the Small Business Administration, small companies thrived in Nebraska during the 2011 fiscal year.

For instance, approximately 2,000 new jobs were created in the state as a result of SBA Loans, while around 4,300 jobs were kept on payrolls, KearnyHub reports.

What's more, the SBA backed loans in 53 counties, with 59 percent going to existing businesses and 41 percent to new startups.

"The bottom line is, the small businesses we help fund are creating jobs," Michael Foutch, a business development specialist for the SBA's Nebraska District Office, told the news source.

For example, Omaha-based orthotic and prosthetic device company OrthoMedics received an SBA loan to replace a regular business loan to avoid using personal collateral. After refinancing, it was able to purchase another company, Nebraska Brace and Limb, as well as hire a technician and create more jobs.

Foutch pointed out that the average SBA loan in the state this year was $300,000, according to the York News-Times.