SBA lending a boon for Nebraska small businesses

9/1/2011

The U.S. Small Business Administration has helped Nebraska small businesses create jobs and realize growth through an increase in lending this summer.

Agency officials report that third quarter backed loans totalled $34 million, with 102 processed for the period. The funds were nearly split between startups and existing firms: New businesses received 48 of the 102 loans.

"As job growth remains sluggish in many other parts of the country, we see that small businesses are thriving and expanding here in Nebraska," said Nebraska district office director Leon Milobar. "Our strong loan numbers and dollar amount clearly indicates evidence of steady economic growth in our state."

One of the many SBA lending success stories in the state is James Jenkinson and his company Jimko Machine Products. According to the Columbus Telegram, Jenkinson's business landed a $100,000 loan with SBA backing that enabled him to expand his operations and take on more employees.

"At that time, I was a little underfunded," he said of his business before receiving the loan, as reported by the news source. "so I was able to do a few more things."

Small Nebraska businesses like Jimko Machine Products have added over 300 new positions with the help of the administration, and as the fiscal year draws to a close, that number may increase to a sizable gain in employment for the Cornhusker State.