SBA loans administered at blistering pace in Nebraska

7/12/2011

Through the end of the third quarter of this fiscal year, the Small Business Association loaned more than $15.6 billion through its 7(a) lending program, according to the Lincoln Journal Star. That represents a 48 percent increase year-over-year.

The SBA is currently on pace to reach its Congressionally mandated annual cap - which peaks at $17.5 billion - before the end of the fiscal year on September 30.

Nebraska looks to be one of the most successful states for SBA loans. The SBA has already lent $137 million to state companies - an average of more than $45 million per quarter. The annual record for SBA loan funding in the state is $153 million, set last year.

"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 Leon Milobar, district director of the Nebraska District Office.

Of the 102 loans processed between April 1 and June 30, 48 went to existing small business, while 54 went toward startup companies, including restaurants, nursing care facilities, sporting good stores and construction firms, among others.