SBA loans speed up recovery of Oklahoma manufacturing companies

7/6/2011

Many manufacturing companies in Tulsa, Oklahoma, and surrounding areas are thriving due to SBA loans.

"Nationwide, nearly 10 percent of SBA loans support small manufacturers," Yolanda Garcia Olivarez, SBA regional administrator, told Tulsa World. "In 2010, that meant $1.6 billion in their hands."

Furthermore, SBA-backed loans to Tulsa-area manufacturers account for 50 percent of provided payments since the start of the fiscal year. From October through June, the SBA approved loans to 23 manufacturing companies for the Tulsa-metro area.

In one instance, a $1.87 million loan from the SBA in 2009 kept Tulsa-based Ebsco Spring Co. afloat. After a slow recovery the company is now going "gangbusters," following another recent loan for equipment purchases, president and CEO Cheryl Dooley tells the news source.

President Barack Obama recently approved $5.6 million in disaster assistance loans to Oklahoma residents, following applications from more than 900 state households affected by storms, tornadoes and floods between May 22-25, according to 7th Space.

The SBA approved $3.6 million in low-interest loans, while $1.59 million will be allocated to housing assistance and $490,000 will be provided for others in need of assistance.