[ad_1]
Nebraska saw a big drop in small business lending last year, but the numbers were still solid.
According to the Small Business Administration, there were $198.7 million worth of SBA loan guarantees in the state in fiscal 2022, which ended Sept. 30, down about $45 million from record numbers in fiscal 2021. did.
However, total lending in 2022 remains Nebraska’s second-highest, $30 million more than the third-placed year.
“Funding for fiscal 2022 far exceeded our expectations,” said Tim Mittan, district director of the SBA Nebraska office, in a news release.
While it was far from a record year for lending overall, we achieved a record in one category.
The SBA said 85 companies had been approved for 504 loans worth $74.4 million, up from 77 loans worth $50.5 million in 2021.
504 loans, which allow companies to purchase large equipment or construct, purchase or expand buildings, are facilitated through non-profit lenders called Qualified Development Companies.
Lincoln-based Nebraska Economic Development Company is the largest 504 lender in four states.
NEDCO President Scott Sailors said the company set a record for the organization by making 81 loans worth about $68.7 million.
Sailors said NEDCO has made many loans to medical and dental clinics and has also seen a slight recovery in hotel projects, which had essentially dried up during the pandemic.
He also said that rising interest rates have not yet affected many projects.
“We see people going full speed ahead,” Sailors said.
NEDCO ranks 28th overall among nearly 200 accredited development companies nationwide in fiscal 2022 financing, with nearly all CDCs above it based in much larger cities. .
Lincoln-based NEDCO leads the way with 504 loans, and two Lincoln banks were the top lenders of traditional SBA 7(a) loans in Nebraska in recent fiscal years.
First State Bank Nebraska was the top lender with 42 loans, and Union Bank & Trust was second with 28.
Business is Booming as Nebraska Small Business Lending Breaks Records
Small Business Association Appoints New Head of Nebraska Office
When measured by loan amount, Union Bank was first with about $12.4 million, and First State was second with about $10.8 million.
Altogether, the SBA Nebraska office said approximately $200 million worth of 504 and 7(a) loans in fiscal 2022 created or saved more than 3,750 jobs in the state.
However, these weren’t the only loans Nebraskans took advantage of.
SBA Omaha reported that it has guaranteed 85 micro-loans of $1.6 million, up from 61 micro-loans of $1.2 million last year. Microloans are loans of $50,000 or less available to eligible small businesses and nonprofit childcare providers.
In addition, business owners across the state continue to take advantage of the Pandemic Loan Program.
Nebraska received 1,716 economic damage disaster loans worth nearly $328 million in fiscal 2022, according to SBA Omaha. That’s down from more than 15,000 loans worth more than $1.2 billion in fiscal 2021, but the program was only available to him for three months of SBA’s fiscal year.
Minimum wage hike means pay increases for thousands of Nebraska government workers
Construction Company Receives Lincoln Chamber of Commerce Award of the Year
[ad_2]
Source link
