SBA reports strong year in lending
GULFPORT, Nov 13, 2012 (Menafn - The Sun Herald - McClatchy-Tribune Information Services via COMTEX) --Mississippi small business owners were approved for 442 loans totaling 133 million from the U.S. Small Business Administration during the last fiscal year ending Sept. 30.
In the three Coast counties last year, 26 small businesses received 14.4 million in SBA loans.
"This is extremely significant for small businesses in our state," said Janita Stewart, district director of the SBA in Mississippi. "These loans enabled Mississippi small business owners to obtain financing to help them create or retain an estimated 3,755 jobs," she said.
Last year's loan volume was down from the record of 274 million in FY 2011, which the SBA said was due largely to incentives provided by the 2010 Small Business Jobs Act.
Nationally the SBA loaned 30.25 billion with 53,848 loans, second only to FY 2011.
Stewart said the funds are provided through lending partners, including nine lenders that participated for the first time last year.
By volume, the top five Mississippi-based SBA lenders last year were Community Bank of Mississippi, First Financial Bank, Trustmark National Bank, Covington County Bank and Peoples Bank.
Top 5 lenders in terms of dollars were Community Bank, BizCapital BIDCO II, First Financial Bank, Trustmark National Bank and M & F Bank.
More than 50 percent of the loans were provided in underserved markets in low-to-moderate income areas, HUBZones, rural areas, enterprise communities and empowerment zones and to businesses owned by minorities, women and veterans.
For information on SBA loan programs, contact the SBA Mississippi District Office at (601) 965-4378 or the Gulfport branch office at 863-4449.
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