Nebraska small businesses have received a significant boost with $195.7 million in guaranteed financing from the Small Business Administration (SBA) for the fiscal year 2024. This funding marks a notable increase in both the total dollar amount and the number of loans compared to the previous year, reflecting a robust entrepreneurial climate in the state.
Key Takeaways
- Total Financing: $195.7 million in SBA guaranteed loans.
- Loan Growth: 19.9% increase in total dollar amount and 39.3% increase in the number of loans from FY2023.
- Job Impact: 4,158 jobs created or saved through SBA financing.
Overview of SBA Financing Programs
The SBA’s Capital Access Program for Nebraska in FY2024 included several key loan programs:
Loan Program | Number of Loans | Total Amount |
7(a) Loan Program | 368 | $139.1 million |
504 Loan Program | 23 | $56.6 million |
Microloan Program | 61 | $1.3 million |
These loans were facilitated through various financial institutions, including banks and credit unions, which play a crucial role in supporting local businesses.
Impact on Employment
The SBA financing has had a significant impact on employment in Nebraska. The loans provided have resulted in the creation or preservation of over 4,158 jobs, showcasing the vital role that small businesses play in the state’s economy.
Leading Lenders in Nebraska
The following are the top lenders in Nebraska by loan amount and number of loans:
By Loan Amount
- Union Bank and Trust Company: 77 loans totaling $26,726,200
- The Hershey State Bank: 11 loans totaling $12,666,200
- Emprise Bank: 15 loans totaling $9,024,000
- ReadyCap Lending, LLC: 18 loans totaling $8,301,700
- First National Bank of Omaha: 16 loans totaling $6,845,500
- First State Bank Nebraska: 20 loans totaling $6,641,900
By Number of Loans
- Union Bank and Trust Company: 77 loans totaling $26,726,200
- U.S. Bank, NA: 26 loans totaling $907,600
- First State Bank Nebraska: 20 loans totaling $6,641,900
- Bayfirst National Bank: 18 loans totaling $2,207,900
- ReadyCap Lending, LLC: 18 loans totaling $8,310,700
- First National Bank of Omaha: 16 loans totaling $6,845,500
The Role of SBA in Supporting Small Businesses
The SBA plays a critical role in facilitating access to capital for small businesses through its loan guarantee programs. These programs help reduce the risk for lenders, making it easier for entrepreneurs to secure funding. The benefits of SBA-guaranteed loans include competitive terms, ongoing support, and unique advantages such as lower down payments and flexible requirements.
Tim Mittan, District Director of the SBA Nebraska Office, emphasized the importance of these loans in supporting small business growth and thanked the various partners involved in the lending process.
For more information on SBA’s loan programs, interested parties can visit the SBA’s official website.
