SBA lending rises in region
Small businesses in northern Nevada received record numbers of loans guaranteed by the U.S. Small Business Administration during the federal fiscal year that ended Sept. 30.
Northern Nevada businesses received 272 SBA-backed loans worth $80 million, both records, said John E. Scott II, SBA Nevada district director.
During the last five years, SBA loan volumes have increased by 106 percent, and the total loan amount has grown by 170 percent.
Northern Nevada’s small businesses received 1,102 SBA-backed loans worth $268 million from 2002 through 2006.
Increases in loan numbers and total dollar amounts were up in all major categories of lending during 2006, including women and minority-owned businesses.
Women-owned companies received 52 loans worth $12 million, a 23 percent increase in loan numbers compared to the previous fiscal year and up 93 percent over the past five years, the SBA said.
Minority-owned companies received 72 loans worth $30 million, representing a 29 percent increase in the number of loans compared to the previous year, and a 167 percent increase during the five-year span.
“We did a lot of very, very difficult evaluation over a very, very short amount of time and just concluded that this was the right thing for the company at large.”