If past years are any indication, Memphis will lead the state again this year in the number of U.S. Small Business Administration-backed loans.
The figures won’t be available for months yet, but newly released information from the SBA shows that its lending statewide has exceeded $110 million during the first half of fiscal 2o13, rising 6 percent over the same period a year ago. So far, more than 200 SBA loans have been made in Tennessee and lending activity continues to grow.
Here’s more from District Director Walter Perry at the state SBA office in Nashville:
In FY 2012 as of March 31, there were 191 loans totaling $104 million and in FY 2013, there were 201 loans at over $110 million. The top lender by dollar in Tennessee for this fiscal year to date is Triumph Bank of Memphis with $7.4 Million through 7 loans. For loan volume, the top lender in Tennessee is US Bank of Cincinnati with 28 loans totaling $5.4 million. Congratulations to both lenders for the coveted top spot in SBA lending in Tennessee!
Our SBA guaranteed loan products are available through lenders in your community – national banks, community banks & credit unions – but you need to ask for the SBA product when outlining working capital needs with your banker. The range SBA offers is from $5,000 to $5 million and many of our loans are for small dollar amounts, such as $10,000 to purchase inventory.
So ask for the SBA product today where your banking relationship resides or shop around with different lenders. Be sure to reach out to your local Tennessee Small Business Development Center location (www.tsbdc.org) for assistance in preparing to “get ready to go to the bank” so you may obtain the working capital you need to start or expand your small business in the Volunteer State.
For more information on SBA lending or any other services, visit: http://www.sba.gov/about-offices-content/2/3147