SBA Announces Major Increase In Loans To New Hampshire Businesses
Written by Jenna Weiner
The SBA has increased its lending to small businesses in New Hampshire by 91 percent.
The U.S. Small Business Administration has increased its loans to companies in New Hampshire by 91 percent in the first half of FY 2010, the New Hampshire Business Review reports.
The administration told the paper that 387 SBA loans worth a total of $69.8 million were approved in the first six months of the fiscal year. During the same period of 2009, there were only 203 loans, totaling $27.6 million.
SBA district director Witmer Jones said the data "demonstrates that our SBA lenders throughout the state are actively looking for opportunities to lend to qualified small business owners."
He also said that incentives from the American Recovery and Reinvestment Act and a growing number of loan program participants in the state "played a significant role in the increase in lending," the paper reports.
Jones believes the improved lending is encouraging news for entrepreneurs in the Granite State. He called the participation "a very positive sign" that small business owners are increasing their financial commitments and more community banks are using SBA loan guarantees to help local small businesses.
In March, the White House launched a program to aid SBA loan markets. Administration officials said that helping small businesses get credit was a top priority and part of the strategy to address national unemployment, the Washington Post reported.
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