This year, small businesses across the state requested about $16 million less in loans from the U.S. Small Business Administration – compared to last year – and have been relying more on traditional business loans.
Fresno, CA -- (SBWIRE) -- 11/12/2014 -- This year, 845 loans were approved, totaling $449 million. Of those, 746 loans were approved through its general small business loan program for around $383 million. Certified Development Companies approved 99 loans for $66 million through the SBA's real estate and equipment loan program.
That's down 3 percent from last year, when the SBA approved 917 loans for $465 million.
According to SBA Spokesperson Mike Ernandes, even with the slight decline, SBA lending continues to remain stable. "With the economy in North Carolina improving, some lenders are following positive economic trends and financing loans conventionally," he says.
Between Raleigh, Cary and Durham, small businesses received almost $70 million in 115 loans. Businesses in Raleigh received 62 loans worth about $37 million, Durham received 33 loans worth $12.5 million and Cary received 20 loans worth $19 million.
"Almost half a billion dollars in SBA funding enabled small businesses to create jobs and support our state's economy," says SBA District Director Lynn Douthett in Charlotte. "Thanks to all of our lending partners who provide the access to capital that help our small businesses grow and succeed.
Explore the resources available from the SBA.
Look locally when shopping for a lender.
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