Arkansas SBA Lending Rises By 5% In 2018

SBA

The U.S. Small Business Administration approved more than $214 million in loans to Arkansas small businesses for Fiscal Year 2018, a 5% increase over the previous year’s loan amounts. The federal government’s FY 2018 runs from October 1, 2017 through September 30, 2018.

In all, 262 small business loans closed for a total of $214,302,000. Sixty-three commercial lenders, credit unions, and certified development companies were involved in funding these small business loans.

“Small businesses are a critical component to economic growth in Arkansas,” said District Director Edward Haddock. “For many applicants obtaining funding through traditional commercial lending processes is difficult due to issues such as inadequate collateral, insufficient business history, being a start-up, and length of term for repayment.”     MORE

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