SBA lending to Mississippi small businesses up in FY 2014

SBA lending to Mississippi small businesses up in FY 2014

JACKSON, MS (WDAM) - This is a news release from the SBA

In Fiscal Year 2014, which encompasses October 1, 2013 to September 30, 2014, a total of 412 7(a) and 504 loans were approved for $153.3 million as reported by the U. S. Small Business Administration's (SBA) Mississippi District Office.

"This surpasses the $138.8 million approved in fiscal year 2013 by more than $14.5 million (11%) and is extremely significant for small businesses in our state," says Janita R. Stewart, SBA Mississippi District Director. "We play a vital role in enabling small businesses to get the capital they need to start and grow their businesses, create jobs and build communities." Of the loans approved, 188 (46%) totaling almost $79.58 million were provided to new businesses and 224 (54%) totaling more than $73.7 million were to existing businesses. A total of 3,321 jobs were created and retained as a result of these loans.

"This could not have happened without the participation of our various lending partners," Stewart said."

On a national level, SBA backed 52,044 7(a) loans for $19.19 billion, an increase of 12 percent in the number of loans and 7.4 percent in the dollar amount compared to fiscal year 2013.

"The SBA Mississippi District Office had seventeen new lenders that participated during fiscal year 2014.The top five SBA lenders in terms of "largest number of loans approved" for FY 2014 included Community Bank of Mississippi; First Financial Bank; Covington County Bank; Trustmark National Bank and BancorpSouth. The top five lenders in terms of "highest dollar volume of loans approved" are Community Bank; Live Oak Banking; First Financial Bank; BancorpSouth; and Peoples Bank. Under the SBA's 504 Loan Program, the top Certified Development Company is Three Rivers Local Development Co., Inc. for "largest number of loans" and "highest dollar volume of loans". The top Third Party Lender is Renasant Bank. The SBA Mississippi District Office will recognize these top lenders and the top CDC at an event tentatively set for spring 2015.

In FY 2014, almost 56% of the numbers of loans backed were to Underserved Markets. The Underserved Markets includes a diverse mix of small businesses located in low-to-moderate income areas, HUBZones, rural areas, enterprise communities, empowerment zones, as well as businesses owned by veterans, minorities and women. "Access to capital is the key element for small businesses to grow and prosper," said Stewart. "It helps keep Mississippi's economy strong. SBA will continue to get capital into the hands of the small business community."

For more information about SBA loan programs, workshops or seminars, contact the SBA Mississippi District Office at (601) 965-4378, Gulfport Branch Office at (228) 863-4449 or visit us online at