SBA lending to Mississippi small businesses up in FY 2015 - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

SBA lending to Mississippi small businesses up in FY 2015

JACKSON, MS (WDAM) -

This is a news release from the U.S. Small Business Administration.

In Fiscal Year 2015, which encompasses October 1, 2014 to September 30, 2015, a total of 446 7(a) and 504 loans were approved for $166.6 million as reported by the U. S. Small Business Administration’s (SBA) Mississippi District Office.  

“This surpasses the $153.3 million approved in fiscal year 2014 by more than $13.3 million (8.7%) 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, 196 (43.9%) totaling almost $77.9 million were provided to new businesses and 250 (56%) totaling more than $88.7 million were to existing businesses.  A total of 3,681 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 63,460 7(a) loans for $23.6 billion, an increase of 21.9 percent in the number of loans and 22.9 percent in the dollar amount compared to fiscal year 2014. 

“The SBA Mississippi District Office had twenty five new lenders that participated during fiscal year 2015.The top five SBA lenders in terms of “largest number of loans approved” for FY 2015 included First Financial Bank, Community Bank of Mississippi;; Trustmark National Bank, Covington County Bank; and Peoples Bank.  The top five lenders in terms of “highest dollar volume of loans approved” are Community Bank; First Financial Bank, BankPlus, Peoples Bank, and Trustmark National Bank and Under the SBA’s 504 Loan Program, the top Certified Development Company is Central Mississippi Development Company, Inc. for “largest number of loans” and   Three Rivers Local Development Company, Inc. “highest dollar volume of loans”.  The top Third Party Lender is Trustmark National Bank.  The SBA Mississippi District Office will recognize these top lenders and the top CDC at an event tentatively set for spring 2016.   

“Access to capital is a critical element for small businesses to grow and succeed,” 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 www.sba.gov/ms.  

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