Downtown Fresno SBA district office via interiorintervention.blogspot.com
Written by The Business Journal Staff
The U.S. Small Business Administration’s (SBA) Fresno District Office announced a 5% increase in small business lending in the San Joaquin Valley and Central Coast region over the last 12 months.
During fiscal year 2019 (Oct. 1, 2018-Sept. 30, 2019), the local SBA guaranteed loans of more than $416 million to Central California entrepreneurs to start, grow or expand their small businesses — a $20 million increase in lending compared to last year’s SBA loan volumes for the area.
“San Joaquin Valley and Central Coast entrepreneurs used SBA loans to get going and keep growing this year,” said Dawn Golik, director of the Fresno District Office. “Our region’s outstanding network of SBA lenders and local resource partners helped business owners across Central California get the financing they needed to create and retain more than 8,600 jobs over the last 12 months.”
The SBA’s 7(a) program provides businesses with financial assistance for working capital, asset financing, refinance and support through term and revolving loans.
For fiscal 2019, 7(a) lending reached nearly $339 million in the Fresno-based district.
The SBA’s 504 loans provide small businesses with long-term financing to acquire fixed assets for expansion or modernization including equipment and real estate. In fiscal 2019, nearly $78 million in 504 loans were made in the Fresno District’s 15-county region.
“The increased amount of SBA’s lending from last year underscores the confidence that this region’s small business owners have in the economy, and the SBA continues innovating our processes to help business owners access capital,” Golik said.
SBA has also taken steps to use technology to make connections. One is Lender Match, which allows San Joaquin Valley and Central Coast entrepreneurs to complete a quick online form, and connect with an SBA-approved lender in 48 hours.
“SBA has made it easier and faster to get businesses the financing they need to start up and scale up,” Golik said.