Final SBA Lending Statistics For Fiscal Year 2012 Released
With loan volume steadily increasing for the past six quarters, the U.S. Small Business Administration’s loan programs posted the second largest dollar volume ever in FY 2012, supporting $30.25 billion in loans to small businesses. That amount was surpassed only by FY 2011, which was heavily boosted by the loan incentives under the Small Business Jobs Act of 2010.
In Rhode Island, SBA supported $126.85 million in loans to Ocean State small businesses during the past fiscal year.
“SBA has supported a significant amount of lending to Rhode Island small businesses over the past 12 months,” said Mark S. Hayward, director of the Rhode Island District Office. “This access to capital and the resulting creation and retention of 3,300 jobs is playing a major role in the state’s economy recovery.”
Overall, the pace of SBA loan-making is a healthy sign for the economy and the credit markets and is one of the foundations for ensuring the availability of financing to small businesses trying to establish themselves, grow and create new jobs for Americans.
Over the past year, SBA began streamlining and simplifying many of the loan programs in order to provide more access and opportunity for both lenders and small businesses. As part of this effort, SBA encouraged lenders to use more of their own paperwork and the agency’s updated processing systems, so that more than 80 percent of its loan applications can now be processed online.
These efforts, among other loan enhancements, have resulted in nearly 1,300 lenders returning to SBA lending, and have opened up more points of capital access for small businesses wherever they do business.
During the fiscal year, which ended Sept. 30, SBA loan approvals supported $30.25 billion (53,848 loans) to small businesses in its two main loan programs, 7(a) and 504, compared to $30.5 billion (61,689 loans) in FY 2011 and $22.6 billion (60,771 loans) in FY 2010.
The totals for FY 2012 include 44,377 loans, $15.15 billion approved under the agency’s largest loan program, the 7(a) General Business Loan program, and 9,471 loans supporting $15.09 billion in small business lending under the 504 Certified Development Company program. The “supported” amount for 504 loans includes the SBA-backed portion and the third-party loans made by commercial lenders as part of the funding package.
For more information about these and other SBA programs, contact the Rhode Island District Office at (401) 528-4561, by e-mail to firstname.lastname@example.org, or visit the district office website at www.sba.gov/ri.
SBA and AARP Host Over 40 Ocean State Encore Entrepreneurs in Providence
The U.S. Small Business Administration and the AARP hosted an informational seminar on Tuesday, October 2nd catering to small business owners and potential entrepreneurs over the age of 50. More than 40 attendees packed the Center for Women & Enterprise and were treated to a one-of-a-kind seminar as the SBA and AARP launched the Encore Entrepreneur initiative to counsel over 100,000 men and women over the age of 50.
Participants in the workshop received valuable information regarding SBA and AARP programs and services available to them as they either started or grew their small business. "Entrepreneurs and small business owners over the age of 50 constitute a big percentage of Rhode Island's businesses" said Mark S. Hayward, District Director of the SBA's Rhode Island district office. "It is vital to the economy on a national, state, and local level that these business people are aware and can access the programs and services available to them. Their businesses are what drive our economy."
All those in attendance got to see presentations by AARP Rhode Island district director, Kathleen Connell, SCORE Rhode Island chapter chairman, Bill Welsh (pictured above as he discusses business ideas with Lynn Petrinio (center) Izilda Silvera during the Encore Entrepreneurs Day event), and the Center for Women & Enterprise's program director, Carmen Diaz-Jusino. The crowd was also treated to an informative and inspiring presentation by fellow Encore Entrepreneur, Steve Gareau who spoke about his success in business as a consultant and published author, all after the age of 50.
The SBA has also developed a dedicated web page for Americans over the age of 50 featuring an online self-assessment tool that will help potential small business owners understand their readiness for starting a business as well as information to help with business planning, shaping a winning business idea, professional counseling, financial services and information to find local resources in your area. This web page can be found at: http://www.sba.gov/content/50-entrepreneurs .
South Eastern Economic Development (SEED) Corporation To Hold Business Workshops in Providence
The South Eastern Economic Development (SEED) Corporation and Rockland Trust Community Development Corporation will hold two basic business workshops in Providence aimed at assisting potential and existing entrepreneurs.
The free workshops are being held in cooperation with the U.S. Small Business Administration's Rhode Island District Office, the RI Small Business Development Center (RISBDC), Center for Women & Enterprise (CWE), SCORE, the Greater Providence Area Chamber of Commerce, and the RI Economic Development Council.
Both workshops will be held at the Johnson & Wales University, Culinary Arts Museum, 315 Harborside Boulevard, Providence, on Thursday, October 25, 2012. The first of these workshops entitled “Learn the Fundamentals in Planning, Preparing, and Financing Your Business” will be held from 9:00 a.m. to Noon. Registration begins at 8:30 a.m. Breakfast and lunch will be provided free of charge to attendees.
This workshop is geared toward helping potential entrepreneurs evaluate and understand the fundamentals of owning one’s own business. Information on how to get started, where and how to get financing and the loan application process will be presented. Attendees will also be provided with a free guide to writing a business plan and other materials.
The second workshop entitled “Understanding the Purpose of Financial Statements and How They Can Help Determine the Health of Your Business” will be held from 1:00 p.m. to 4:00 p.m.
The focus of this workshop is to help attendees understand a balance sheet, income statement, and cash flow statement. The workshop also explains how a small business owner can anticipate financial needs in order to operate his/her business more efficiently.
Please call SEED Corporation at 508-822-1020, to register for either or both sessions by Thursday, October 18th and for directions to JWU’s Culinary Arts Museum. SEED Corporation holds this entrepreneurial workshop series on a monthly basis throughout the region. For information on future sessions, please contact SEED.
SEED Corporation is a non-profit organization certified by the U.S. Small Business Administration (SBA) and designated as an Intermediary under the SBA’s Microloan Program. This program is designed to provide loans to new and existing business owners in amounts up to $50,000.
For more information on SEED and its programs, please call the SEED office at 508-822-1020 or visit SEED’s website at www.seedcorp.com.