The total dollar amount of SBA guaranteed loans increased by 19.9% and the number of SBA guaranteed loans increased by 39.3% from fiscal year 2023. Nebraska’s entrepreneurial climate continues to show signs of growth and remains strong today with lending patterns showing an increase in activity in our rural markets, as well as a strong microlending activity across the state. Small businesses and entrepreneurs continue to look for ways to gain access to capital to fund their business ventures.
The FY2024 SBA Capital Access Program loan totals for the Nebraska District Office were:
- 7(a) Loan Program: 368 loans approved for $139.1M
- 504 Loan Program: 23 loans approved for $56.6M
- Microloan Program: 61 loans approved for $1.3M
These loans were made through banks, credit unions and certified development companies. As a direct result of SBA guaranteed 7(a) and 504 small business financing in Fiscal Year 2024, 4,158 jobs were created or saved.
The top 7(a) lenders who provided lending to Nebraska businesses by loan amount:
Union Bank and Trust Company 77 $26,726,200
The Hershey State Bank 11 $12,666,200
Emprise Bank 15 $ 9,024,000
ReadyCap Lending, LLC 18 $ 8,301,700
First National Bank of Omaha 16 $ 6,845,500
First State Bank Nebraska 20 $ 6,641,900
The top 7(a) lenders who provided lending to Nebraska businesses by number of loans:
Union Bank and Trust Company 77 $26,726,200
U.S. Bank, NA 26 $ 907,600
First State Bank Nebraska 20 $ 6,641,900
Bayfirst National Bank 18 $ 2,207,900
ReadyCap Lending, LLC 18 $ 8,310,700
First National Bank of Omaha 16 $ 6,845,500
As a federal agency, SBA helps lenders in Nebraska and across the country to make small business loans under the 7(a) Loan Guarantee Program and Microloan Program, which helps reduce risk to the lender and makes it easier for small businesses and entrepreneurs to get the funding they need. The benefits of SBA-guaranteed loans are:
- Competitive terms: SBA-guaranteed loans generally have rates and fees that are comparable to non-guaranteed loans.
- Counseling and education: Some loans come with continued support to help you start and run your business.
- Unique benefits: Lower down payments, flexible overhead requirements, and no collateral needed for some loans.
Tim Mittan, District Director, SBA Nebraska Office, states, “the SBA continues to play a critical role in helping small business owners access capital for startups and growth. We want to thank all the SBA lenders, resources partners, economic development professionals, associations and volunteers who helped keep our businesses going and growing this past year.”
For more information on SBA’s loan programs go to https://www.sba.gov/funding-programs/loans