$140.5 Million in SBA Guaranteed Financing to Nebraska Small Businesses Created or Retained More Than 3,152 Jobs During Past 12 Months
The total dollar amount of SBA guaranteed loans dropped by 29% and the number of SBA guaranteed loans dropped by 15% from fiscal year 2022. However, Nebraska’s entrepreneurial climate showed signs of rebounding after the widespread economic impact of the COVID-19 pandemic 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. With the end of the pandemic, businesses continue to get back on their feet and entrepreneurs continue to look for ways to gain access to capital to fund their business ventures.
The FY2023 SBA Capital Access Program loan totals for the Nebraska District Office were:
- 7(a) Loan Program: 295 loans approved for $105.2M
- 504 Loan Program: 31 loans approved for $35.2M
- Microloan Program: 88 loans approved for $1.5M
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 2023, 3,152 jobs were created or saved.
The top 7(a) lenders who provided lending to Nebraska businesses by loan amount:
First State Bank Nebraska 33 $15,048,800
Union Bank and Trust 36 $12,986,700
Wells Fargo Bank, National Association 10 $ 6,133,300
BMO Harris Bank National Association 4 $ 4,423,900
First Internet Bank of Indiana 3 $ 4,322,000
Emprise Bank 6 $ 4,061,500
The top 7(a) lenders who provided lending to Nebraska businesses by number of loans:
Union Bank and Trust Company 36 $12,986,700
First State Bank Nebraska 33 $15,048,800
U.S. Bank, NA 29 $ 1,073,900
First National Bank of Omaha 17 $ 2,660,600
The Huntington National Bank 14 $ 3,069,200
Bayfirst National Bank 14 $ 1,800,500
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, “looking back this past year, we are reminded that we have strong, resilient, and thriving businesses all around our state. We have seen growth and expansion in many industries that may have struggled in past years. 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