SBA 504 Lending and Small Business News Oct 25 -2016October 25, 2016
Small businesses may be missing good financing opportunities in the SBA 7(a) and 504 loan program according to a recent Chicago Daily Herald article. In the fiscal year that ended September 30th, nine CDCs in Illinois backed 323 loans with a value of more than $223 million, which was a 14.9 increase as compared to 2015. Although there may be concern about the paperwork amount, those interviewed by the article’s author found the process easy due to how streamlined documentation is.
The ADP Small Business Report for September 2016 revealed that small businesses across the US created 34,000 jobs in September. The number of jobs added was split evenly between very small businesses employing 1 – 19 employees and other small businesses employing 20 – 49 employees. Reasons why small businesses are hiring more employees might be because they are more confident about their business growth in the future.
The US SBA’s Michigan’s District Office has announced winners for its Lender of the Year awards. Chemical Bank was named Michigan Community Lender of the Year, Huntington Bank was named Michigan Lender of the Year, PNC Bank was named 504 Lender of the Year, and Level One Bank was named Export Lender of the Year. All of these banks did immense work in Michigan, working to help small businesses and create jobs throughout the state.