Local SBA 504 Loan Activity Bucks National Trend

homepagesample4-1024x421Small businesses in the Tri-State appear to be using more SBA 504 loans on average than business nationally, signaling positive local commercial activity.

HCDC’s SBA 504 loan amounts are up by more than 60% in the first seven months of FY 2014, while the lending rate dipped nationally by 22%. HCDC compared SBA 504 loan data from October 2013 to April 2014 that shows the SBA 504 program is down by about $636 million in loans from $2.91 to $2.28 Billion. Meanwhile, HCDC lending has picked up from $4.8 million in the first half of 2013 to $7.79 in 2014.

The increase in local SBA 504 lending hints to more confidence among business owners in Greater Cincinnati.

“It’s a sign that businesses are starting to spend money and make long-term investments in our communities,” said David K. Main.

Because SBA 504 loans are tied to job creation, more borrowing means more hiring. For the first 7 months FY 2014, approximately 120 jobs will be created from the approved loans.

For more information on SBA 504 Loan, check out HCDC Business Lending.

Previous Post
HCDC Business Lending Covers Ohio, Kentucky, and part of Indiana
Next Post
7 Things Commercial Bankers Should Know About SBA 504 Loans

Related Posts

Menu