The U.S. Small Business Administration, Louisiana District Office approved $328 million in loans to 497 small businesses during the fiscal year 2018. This represents an increase of 69% respectively in dollars and 28% in loans over the same period last year.
The Louisiana District office experienced an increase in its loan programs by sixty-nine percent, to $328 million compared to $194.3 million in the year prior. The increase in lending was largely due to the hard work of the Louisiana SBA staff and the efforts of the lenders and resource partners across the state that are dedicated to getting more dollars to the local small businesses. The Louisiana District office added two new lenders to the program in FY18 in an effort to increase loan amounts across the state.
District Director Michael Ricks said “As I say at every opportunity, I am grateful to all our lending partners who value and use SBA guarantees to extend much needed growth capital to Louisiana small businesses. Without our lenders using SBA guarantees, we would not be relevant. Our increase in lending this year is in large part due to our lending partners’ dedication to lending to the small business community. For this, we are all grateful.”
Although SBA has grown and evolved in the years since it was established in 1953, the SBA works to ignite change and spark action so small businesses can confidently start, grow, expand or recover.
If you are ready to startup or expand a business, please visit www.sba.gov for more information and resources, including online classes. Connect with local resource partners by visiting www.sba.gov/tools/local-assistance/.