Small business loans are helpful for business owners who have no other financial options. SmartBiz Loans has announced that it surpassed $500 million in funded Small Business Administration loans. This milestone comes after a series of successes for the company. A fifth bank has joined its software platform. This announcement also comes on the heels of lending trends that allows small business owners to borrow money to start their dream businesses.
Evan Singer, CEO and president of SmartBiz Loans, shared his thoughts on the company's major milestone.
"We are proud to announce this milestone, as it means that we are helping generate increased access to SBA loans for small business owners. As alternative online lenders continue to raise rates and banks struggle to make smaller loans profitably, SmartBiz is connecting banks with small business borrowers in a way that is a win-win for both sides."
According to the Buffalo News, M&T Bank leads a federal small business lending program in the Buffalo-Rochester region. The program's overall totals have decreased from a year ago. The Small Business Administration reported 806 of the SBA 7(a) loans were originated through August. That's down 21 percent from the previous period a year ago. Its amount of dollars were down 7 percent from last year, down to $132 million.
M&T Bank used to lead the way until August. Its number of loans dropped down to 41 percent. Its total dollars declined 11 percent to $25 million. It's still well ahead of Wells Fargo. However, Biz2Credit, Fundera, and others have been catching up.
Small business owners still have options, especially those who were hurt by Hurricane Irma. Gov. Rick Scott has introduced a loan program designed to support small businesses affected by Hurricane Irma, reports the Miami Herald. This program will provide interest-free, short-term loans to small business owners that suffered physical or economic damage in the deadly storm.
"Small businesses are the backbone of Florida's economy, and families are depending on these businesses recovering as quickly as possible," Scott said in a statement. "The small business bridge loan program will help small business owners and communities get back up and running and I encourage all affected business owners to apply today."
Business owners must fulfill some requirements such as having up to 100 employees, having been established before Sept. 4, 2017, and providing proof of physical damage from the storm. Small business owners can apply here through Oct. 31. Scott approved up to $10 million for the program. Options include loans up to $25,000, which will be granted in terms of 90 to 180 days.
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