Although lending has slowed down nationwide, in part due to concerns about the financial industry, The Tennessee District Director of the U. S. Small Business Administration said that SBA lending in Tennessee this year has been on a par with last year.
Clinton Smith, who heads the state’s SBA offiuce in Nashville, made his comments at Areawide Development Corporation’s annual meeting Tuesday, Sept. 23, at Egwani Farms Golf course in Rockford.
Areawide Development Corporation located in Alcoa, markets and processes U.S. Small Business Administration Section 504 loans to small businesses in partnership with banks to help finance capital projects. Although not untouched by the national downturn in the financial industry, Smith and Areawide officers noted in comments to members that the number of Section 504 loans approved at the state level, and in the East Tennessee market that Areawide serves, are only slightly lower this year than last.
“The interesting thing is that the dollars are way up,” said Smith. As compared with last year when the state generated 59 loans for a total of $31 million borrowed, for 11 months this year through Aug. 31, he noted 55 loans were generated that totaled $42 million. With another two loans sought in September, that amount could increase to $45 million if approved by the Sept. 30 end of the government’s fiscal year.... read the rest of the story by Subscribing now.