Monthly Update — New York SBA Guarantees
Nearly $1 billion in loan guarantees supported more-than 18,000 jobs
Amidst record lows for unemployment, surging consumer confidence reports and rising wages across the country, the U.S. Small Business Administration (SBA), New York District Office, guaranteed more small business loans than any other SBA office in the country.
“Small businesses throughout New York City, Long Island and the Lower Hudson Valley leveraged almost $1 billion in capital that they would not have been able to access without SBA’s loan guarantee program in FY 2018,” said New York SBA District Director, Beth Goldberg.
“It’s a great time to be a small business owner, and it’s an especially great time to be a small business owner in the New York SBA District.” SBA’s fiscal year ended September 30, 2018.
The agency guaranteed 3,043 loans worth $964.7 million. Long Island businesses leveraged $241.6 million in SBA loans; New York City-based companies borrowed $546.5 million in SBA guaranteed loans; small businesses in the Lower Hudson Valley leveraged $176.6 million in SBA guaranteed loans.
“We are really focused on delivering our loan guarantees to Historically Underutilized Business Zones (HUBZones) in the coming Fiscal Year,” Goldberg said. “Increasing the number of SBA lenders in these areas and getting more lenders connected to SBA’s Lender Match tool will facilitate these connections for both the small business owner and the small business lender.”
Goldberg added that SBA is also increasing its focus on educating small business owners about the opportunity to purchase real estate for as little as 10 percent down with the agency’s 504 loan program. In FY 2018, SBA guaranteed $146.8 million in 504 loans to small businesses in the New York District.
Goldberg said that the 504 loan is a one-of-a-kind opportunity for small businesses to purchase rather than rent their physical location, and that equity in real estate strengthens a small business and the economic ecosystem of the neighborhood.
Another SBA initiative for 2019 is to increase lending and outreach in Rural Areas, which, in the New York District are mostly found in Ulster, Sullivan, Dutchess, Orange, Putnam, Rockland and parts of Nassau Counties.
“SBA guaranteed more-than $16 million in small business loans to rural companies last year throughout the Lower Hudson Valley. Home Furnishing Wholesalers, Supermarkets, Souvenir Stores, Hotels and several different types of contractors started or grew their businesses with SBA loans in these rural areas. By continuing to empower Rural and all entrepreneurs with SBA resources, SBA is committed to building a stronger economy in 2019,” Goldberg said.
About the U.S. Small Business
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster.
It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.
To learn more, visit www.sba.gov.