Record lending by the U.S. Small Business Administration (SBA) resulted in 679 loans to NH small business, totaling $135 million for FY2018.
Greta Johansson, NH SBA district director, says the organization is fortunate to have such strong relationships with lending partners.
“TD Bank led the way on the number of approved loans, and People’s United Bank and Granite State Economic Development led the way with high-dollar-volume lending in our 7(a) and 504 programs, respectively,” she says.
According to Johansson, the lion’s share of loans went to professional services type of businesses, such as law firms and accountants, with a total just shy of $19.4 million. There were also 90 loans in the hospitality industry at $19.2 million and 113 construction loans valued at about $11 million.
Nationally and locally, FY2018 saw significant growth in smaller loans, including a record amount lent in the micro-loan and community advantage programs. Helping to drive that, Johansson says, is Axion East, a Boston-based firm, which has become active in NH in the past few years and the Regional Economic Development Corporation, based in Raymond, coming onboard in 2017.
“We are helping viable businesses that aren’t quite bank-ready,” Johansson says. “There is a lot of capital out there to be loaned.”
The SBA also provides tools including Lender Match, a platform that lets entrepreneurs complete a quick free online form, without registration that then connects them with a lender within 48 hours. To help people purchase a franchise, the SBA hosts a directory of loan eligible franchise brands. For more information, visit sba.gov/nh.