- December 16, 2023
- Posted by: legaleseblogger
- Category: Related News
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GOVERNMENT-GUARANTEED LENDING TO NEBRASKA SMALL BUSINESSES DECLINED AGAIN IN 2023
In 2023, the U.S. Small Business Administration guaranteed $140.5 million worth of loans in Nebraska, marking a 29% decline from fiscal year 2022 and a nearly 43% decrease from the record set in 2021. This was also the lowest amount since 2018. The decline was driven by a huge drop in 504 loans, which facilitate the purchase of large equipment or the construction, purchase, or expansion of buildings for small businesses. The number of these loans in Nebraska dropped to just 31, worth $35.2 million, down from a record 85 loans worth $74.4 million in fiscal 2022.
One possible reason for the decline in 504 loans was the historical anomalies based on very low interest rates in 2021 and 2022. The number of loans in Nebraska is in line with the regional and national trend.
NATIONWIDE IMPACT
The nationwide impact of this decline is evident in the fact that the SBA guaranteed $6.4 billion worth of 504 loans in fiscal 2023, down from $9.2 billion the previous year. However, one area that continued to show strong demand in Nebraska was the SBA’s microloan program, which provides loans of $50,000 or less to small businesses and nonprofit child care providers.
REVIVAL IN GROWTH
Looking back at the past year, it is clear that Nebraska has a strong, resilient, and thriving business community. Although there was an overall decline in guaranteed loans, there has been growth and expansion in many industries that may have struggled in past years. “The SBA continues to play a critical role in helping small-business owners access capital for startups and growth,” said Tim Mittan, the SBA Nebraska Office’s district director.
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