SBA lenders concludes SBA loan program's second phase alleviating pain points from initial rollout.
LOUISVILLE, KY, UNITED STATES, May 4, 2020 /EINPresswire.com/ — SbaLenders.com released a study today of SBA loans by state that accumulates and analyzes the results of data from the Small Business Administration's Payroll Protection Program("PPP"), which was published by the SBA on May 3rd.
Highlights from the study include:
* It's unlikely the PPP program will need more funds, and if it does the amount will be in the tens of billions not hundreds of billions of dollars.
* Some states – mainly rural and plains states – have materially outperformed urban east and west coast states in terms of obtaining SBA loans for their businesses. Rural states such as North Dakota, South Dakota, Nebraska, and Mississippi have already secured loans for over 85% of their small businesses. Woefully lagging states from the first round of loan such as California, Florida, New York, New Jersey Texas, and North Carolina are accelerating loan approvals but still trial rural peers in terms of percentage of firms who have been approved for PPP SBA 7(a) loans.
* The smallest of small businesses are starting to take a higher percentage of new loans.
SbaLenders.com is a resource for entrepreneurs to find the best match for commercial loans and SBA loans. We track all loans processed through the SBA 7(a) loan program and provides detailed reports on loan trends so borrowers can quickly find an SBA bank where they can apply for an SBA loan. SBALenders.com is not part of or associated with the SBA or the U.S. government. For more information, visit www.sbalenders.com
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Source: EIN Presswire