Nancy Libersky

Minnesota small businesses raised $682 million in operating and asset-based loans from SBA-affiliated private lenders in fiscal 2019, up 11 percent from, 2018, according to the U.S. Small Business Administration.

The number of conventional loans declined about 3 percent to 1,711, while the number of “microloans” through nonprofit community lenders increased slightly to 179 during the year ended Sept. 30.

In Minnesota, one of the Big 10 states of SBA lenders, the SBA guaranteed 1,890 loans compared with 1,946 in 2018. The higher dollar volume owes to more so-called SBA-504 loans; long-term, fixed-interest financing for commercial buildings and equipment that rose by 17 percent to $188 million, as the value of assets also increased in a good economy.

“One of our top goals in Minnesota… is to get more capital into the hands of entrepreneurs to assist with their growth and expansion,” Minnesota SBA District Director Nancy Libersky said. “In support of SBA’s partnership with the [U.S. Department of Agriculture], we made a concerted effort to get capital to small businesses in the state’s rural areas as well.”

Libersky is retiring this year after 10 years running the Minnesota district and 30 years with SBA.

The SBA continues to grow its participation with several nonprofit microloan financiers who make small loans to emerging concerns, often owned by women and minorities.

Libersky has said SBA loans perform at least as well as conventional loans because lenders and the SBA scrutinize borrowers.

The SBA guarantee usually allows a banker to offer a longer term and lower rate.

Older Post

U.S. official visits Minneapolis to cite cyber threats

Newer Post

CPA Bonnie Russ recognized as trailblazing business owner