JACKSON — The U. S. Small Business Administration Mississippi District Office has set another record for federal fiscal year 2011 (Oct. 1, 2010 to Sept. 30, 2011).
A total of 749 loans were approved for Mississippi small businesses totaling a record $274,032,500.
Janita R. Stewart, district director of the SBA in Mississippi, said, “We also set a record in fiscal year 2010 with $193,274,951 in loan approvals, but fiscal 2011 far surpasses the prior year by an $80.7 Million increase – approximately 42 percent, which is nothing short of exceptional.”
The FY11 first quarter loan activity accounted for a substantial percentage of the year-end total. There were 324 loans approved totaling $153,139,200 in the first quarter of fiscal 2011, which represented a 60 percent increase in the number of loans approved and a 186 percent increase in dollar volume of loans approved compared to the first quarter of fiscal 2010. That volume was incentivized by the 2010 Small Business Jobs Act (SBJA) which included an array of provisions aimed at helping small businesses gain access to capital as well as compete for federal contracting opportunities, expand exporting opportunities and obtain other assistance to help them grow and create jobs.
“None of this could have happened without the participation of our various lending partners,” Stewart said. “SBA continued to get capital into the hands of the small business community throughout the remainder of the year. There were 23 new lenders that participated during the year that either had not made an SBA loan since 2008 or never participated at all. The top five Mississippi-based SBA lenders for fiscal 2011 include: First Financial Bank; Community Bank of Mississippi; Peoples Bank; Trustmark National Bank; and, Merchants & Farmers Bank. Our top Certified Development Company is Three Rivers Local Development Company. We plan on recognizing these partners at a conference planned for early summer.”