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Tag Archives: lending

HOPE approved as first Community Advantage lender

JACKSON — The U.S. Small Business Administration (SBA) has approved Hope Enterprise Corporation (HOPE) as its first lender in the Community Advantage Loan program in Mississippi. HOPE CEO Bill Bynum said, “For small, rural and minority entrepreneurs, financing can be the most elusive resource. With the Community Advantage program, we can help even more companies stabilize, grow and contribute to ...

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Deadline nearing for disaster recovery loans

ACROSS MISSISSIPPI — The U.S. Small Business Administration is reminding businesses in Mississippi that working capital loans are still available to small businesses, small agricultural cooperatives and most private non-profit organizations that were affected by the severe storms and tornadoes that occurred Nov. 29-30, 2010. “Businesses that suffered economic losses as a result of the disaster and want to apply ...

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Mississippi SBA sets another record for loan approvals

JACKSON — With months to go before its fiscal year ends, the Mississippi U. S. Small Business Administration continues its surge in guaranty lending to Mississippi small businesses. Through the third quarter of fiscal year 2011 (Oct. 1, 2010 to June 30, 2011), the Mississippi SBA office has 607 approved loans totaling $235,453,500. “That eclipses the $193,274,951 record dollar volume ...

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Peoples Bank takes home national SBA award

MENDENHALL — Peoples Bank of Mendenhall recently received the Small 7(a) Lender of the Year Award from the U.S. Small Business Administration (SBA). While portfolio performance played a significant role in the award, the institution’s continued support of small business, especially in underserved communities during challenging economic times was also a major factor. In FY 2010, Peoples Bank made 320 ...

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Peoples Bank earns national attention for SBA lending

MENDENHALL — It took an independent community bank to earn the State of Mississippi’s first honor as a National Lender of the Year as named by the U.S. Small Business Administration (SBA). Mendenhall-based Peoples Bank has been selected by the SBA to receive the Small 7(a) Lender award. This national award is presented to lenders that have used SBA loan ...

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State SBA office reports yet another lending record

JACKSON — Although only half through its fiscal year, the Mississippi U. S. Small Business Administration has already set a new lending record. On March 31, 460 loans were approved totaling $198,448,900. “That’s far more than the $123,422,551 small businesses received from Oct. 1, 2009 to March 31, 2010,” said Janita R. Stewart, SBA’s Mississippi District director. “It also eclipses ...

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Small banks failing as larger firms regain health

WASHINGTON — U.S. banks are failing at the fastest rate in two decades. No, the financial crisis hasn’t returned. Wall Street doesn’t need another bailout. But in communities around the country, 143 banks have collapsed so far this year – more than all of last year. This time, the failed banks are smaller, on average, than in 2008 and 2009. ...

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SBA warns of uptick in loan scams

WASHINGTON — The U.S. Small Business Administration (SBA) is warning small businesses to use caution if they are contacted by firms offering to help them apply for funds available through SBA programs. SBA and SBA’s Office of the Inspector General (SBA OIG) have received several complaints from small businesses about abusive marketing practices, scams and exorbitant fees charged by firms ...

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SBA proposes new regulations

WASHINGTON — The U.S. Small Business Administration (SBA) announced proposals aimed at strengthening opportunities for disadvantaged small businesses to benefit from its 8(a) Business Development program. The proposed 8(a) regulation changes are the result of the first comprehensive review of the 8(a) program in a number of years and were published in the “Federal Register.” The rules cover a variety ...

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