A loan from the Small Business Administration helped Wayne’s Body Shop to expand in College View this year.
A thriving small-business community is essential for any local economy — Lincoln included.
When you consider the rigors our mom-and-pop shops and family-owned restaurants have been forced to endure at the hands of COVID over the last 18 months, it’s important we consider their needs during these challenging times.
In addition, it’s just as vital that we continue to foster the seeds of entrepreneurialism as we move forward. We need to continue being open to new ideas, business plans and commercial ventures, while providing the tools necessary to those with the courage to bring their ideas to market.
That’s where the Nebraska Economic Development Corp., is making a difference, reports the Journal Star’s Matt Olberding. The Small Business Administration lender specializes in what are known as 504 loans, which allow businesses to buy large equipment or build, buy or expand buildings.
The statistics show that it is allowing new businesses to open their doors, while providing opportunities for other small businesses to expand their operations.
In fact, powered by loans processed by NEDCO and other lending organizations, the SBA shattered the all-time record for the amount of loans guaranteed in Nebraska, with nearly $244 million in its 2021 fiscal year, which ended Sept. 30. That was $90 million more than 2020 and nearly $80 million more than the record of $167.5 million set in 2011.