Local SBA office loans increase in fiscal 2002

During fiscal year 2002, ended Sept. 30, the Springfield Branch Office of the U.S. Small Business Administration approved 312 loans for $65.1 million. This is an increase in both the number of loans and dollar amount compared to fiscal 2001, when 290 loans were approved for $55 million.

"The Springfield branch office increased our guaranteed lending by $10 million, or almost 20 percent, in an effort to spur economic activity in a declining economy and provide financial assistance to as many small businesses as possible," said James Combs, SBA branch manager.

Of the 312 loans approved in 2002, 100 were to start new businesses, creating 626 new jobs. Also, 212 loans were to finance the purchase of existing businesses, or to expand, diversity or solidify existing businesses employing 2,425 people.

The Springfield branch serves 28 counties in southwest Missouri.

Fiscal year 2002 county loan volume in southwest Missouri included Greene County with 115 loans, Camden with 29, Christian with 23, Taney with 18, Jasper with 17, Newton with 11, Pulaski and Stone with 10 each, Cedar with eight, Webster and Lawrence with seven each, and Howell and Polk with six each. Twelve of the 28 counties served by the Springfield office had 4 loans or fewer.

Despite its small size a staff of eight the Springfield office continues to surpass the results of the nation's 13 full-sized district offices.

This year's increase in loan volume does not include the Economic Disaster Injury Loans made as a result of the 9-11 tragedy.