SBA Loan Initiative Targets Black Belt

The U.S. Small Business Administration’s Alabama district office has recently launched an initiative to increase government-backed lending to companies in underserved markets in the state.

The “Campaign for the 100”, which was created by SBA Lending Specialist Roderick D. Perkins, was established to help lenders originate at least 100 SBA-guaranteed loans in Alabama’s Black Belt region.

“Extending capital to small business owners in this region and other regions will help small businesses keep their doors open, retain existing jobs, as well as create new jobs,” the agency said.

Perkins will conduct lender meetings and small business workshops in 10 counties located in the Black Belt region: Dallas, Marengo, Pickens, Wilcox, Perry, Sumter, Macon, Greene, Hale and Lowndes. Lenders with a presence within the markets and others that originate loans throughout the state will be contacted for the meetings.

Some of the topics that will be discussed include SBA programs, commercial underwriting, business plan components, lending, SBA 7a small loan, SBA electronic lending and small business issues.

According to the SBA, only 27 SBA-guaranteed loans have been originated in the 10 counties over the past five years, and only four of those loans were made by banks headquartered in Alabama.

The Alabama SBDC Network, which is partially funded by the SBA, has office in Tuscaloosa, Livingston, and Montgomery that serve the Black Belt counties.  To talk with a counselor regarding your business’s capital needs, please call 205-348-1582, or register online at  ASBDC.org/register

Source: http://www.bizjournals.com/birmingham/news/2014/09/23/sba-initiative-targets-alabama-s-black-belt.html