Editorial board of the journal Star
A thriving small business community is essential for any local economy, including Lincoln.
When you consider the rigors that our mom-and-pop stores and family restaurants have been forced to endure at the hands of COVID over the past 18 months, it’s important that we consider their needs in these trying times.
In addition, it is just as vital that we continue to nurture the seeds of entrepreneurship as we move forward. We must continue to be open to new ideas, business plans and ventures, while providing the tools necessary to those who have the courage to bring their ideas to market.
This is where the Nebraska Economic Development Corp. makes a difference, reports Matt Olberding of The Journal Star. The Small Business Administration lender specializes in so-called 504 loans, which allow businesses to purchase large equipment or construct, purchase, or expand buildings.
Statistics show that it allows new businesses to open their doors, while providing opportunities for other small businesses to expand their businesses.
In fact, fueled by loans processed by NEDCO and other lending agencies, the SBA broke the all-time high for guaranteed loan amounts in Nebraska, with nearly $ 244 million in its 2021 fiscal year, which s’ ended September 30. It was $ 90. million more than in 2020 and almost $ 80 million more than the record high of $ 167.5 million set in 2011.