El Paso – Small business loans increased in both amount and number of loans in fiscal year 2016, according to the U.S. Small Business Administration El Paso District Office. Lending to start-ups also improved by approximately 70 percent.
Lending totals for the El Paso area have increased from $38 million in fiscal year 2015 to $40.3 million in fiscal year 2016, showing approximately a six percent increase. The number of loans also increased approximately 20.3 percent from 123 approved loans in fiscal year 2015 to 148 approved loans in fiscal year 2016.
“The dual increase in both the number and dollar amount of approved loans indicates that SBA lenders are not just lending more money, they are also lending to more existing and start-up businesses,” said Phillip Silva, District Director of the SBA El Paso District Office.
The largest lender in the El Paso area for fiscal year 2016 was Wells Fargo, who provided 48 small business loans totaling over $7.4 million. Some of the other banks that played a large role in El Paso small business lending were BBVA Compass Bank, Capital Bank, and United Bank of El Paso del Norte, who collectively provided 42 loans totaling over $4.6 million.
El Paso small businesses have also received loans from lenders that are outside of the El Paso area through the SBA’s Leveraging Information and Networks to access Capital (LINC) program. LINC is an online referral tool that connects small business borrowers with participating SBA lenders throughout the U.S. In fiscal year 2016, El Paso small businesses received 17 loans totaling over $14.1 million from lenders located outside of El Paso County.
“LINC provides more opportunities for small businesses to get the capital they need to start or grow their business,” said Silva. “We are excited to see that other states are recognizing El Paso’s potential for economic growth and are investing in our small businesses.”
To learn more about SBA loan programs, visit www.sba.gov or contact the SBA El Paso District Office at (915) 834-4600 to get free assistance in applying for a small business loan.