Arizona companies will soon receive more than $13 million in SBA small business loans, based on financing approved in the first quarter 2014 by Small Business Finance. The SBA-504 loans, provided in partnership with local banks, will help 10 small businesses expand and create and/or preserve more than 150 jobs. The largest single loan approved was $8.7 million.
Total SBA-504 financing approved in first quarter this year throughout Arizona was $45 million, up from $27 million for first quarter 2013. “More small-business owners are taking advantage of stable, low SBA rates to invest in their companies and grow,” said Chris Bane, Small Business Finance loan officer.
The banks that partnered with Small Business Finance on the SBA-504 loans included Alliance Bank of Arizona, Bank of the West, National Bank of Arizona and JP Morgan Chase.