The Norman Transcript

Headlines

October 14, 2012

Small business lending healthy

NORMAN — Loans to small businesses in Oklahoma totaled more than $186.5 million in fiscal year 2012, down from the previous fiscal year when the state set a record in small business lending to borrowers who received more than $261 million for startup or expansion. 

SBA loan enhancements that stimulated last year’s surge have expired. 

“In keeping with the national trend, Oklahoma’s loan volume for fiscal 2012 is the second highest in the state’s history,” Dorothy Overal, Oklahoma district director said.  “Small business lending in Oklahoma is still healthy.  Three new Oklahoma lenders joined the SBA lending program and 10 lenders were approved for expanded loan approval authority.  We are continuing to reach out to new lenders each day.” 

 With loan volume steadily increasing for the past six quarters, the U.S. Small Business Administration’s loan programs posted the second largest dollar volume ever in FY 2012, supporting $30.25 billion in loans to small businesses. That amount was surpassed only by FY 2011, which was heavily boosted by the loan incentives under the Small Business Jobs Act of 2010.

Overall, the pace of SBA loan-making is a healthy sign for the economy and the credit markets and is one of the foundations for ensuring the availability of financing to small businesses trying to establish themselves, grow and create new jobs for Americans. 

 Currently, people affected by the Cleveland County wildfires may qualify for federal disaster loans through SBA. Those people should begin the process by registering with FEMA at 800-621-3362.

The current near-record SBA loan pace was driven in part by a record year for the Certified Development Company (504) loan program, which supported $15.09 billion in small business credits. The strong performance of 504 loans was boosted by the temporary 504 refinancing program, which was responsible for 26 percent of the 504 program loans made in FY 2012 and 34 percent of the dollar volume. The recently expired 504 refinancing program was part of the incentive package under the Jobs Act.

Text Only | Photo Reprints
Headlines
  • Chamber Banquet During annual banquet, Chamber of Commerce promotes moving Norman forward

    Amidst the backdrop of music, dancing, dinner and fellowship, business leader Mike Fowler announced that the time for a quality-of-life initiative in Norman has come. As incoming Norman Chamber of Commerce board chairman, Fowler and ...

    April 18, 2014 1 Photo

  • Symposium speaker Paul Polik: Commerce can help and bring millions out of poverty

    How to harness the power of commerce to address social and environmental challenges in sustainable ways was the topic of discussion at the University of Oklahoma Center for the Creation of Economic Wealth’s fourth annual Social ...

    April 18, 2014

  • Amber waves turn gray as farms lose younger generation

    OKLAHOMA CITY — Jerry Pfeiffer was thrilled when his son, Kelsey, 25, announced plans to return to the family’s farm in Orlando....

    April 18, 2014

  • Postal retiree luncheon set

    A postal retiree luncheon will be 11:30 a.m. Monday at Golden Corral Buffet and Grill, 123 N. Interstate Drive in Norman. Diners will meet in the lobby. For more information, call Joyce Carle at 872-5157....

    April 18, 2014

  • Flapjack fundraiser set

    The Apple Gold Group, a franchisee of Applebee’s Neighborhood Grill and Bar, will partner with the Global Outreach Team at Go Church to host a Flapjack Fundraiser on April 26. Proceeds raised will be used by team members to purchase ...

    April 18, 2014

  • OU Hornsemble goes to the movies

    The OU Hornsemble will present a concert of music from the cinema at 6 p.m. April 27 in the Paul F. Sharp Concert Hall. Billed as “Movie-Time Music,” the ensemble will present a wide variety of cinematic music from the 1940s to the ...

    April 18, 2014

  • Judge asks pointed questions in gay marriage case

    DENVER — A judge in Colorado who will play a pivotal role deciding whether gays should be allowed to wed in the United States asked pointed questions Thursday about whether Oklahoma can legally ban the unions....

    April 18, 2014

  • Fallin disappointed SBAdenied loans

    OKLAHOMA CITY — Gov. Mary Fallin said Thursday she is disappointed that a federal agency denied a request for loans to businesses in two Oklahoma towns affected by an emergency bridge closure....

    April 18, 2014

  • Sudan: 12 die after mob attacks UN base

    JUBA, South Sudan — An angry mob of South Sudanese youths attacked a U.N. base on Thursday to harm members of an ethnic minority sheltering inside. Peacekeepers were forced to open fire, amid rampaging violence that killed at least 12 ...

    April 18, 2014

  • Woman bound over for trial

    A Slaughterville woman facing a manslaughter charge after the death of an 8-year-old child was bound over for trial this week after a preliminary hearing in Cleveland County District Court. Kimberly Dawn Wenthold, 29, was charged in ...

    April 18, 2014

Video
Facebook