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SBA loves Louisiana Small Businesses

By Michael Ricks, Louisiana District Director, U.S. Small Business Administration
Release Date: 
Friday, February 10, 2017
Release Number: 
17-09
Contact: 
Michael Ricks 504-589-2744

It is exciting when a new business opens in, and we love it because it strengthens both the community and the economy. The latest U.S. Small Business Administration (SBA) Office of Advocacy stats show small firm openings have accounted for 40 percent of the “new” American jobs over the last two decades.

During the first quarter of fiscal 2017, SBA approved 68 loans for $47 million to Louisiana small businesses. Thirty-four loans for $13,544,300 went to startup firms, creating 192 jobs and retaining 145 jobs.  The loans funded startup Beauty salons,  Physicians’ offices, Women clothing store, and a  Janitorial service that assist with the cleanliness of the state, just to name a few.  Loans to these startups range from $25,000 to 2.5million during the first quarter, with an average loan size of $398,361.  

Entrepreneurs are an exciting and inspiring population and it’s hard not to love them. They demonstrate courage, creativity, resilience and stubborn optimism. Think about it. When men and women light up the “Open for Business” sign they have already conquered the first major obstacle to success – getting started. Startup entrepreneurs exude a sense of pride and accomplishment.  However, these same characteristics are also true of those who continue to survive in business a few years.

About 80 percent of establishments started in 2014 survived until 2015, the highest share since 2005, according to SBA stats.  And, about half of all establishments survive five years or longer. These numbers are important because at SBA we love it when businesses get started and we love it when businesses grow.  Ensuring success is our goal.

So far this fiscal year, SBA has approved $46,982,200 in loans 68 established and growing small businesses in Louisiana to help them expand. These loans range from $15,000 to $5 million with an average loan size of $690,914, and helped create 395 jobs and retain 552 jobs.  The SBA loans were approved for a variety of firms including, a janitorial business, local pharmacies, a woman clothing store, and a restaurant.

Although SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same – to help Americans start, build and grow businesses.

If you’re ready to startup or expand, visit www.sba.gov for information and resources, including online classes. Connect with local resource partners by visiting www.sba.gov/tools/local-assistance/. Here you simply plug in your zip code for list of nearby counselors and workshops. 

If you’re ready to apply for small business capital, you can start online - www.sba.gov/tools/linc.  The SBA LINC program (Leveraging Information and Networks to access Capital) is an online referral tool to connect small business borrowers with participating SBA lenders. Prospective borrowers complete a short questionnaire. The responses are forwarded to participating SBA lenders that operate within the small business’ county. If lenders are interested in the referral, the lender and prospective borrower’s contact information is exchanged.     You can also contact the Louisiana District Office at 504-589-6685, for assistance. 

Visit, support, Tweet about, Facebook post or Instagram your favorite Louisiana small business. Show some love for local merchants this Valentine’s Day. 

(Michael Ricks serves as the SBA Louisiana District Director that provides capital, contracting and counseling services throughout 64 Louisiana parishes.)

 

Related State: 
Louisiana