Small Business Administration Provides $728 Million in Loans to Indiana Businesses
2023-12-17 – BE&O ATC
With SBA lending opportunities easy to find, SBA Indiana District Director Stacey Poynter is encouraging businesses across the state to apply for federally-backed loans and increase their access to capital.
Poynter says almost 99% of businesses in Indiana qualify as a small business, and most of them would qualify for a loan through the SBA. He says the SBA handed out 1,300 loans in Indiana in fiscal year 2023.
Of the thousands of small businesses in Indiana. 42% are owned by women, and many are located in rural counties. But Poynter says businesses in rural communities only receive 23% of SBA loans.
In addition, Poynter encourages entrepreneurs in the area to take advantage of the Small Business Development Center in Indianapolis. At the center, entrepreneurs can receive free one-on-one business counseling, financial advice, and tips on how to grow their businesses.