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SBA Lending More Active in Rochester
Loans to Rochester small businesses are alive and well, reports the Democrat & Chronicle. Small Buiness Administation (SBA) lending in Rochester has been climbing, with 406 made in fiscal 2011, surpassing the 360 made in fiscal 2010.
For the current fiscal year, GRB was one of the banks that has doubled SBA loans made in the same time period last year.
GRB President & CEO, Phil Pecora, noted that while the recession strained some businesses and damaged their creditworthiness, this wasn't the case locally.
The SBA is a government program that does not loan directly to small business owners, but provides a guarantee that they will repay their loan as promised. This guarantee mitigates some of the lending risk for the bank.
Read the full article here.