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Omaha, NE – While still strong, Nebraska’s entrepreneurial climate showed some signs this year of the widespread economic impact of the COVID-19 pandemic. The total dollar amount of SBA loan guarantees dropped to $198.7M, which is $45M decrease from fiscal year 2021. The number of SBA guaranteed loans also dropped slightly with a total of 384 loans approvals ($198.9M) this fiscal year compared to 421 ($243.7M) last fiscal year. These loans were made through banks, credit unions and certified development companies. Despite a slight decrease in overall numbers, the number and total dollars of 504 loans was substantially higher than last fiscal year. FY22 saw a total of 85 (504) loan approvals for a total of $74.4M, which is substantially higher than last FY’s totals of 77 (504) loan approvals for a total of $50.5M. Microloan loan total amounts also increased this year with 85 total loans as compared to 61 last year, and a total of $1.6M this year as compared to $1.2 last year.
The FY2022 Regular Program loan totals for the SBA Nebraska District Office were:
As a direct result of SBA guaranteed 7(a) and 504 small business financing in Fiscal 2022, 3,751 jobs were created or saved.
The CARES Act continued to be a critical factor in the survival of Nebraska’s small businesses in FY2022. This Act funded loans for eligible businesses affected by the COVID-19 pandemic, funding both the Paycheck Protection Program (PPP) loan program and COVID-19 Economic Injury Disaster Loan (EIDL) Program loans. Nebraska’s banks, credit unions and other lending institutions were quick to close out the Paycheck Protection Program, making over 114k PPP loans totaling over $5.6B. Nebraskans also continued to utilize the COVID EIDL program. The total number of COVID EIDLS in Nebraska was FY22 was 1716, totaling almost $328M.
The FY2022 CARES Act loan totals program to date for the Nebraska District Office were:
- Paycheck Protection Program: 114,184 loans for $5,367,468,661.
- SBA COVID-19 EIDL Program: 16,192 loans for $1,759,639,423.
The total lending activity for Nebraska in FY22, excluding CARES funding, was 469 loans just over $200M.
First State Bank Nebraska provided the most SBA 7(a) loans – 42 loans were made totaling $10,782,500. Coming in second was Union Bank and Trust with 28 loans totaling $12,437,600. Rounding out the top three was American National Bank with 16 loans totaling $6,814,500.
Here are the top Nebraska 7(a) lenders by loan amount:
First State Bank Nebraska NE 42 $10,782,500
Union Bank and Trust NE 28 $12,437,600
American National Bank NE 16 $ 6,814,500
Live Oak Banking Company NC 4 $ 6,692,000
Security National Bank of Omaha NE 4 $ 6,481,000
Here are the top 7(a) lenders by number of loans:
First State Bank Nebraska NE 42 $10,782,500
Union Bank and Trust Company NE 28 $12,437,600
U.S. Bank, NA OH 18 $ 793,100
First National Bank of Omaha NE 17 $ 2,471,000
American National Bank NE 16 $ 6,814,500
As a federal agency helping lenders in Nebraska and across the country to make small business loans under the 7(a) program, the SBA helps small businesses get funding by setting guidelines for loans and reducing lender risk. These SBA-backed loans make it easier for small businesses to get the funding they need.
Reflecting on this past fiscal year, Tim Mittan, District Director for the SBA Nebraska District Office, states, “What is interesting about living in a post-pandemic economy is that we had no idea what to expect when it came to the funding needs of small businesses. What we found was that the Nebraska small business community as a whole, tended to bounce back faster than expected, in large part thanks to resiliency and the utilization of the EIDL and PPP loan programs. The lending numbers for fiscal year 2022 far exceeded our expectations. We want to thank all of the SBA lenders, resources partners, economic development professionals, associations and volunteers who helped keep Nebraska small businesses going and growing this past year. And a big thank you to the SBA Nebraska District Office staff for all their hard work and dedication to helping serve small businesses.”
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more visit www.sba.gov.
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