Texas Leading the Way in Small Business Lending
The government's Small Business Lending Fund's (SBLF) participating banks in Texas outpaced lending projections by $1.12 billion since the program's creation in 2010, according to a recent report by the U.S. Treasury Department.
What is the Small Business Lending Fund?
SBLF is a nationwide program established as part of the Small Business Jobs Act, which became law in 2010. Nationwide, participating banks have exceeded baseline lending levels to small businesses by more than $11 billion. That's a lot of money small businesses might not otherwise have had access to.
Small business owners are not the only ones who benefit from expanded small business lending — an infusion of capital means more jobs and greater competition and variety in the marketplace, which are a bonus to other businesses and consumers who rely on the goods or services provided.
Is now the right time to start or grow your business?
For current and prospective entrepreneurs, this news means the lending environment for small businesses is continuing to improve. Savvy business owners agree that the time to make the most of an economic upswing is in the beginning. Now may be the right time to put your business plans into action.
If you are considering starting or growing your business in Texas and need a Bryan Texas business attorney, contact the Peterson Law Group. One of our experienced business law attorneys can answer your questions and help you achieve your goals. Call us at 979-703-7014 to schedule a consultation.