Four California cities and Phoenix were among the top 10 metropolitan areas in the U.S. to see significant job growth in 2013 compared to 2012.
Riverside ranked #1 (up 4%) in the final non-agricultural job growth report issued recently by the W.P. Carey School of Business at Arizona State University. San Francisco ranked #2 (up 3.9%), followed by Phoenix at #7 (up 2.7%) and Los Angeles and San Diego ties at #8 (up 2.6%).
SBA financing to small businesses continues to be a positive factor in job creation. In FY-2013, CDC Small Business Finance funded 470 SBA-504 loans, providing $914 million in capital to small businesses to help them purchase commercial/industrial buildings. These businesses expect to create 5,800 new jobs over the next two year.
CDC also funded $5 million in Community Advantage loans in FY-2013, which provided business capital between $20,000 and $250,000.
Stacey Sanchez, senior community loan officer at CDC Small Business Finance, was recently voted Financial Services Champion 2014 for the SBA’s Santa Ana District. She will be honored May 21 during National Small Business Week.
“Throughout her career, Stacey has elected to work tirelessly to benefit those who need capital the most, but are underserved by traditional lending,” said Leila Mozaffari, director of the Orange County Small Business Development Center. “She is not afraid of trying new and innovative ways of serving the small business community, and continuously refines her approach to generate maximum success.”
Mozaffari added: “From having grown up in her parent’s family-owned small business, Stacey continually gives back to the small business community through education, advocacy and volunteerism.”
Stacey was instrumental in the 2010 roll-out of SBA’s Community Advantage program, which grants loans up to $250,000 to small businesses, including those owned by military veterans.
More small businesses will soon be able to qualify for SBA loans to buy commercial/industrial buildings, according to CDC Small Business Finance.
On April 21, the Small Business Administration (SBA) will eliminate provisions that prevented small business owners with a high-net worth to purchase commercial real estate with a SBA-504 loan. The 504 loan can also help business owners buy and install heavy machinery and equipment.
“These new changes will allow more small business entrepreneurs to take advantage of SBA-504 financing to buy or construct their facilities,” said Kurt Chilcott, president and CEO of CDC Small Business Finance, the largest SBA-504 lender in the U.S. “Helping more small businesses grow will help create more jobs and, as a result, improve the economy.”
SBA-504 loans appeal to small business owners who are tired of paying rent and want to build equity for themselves. SBA-504 loans allow entrepreneurs to access low-fixed-rate, 20-year financing of over $20 million with a minimal down-payment (10%). Rates have been averaging 5.4% over the last nine months.