Manufacturers are the most prolific job-generators in the United States. Their contributions are being honored today (Oct. 7) on National Manufacturing Day.
Manufacturing supports an estimated 18.5 million jobs in the U.S.—about one in six private-sector jobs, according to the National Association of Manufacturers.
Over the last three years, CDC Small Business Finance has provided financing to manufacturers that have created and preserved over 3,300 jobs in California, Arizona and Nevada.
One manufacturing company that recently took advantage of SBA financing to grow its businesses and create jobs was Veris Manufacturing in Brea, California. Founded in 1987, Veris forged a name for itself providing contract electronic manufacturing services (EMS) to a variety of industries including aerospace, automotive, telecomm, medical and the military. As the business grew, space became a premium. Rather than continuing to lease warehouse/office space, Veris’ owners used a $4.8 million SBA-504 loan to purchase a new, 27,000 square foot home for the company. They anticipate expanding the Veris workforce by 30% over the next two years.
Small business owners can learn about various financing programs available to them by visiting CDC Small Business Finance, or by calling 800.611.5170.
Seven California and Arizona metro areas are among the best in the nation for helping small businesses gain access to financing to help them grow.
In a study sponsored by CNBC, 261 metro areas were evaluated by the total dollar value of business loans approved. The California and Arizona areas that landed in the top 25 are listed below. They are considered among the nation’s best and “can be a difference-maker for entrepreneurs looking to fund a new business or take their current business to the next level,” according to CNBC.
“Many small business owners have struggled to secure traditional bank loans and turned to pernicious online lenders who charge astronomical interest rates,” said Kurt Chilcott, president and CEO of CDC Small Business Finance, a non-profit lender based in California that provides SBA loans and other financing to help entrepreneurs grow and create jobs. “Affordable capital is out there; small businesses just need to know how to find it.”
Small Business Administration (SBA) loans are an attractive financing tool because of low rates and terms that give small business entrepreneurs the flexibility to grow at their own pace. Three reliable SBA programs are the SBA-504 loan for the purchase of buildings and large equipment, and Community Advantage loans and Microloans, often used for working capital needs.
California is a national hotbed for the craft beer industry, spawning over 500 small businesses breweries and generating over 48,000 jobs.
According to the California Craft Brewers Association, craft beer is a $6.5 billion industry in the golden state, providing the largest economic impact of any state.
Over the years, many craft beer entrepreneurs have turned to SBA financing to grow and expand their companies. They’ve used this financing to acquire production facilities, construct buildings, purchase large equipment, buy products and cover working capital needs.
CDC Small Business Finance, a not-for-profit lender, has helped several craft brewing small businesses launch and expand operations, providing nearly $30 million in SBA financing. Here are a few of the companies – including the international brand Stone Brewing – that CDC has assisted with SBA-504 loans as well as Community Advantage and SBA Microloan financing: