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.