SBA offers tips for starting up small businesses and securing loans from lenders
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SBA offers tips for starting up small businesses and securing loans from lenders
The Small Business Administration hosted a workshop in Hattiesburg Tuesday. More than 100 established and aspiring entrepreneurs filled the Jackie Dole Sherrill Center. The SBA reported that in 2020, banks issued $1 billion to small businesses, which represent 99% of Mississippi’s establishments. In Mississippi, about $177 million in loans have been made to Mississippi small businesses just this fiscal year, said Janita Stewart with the SBA. The workshop was aimed at helping people with poor credit, lack of collateral or an unclear business plan.
The topic of discussion: money.
“We have a number of lending institutions here,” said Janita Stewart with the Small Business Administration. “There are actually 15 of them altogether that are SBA lenders. We have one that’s a non-SBA lender.”
The SBA’s “Meet The Lenders” workshop was geared toward making that conversation a bit easier.
“I used the SBA’s template to design my business plan,” Gulfport business owner Jamie Jamison said. “Then, I was able to utilize some of the resources on the SBA’s website to help get in contact with people who could help me further my financial exploration.”
The SBA reported that in 2020, banks issued $1 billion to small businesses, which represent 99% of Mississippi’s establishments.
Stewart told WDAM 7 that loan approval is usually based on what the business is, the owner’s history and the business’ location.
“In Mississippi, about $177 million in loans have been made to Mississippi small businesses just this fiscal year,” said Stewart.
Reports also found that between March 2020 and March 2021, 6,000 businesses opened in Mississippi while 5,000 closed.
Jamison said financial backing is crucial, especially for people with poor credit, lack of collateral or an unclear business plan.
“If you can find a good support system like we did with our banking needs, it helps you to get things done much quicker and streamlines the process to help your business grow faster,” said Jamison.
But there are options for people in those circumstances, including “micro-loans” that provide up to $50,000.
Stewart said SBA partners can be found just about everywhere in Mississippi.
“We are fortunate to have most of the lending institutions in the State of Mississippi that are actually SBA lenders, bank and non-bank lenders throughout the state,” said Stewart.
More information on the SBA loan process can be found on the administration’s website.
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Source: https://www.wdam.com/2025/07/29/sba-offers-tips-starting-up-small-businesses-securing-loans-lenders/