SBA lending increases in fiscal year 2018
The U.S. Small Business Administration Kansas City District Office saw increases in small business lending in the fiscal year that ended Sept. 30.
The SBA Kansas City District Office oversaw $363 million in SBA loans for fiscal year 2018, a 10 percent increase in lending over the previous year.
U.S. Bank made 69 SBA loans, more than any other lender. OakStar Bank loaned the greatest dollar volume at $38 million.
“The KC (district office) continues to lead the region in loan production because of the dedication and commitment of our lenders,” SBA Kansas City District Director Jon Malcolm Richards said.
Richards expects SBA lending to increase further in FY 2019 thanks to reduced guarantee fees for loans made to rural businesses.
“We expect our lenders to take advantage of this rural fee relief and increase lending,” he said. “This way we can get more loans in the hands of our local entrepreneurs and small businesses and eventually create more economic opportunities in the rural communities.”
In addition, the Kansas City District Office secured $387 million in federal contracting dollars to Kansas and Missouri small businesses in FY 2018 — an increase of 62 percent compared with FY 2017. Those contracts helped to support about 3,900 jobs.
“It is an exciting time for the 8(a) small business development program in Kansas and Missouri,” Kansas City District Deputy Director Dennis Larkin said.
The Kansas City District Office serves 61 counties in western Missouri and 28 in eastern Kansas and oversees a branch office in Springfield, Mo. The office serves a population of more than 4 million people and nearly 350,000 small businesses. Small businesses represent nearly 97 percent of the all businesses in the district.
BY THE NUMBERS
The government’s fiscal year (FY) runs from Oct. 1 through Sept. 30.
SBA lending in the Kansas City District in FY 2018
Increase in SBA lending in the Kansas City District in FY 2018, which is 10% more than FY 2017
Federal contracting dollars secured for Kansas and Missouri small businesses through the SBA KC District in FY 2018
Increase in federal contracting dollars secured in the KC District in FY 2018, which is up 62% over FY 2017
Average size of a small business federal contracting offer letter in FY 2018
Increase in average size of federal contracts awarded in FY 2018 to small businesses
SBA 8(a) firms that received federal contracting offers in FY 2018
SBA 8(a) firms receiving federal contracting offers in FY 2018 that did not the previous year
Jobs supported by federal contracting offers received by Kansas and Missouri businesses in FY 2018