While there has been a great deal of attention shown toward small business bank financing in recent weeks, entrepreneurs looking to start an LLC in western New York have seen an increased willingness by local financial institutions to grant small business loans, the Buffalo News reports.
In the nine-month period from last October through June, 30 local banks in the Buffalo and Rochester areas made 592 small business loans worth more than $93 million, the paper reports. Those figures represent an 87-percent increase in the dollar amount of the loans compared with the same period a year earlier, and a 27-percent increase in the number of loans.
Those lenders have also taken advantage of a number of Small Business Administration programs to help entrepreneurs, included the 504 loan program and the Patriot Express program for veteran-owned small businesses. Over that nine-month period, 11 banks made 39 Patriot Express loans worth $5.3 million.
Research has also shown that the jobs created by small businesses are remarkably durable, and don’t disappear as companies fail. A study by the Ewing Marion Kauffman Foundation found that five years after a group of new companies began, 80 percent of the jobs created by those companies still existed.