Thursday, January 21, 2010

The First Small Business Loan Of The Year Goes To ....

Earlier today a coworker sent me this link to an article on CNN Money, that offers a unique perspective of small business lending in the U.S. CNN worked with the small business association to identify the first SBA loan that was awarded this year. The loan went to the owner of Lawlor’s, a sportswear store in Omaha, and you can read about this interesting story below.

To kick off the new year, we asked the Small Business Administration to find us the first business to receive funding this year through an SBA loan. The agency came back with Lawlor's Custom Sportswear in Omaha, which had its loan application approved Jan. 7 and received a $100,000 check from its bank, Security National Bank of Omaha, on Jan. 19.

When an opportunity arose in November to rent prime real estate in a popular area shopping mall, Pat Lawlor knew it wasn't exactly the best time to expand his modest chain of sports apparel retail stores.

Revenues for Lawlor's Custom Sportswear, which has 28 employees in four locations in and around Omaha, were on track to be down 10% for the year. Plus, the company was already trying to pay off substantial debt.

"I'd be lying if I said that it wasn't a bad year," Lawlor said.

Continue reading at CNN…

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