US Small Business Administration, or SBA lending topped $76 million in North Dakota in fiscal year 2019.
Al Haut is North Dakota District Director for SBA. He says SBA loans are given to small businesses through local banks and guaranteed through the federal SBA. He says both in North Dakota and nationally, SBA loans increased - which are indicators of economic strength.
"The total dollar value is indicative of a strong economy in North Dakota. The businesses are investing in a lot of capital equipment, expansions, things like that - and SBA lending backs them up and supports them. So it just shows that they're willing to invest in North Dakota, and they're willing to invest because the economy is strong. And we're willing to support them."
Haut says the 2019 numbers are 11 percent higher than in 2018, and about $20 million more than 2017. He says SBA loans were given to 40 different small businesses across the entire state of North Dakota, which shows broad support that the regional economy is solid.