Local SBA-Backed Woman-Owned Small Business Creates 20-25 Jobs
YORK, Pa., March 22, 2013 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration Mid-Atlantic Regional Administrator Natalia Olson-Urtecho celebrated Women's History Month by attending the groundbreaking ceremony for a Goddard School in York, Pennsylvania on Thursday, March 14.
"At SBA, celebrating Women's History Month includes reflecting on the important role women business owners play in our economy and why support for women-owned small business ownership is so important here in the Mid-Atlantic region. In fact, women-owned businesses like the Patel's Goddard school here in York represent one of the fastest-growing segments of the economy," Olson-Urtecho said.At the site of the future Goddard School, Olson-Urtecho highlighted how local women-owned small businesses like Leena Patel's Goddard School – who leveraged SBA lending program assistance for the construction financing, permanent mortgage and working capital through SBA lending partner TD Bank – may be able to benefit from SBA programs. "For small businesses looking for a way to finance growth, an SBA loan may be able to help. While SBA doesn't make loans directly, it guarantees a percentage of each loan made by lenders who partner with SBA," said John Banks, Lead Business Development Specialist for SBA's Philadelphia District Office. "SBA's guarantee reduces the risk, which means SBA lending partners are more likely to help small businesses obtain a loan to help them start and grow the business." "SBA knows that business ownership is one path for women to find greater economic independence. According to the National Women's Business Council, women-owned firms grew 44% from 1997 to 2007, twice as fast as male-owned firms. There are 7.8 million women-owned businesses in the US and 88% of these are small businesses," said Olson-Urtecho.