SBA has approved more than US$490 million in loans to El Paso

EL PASO – Throughout the last two years, at least 9,799 small business loans have been authorized by the U.S. Small Business Administration (SBA) to support El Paso companies during the Covid-19 pandemic.

Congresswoman Veronica Escobar (TX-16) announced that the SBA El Paso District Office of the SBA approved loans totaling 490,047, 441 in funding for local small businesses since the beginning of the Covid-19 pandemic.

As a result of these loans, countless small business owners have been able to keep their businesses open and create more than 650 new jobs for the El Paso community.

Small businesses in El Paso have been hit hard over the last two years due to the impacts of Covid-19. In 2020, businesses with fewer than 500 employees saw record net job losses to larger corporate ones, although they also benefited from programs like the Wage Protection Program (PPP), with 96% of loans going to businesses with fewer than 20 workers.

“These El Paso businesses are the backbone of our local economy and, thanks to the American Recovery Plan, Congress has enabled the SBA to help these businesses,” said Congresswoman Escobar.

The SBA’s El Paso District Office covers 10 counties, including El Paso and those located in West Texas such as Brewster, Culberson, Hudspeth, Jeff Davis, Loving, Pecos, Presidio, Reeves and Terrell.

In the breakdown, the SBA authorized 104 guaranteed loans for US$39,095,283; as well as 9,427 PPP program financings for US$396,079,597.

In addition, 259 Economic Injury Disaster Loans (EIDL) were authorized for US$64,322,561 and nine additional loans for US$8,775,000.

Source: MEXICO-NOW Staff