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In 2017, more than 68,000 SBA-approved loans provided some $30 billion of working capital, asset financing, export support and loan refinancing.
Change is the byword at People’s United Bank. With the dust still settling on its $544 million acquisition of Farmington Bank, People’s is still wrestling with the technological and cybersecurity issues facing most industries today — particularly in the financial services sector.
In Westchester, we’re seeing new vitality in sectors that had pulled back during the Great Recession. Transportation and construction firms have made a strong comeback. Fitness, child care and health care (especially urgent care) businesses are also capitalizing on the recovery.
“Anecdotally, I still hear complaints from small businesses that they still have trouble accessing capital,” said CBIA President Joe Brennan.
"Most people start a business, unfortunately, on their own credit cards," said Andrea Sotgiu, CEO of Lavan Financial Group.
SBA-guaranteed loans in Westchester County were up 20 percent in number from 2016 and totaled nearly $75 million.
Will campaign pledges of financial services deregulation translate into more loans for smaller businesses?
The state's high-ranking Democratic political leaders also offer encouragement for the ex-WWE CEO's new role.
Bernard M. Sweeney, Connecticut's district director for the federal Small Business Administration, retired Aug. 31 after 30 years on the job.