News Summary
Stonehenge Capital has received its Small Business Lending Company (SBLC) license, allowing it to offer government-backed loans ranging from $500,000 to $5 million. This development is set to benefit small businesses in various sectors, including manufacturing and hospitality. Stonehenge aims to originate $100 million in SBA loans over the next two years, with a focus on supporting Louisiana’s low-income and rural communities. By broadening its lending capabilities, Stonehenge Capital is poised to play a crucial role in supporting emerging companies and fostering local economic growth.
Exciting News: Stonehenge Capital Scores SBLC License!
In a significant move for small businesses, Baton Rouge is buzzing with excitement as Stonehenge Capital has officially received its Small Business Lending Company (SBLC) license from the U.S. Small Business Administration (SBA). This new development is paving the way for the organization to broaden its loan offerings, especially for new and growing companies seeking financial support. It’s a win-win situation, and small business owners are bound to benefit.
What This Means for Small Businesses
Having held the designation of a Small Business Investment Company (SBIC) for about six years, Stonehenge Capital has been known for investing in companies with financial needs in the range of $5 million to $15 million. However, with the SBLC license now in its toolbox, the Baton Rouge-based organization can provide government-backed loans ranging from $500,000 to $5 million. This extended capability allows Stonehenge to assist a broader array of small enterprises across various sectors.
Stonehenge Capital has set its sights on supporting small businesses in diverse industries including manufacturing, distribution, hospitality, and of course, our beloved restaurants. They are eager to target not just the typical business location but also focus on startups, ensuring that every budding entrepreneur can flourish.
Ambitious Goals Ahead
Looking forward, Stonehenge Capital has set an ambitious target—to originate approximately $100 million in new SBA loans over the next two years. What’s even more commendable is that about 25% of these loans are expected to specifically assist Louisiana companies in low-income and rural communities. This focus highlights the organization’s deep commitment to expanding opportunities in areas that need it the most.
Evaluating Loan Applications
Those interested in applying for loans through Stonehenge Capital will find that the evaluation process primarily hinges on a business’s cash flow. Companies are required to have an annual revenue minimum of approximately $100,000 to qualify, making it somewhat accessible for emerging businesses trying to carve their niche in the market.
A Broader Perspective
It’s also noteworthy that Stonehenge Capital is now among only 20 organizations designated as a Small Business Lending Company (SBLC). The SBLC program has seen a significant shift recently; before 2023, there were only 14 lenders. The change was made under the current administration’s initiative to enhance support for small businesses, showing a commitment to building a strong economic future.
Since its inception in 1999, Stonehenge has made strides in investing in underserved markets, having allocated a striking $1.5 billion across 38 states. This record reflects their dedicated aim to uplift communities and play a vital role in the growth of local economies.
Longstanding Partners in Lending
The Regional Loan Corporation, operating out of New Orleans, has been a trustworthy lender for many years, having provided over $100 million in loans to a whopping 350 businesses since its establishment in 1978. With this solid track record, it’s clear that the lending landscape in the Greater New Orleans area and beyond is shaping up to provide ample support for small companies.
As Stonehenge Capital rolls out its new lending capabilities, small business owners and startups can look forward to enhanced options and resources that can help them thrive. The future is looking bright, and Baton Rouge is at the heart of this exciting transformation!
Deeper Dive: News & Info About This Topic
- The Advocate: Lender Helps More Louisiana Businesses
- Wikipedia: Small Business
- KATC: SBA Offers Low-Interest Loans
- Google Search: Small Business Administration
- Inc: SBA Grants New SBLC Licenses
- Encyclopedia Britannica: Corporate Finance
- Black Enterprise: SBA Lending Licenses
- Google News: Louisiana Small Business Loans
