While many small businesses face rising costs, tighter margins, and uncertainty about interest rates, federal officials say the economy still has room to grow, and the U.S. Small Business Administration (SBA) is rolling out new tools to help.
The agency is expanding lending limits, pushing into rural communities and sharpening its focus on manufacturing. Georgia offers an early look at how that strategy is playing out. The state ranks as the SBA’s fourth-largest lending district, with $1.8 billion in SBA lending statewide.
Tyler Teresa, SBA Regional Administrator, and Kevin Cooke, the agency’s newly appointed Georgia District Director, join us on today’s episode of the SBA Update to discuss Cooke’s new role, the SBA’s priorities moving forward, and what the small business community can expect in the months ahead.
From business to policy
According to Cooke, he is a Georgia native with small business roots that go back generations. His grandfather ran his own business, and his mother built a CDL testing company, a field where women-owned businesses remain uncommon. Cooke later ran small businesses of his own alongside his wife, giving him firsthand experience with the challenges entrepreneurs face day to day.
Before joining the SBA, Cooke spent 10 years in the Georgia legislature. That gave him a view of small business policy from the public sector as well as the private one. That kind of hands-on business experience paired with statewide government relationships is exactly what the SBA says it needs right now.
Teresa said Cooke’s legislative network is already opening doors in communities the agency hasn’t reached recently, particularly in rural parts of the state that have historically had less access to SBA resources.
Renewed focus on rural outreach
The SBA’s national priorities are shaping the agency’s approach in Georgia. Teresa said one focus is getting more banks into the SBA’s lending portal, so small businesses have easier access to SBA-backed loans through their local banks.
"That's a big push for us, to really get out in the rural areas and reestablish some old relationships and then make some new ones." – Kevin Cooke
Manufacturing is another priority. Georgia is one of the largest manufacturing states in the Southeast, and the SBA is working to connect more manufacturers with loan options through its 7(a) and 504 programs.
Cooke’s priorities for the Georgia District Office track closely with those goals. He said expanding relationships in rural areas is a top focus, along with continuing the office’s outreach to the state’s manufacturing sector.
SBA doubles its lending limit
The SBA recently made a significant change to how much capital small businesses can access. The agency decoupled its 7(a) and 504 loan programs, raising the effective loan limit from $5 million to $10 million. Teresa said the change gives small businesses room to take on more capital, hire more employees and grow faster.
"What the SBA has done recently is we've been able to decouple our 7(a) from our 504, effectively increasing our loan limit up to $10 million, which is huge for small businesses." – Tyler Teresa
Separating the two loan balances gives business owners more flexibility, as ASBN previously reported. An owner can pursue long-term financing for property or equipment through the 504 program. At the same time, they can tap the 7(a) program for working capital, without hitting a combined ceiling as quickly.
The SBA says the change is especially useful for capital-intensive industries like construction, logistics, energy and food production, along with manufacturers looking to expand production and hiring.
Free resources available to entrepreneurs
Despite concerns over gas prices, interest rates and affordability, Teresa said now remains a good time to start a small business. He pointed to recent job numbers as a sign of a strong economy, along with new SBA tools designed to get capital into the hands of entrepreneurs faster.
"I would say now is always a good time to open up a small business." - Tyler Teresa
For anyone considering starting a business, Teresa recommended starting with the SBA’s website, which connects entrepreneurs directly to their local district office. The agency’s resource partners, including Small Business Development Centers, women’s business centers, SCORE and Veteran Business Outreach Centers, offer free guidance on everything from writing a business plan to securing funding.
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