SAN ANTONIO – National small business lender LiftFund commissioned a study on the impact of its loans made in Texas from 2010-2015.
The San Antonio-based company said it was surprised by the numbers.
The results, calculated by Dr. Steve Nivin, chief economist for the San Antonio Hispanic Chamber of Commerce and associate professor of economics at St. Mary's University, found $104 million in loans created $1.4 billion in economic output. That's equivalent to $13.21 for every dollar invested.
The study was completed using LiftFund's data.
"Yeah, it's a good bang for (the) buck," said Nivin. "We also have to keep in mind that a lot of these businesses wouldn't be in existence if they couldn't get their funding from LiftFund."
The nonprofit said the most surprising result was the success of the multiplier effect, the effectiveness of jobs created in San Antonio from an initial loan to make money to create even more jobs elsewhere.
"As a business owner I'm kind of an island, and I don't think of everything going on around me," said Trudy Leal, who started her shaved ice business, Bahama Bucks with a loan from LiftFund for $219,000.
"To realize that they've impacted so many people, not just me, you know, um, is a really big deal," Leal said.