WASHINGTON — The Small Business Administration said it "has much more to do in 2008″ to achieve a number of reforms but felt 2007 fostered more entrepreneurs and helped them quickly get back on their feet after disasters.
In its 2007 Year in Review, SBA said the Gulf Coast hurricane loan backlog dropped from 94,026 in August 2006 to 28,687 by the end of December 2006. By September, SBA disbursed $6.1 billion loans.
The agency said it also set records for both the combined number and dollar volume of loans in fiscal 2007 with 110,275 loans totaling more than $20.6 billion. Centralizing 7(a) loan originations and 504 servicing in its California centers, cut loan approvals down to an average of less than three days, SBA said.
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Among its new loan program launches were the Patriot Express Loan Initiative, which produced more than 670 loans totaling more than $68 million since the program's debut in June.
For 2008, the agency said it plans to "redouble efforts" to boost small business growth and help disaster-affected communities quickly recover "by clarifying goals and accountabilities for the next 12 months."
"Looking forward, the agency has much more to do in 2008 to achieve Administrator [Steve] Preston's reforms, but 2007 was a turning point, indicating positive results to come," the agency said.
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