WASHINGTON — Building on what it describes as a strong 2007, the Small Business Administration said more reforms will come in 2008.
In its 2007 Year in Review, SBA said the Gulf Coast hurricane loan backlog dropped from 94,026 in August 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 approved. As a result of centralizing 7(a) loan originations and 504 servicing in its California centers, loan approvals averaged less than three days, according to SBA.
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