WASHINGTON — Due in part to less creditworthy applicants, the Small Business Administration said loan activity in August and September declined by more than 50% compared to the same period in 2007.
Loans decreased 29% to 78,317 and loan volume dropped 13% to $18 billion, Mike Stamler, SBA's press office director, confirmed with Credit Union Times. The agency's lenders are seeing fewer applications due to more stringent lending standards, not as many credit-worthy applicants and the economy slowdown, the agency said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
