Over the past six quarters, the SBA's loan program has posted the second-largest dollar volume ever, supporting $30.25 billion in loans to small businesses, the agency said.
That record occurred in fiscal year 2012, which ended on Sept. 30.
The SBA said the near-record pace was driven in part by a record year for the Certified Development Company (504) loan program, which supported $15.09 billion in small business credits.
In its two main programs, the 7(a) and 504, small businesses received 53,848 loans totaling $30.25 billion during FY 2012. Loan volume in FY 2011 totaled $30.5 billion and $22.6 billion in FY 2010, according to the SBA.
Over the past year, the agency said it began streamlining and simplifying many of the loan programs in order to provide more access and opportunity for both lenders, including credit unions, and small businesses.
As part of this effort, the SBA said it encouraged lenders to use more of their own paperwork and the agency's updated processing systems, so that more than 80% of its loan applications can now be processed online.
“Reaching such strong numbers is a clear sign that both the business and lending communities are regaining their confidence in the economic climate of the country,” said SBA Administrator Karen Mills. “It means that the credit markets are increasingly willing to help small businesses establish themselves, grow and create new jobs for Americans.”
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.
