SBA loans reach new high in fiscal 2011
During the fiscal year that ended Sept. 30, SBA loan approvals supported $30.5 billion (61,689 loans) in lending to small businesses and start-ups through its two largest loan programs, compared with $22.6 billion (60,771 loans) in fiscal 2010 and $17.9 billion (50,830 loans) in fiscal 2009. The total loans supported in the past fiscal year was $2 billion higher than the previous lending record of $28.5 billion set in fiscal 2007.
In Iowa, the SBA approved 674 loans for $293.6 million in fiscal year 2011, compared with 944 loans for $261.3 million in the previous fiscal year.
“First through the Recovery Act and then through the Small Business Jobs Act and new SBA lending programs, SBA has provided small businesses with the tools they need so they can grow and create jobs,” SBA Administrator Karen Mills said in a press release. “As SBA lending levels continue to indicate a rebound in small business lending, we will work through new programs to fill the gaps created in the marketplace.”
The SBA created two new lending programs in fiscal 2011: Community Advantage and Small Loan Advantage. The Advantage programs provide streamlined applications for loans under $250,000 and increase the points of access for small businesses.