SBA loans reach record volume

Northwestern Financial Review, Nov 1-Nov 14, 2003

A record number of small businesses turned to the U.S. Small Business Administration for credit over the past year, according to the SBA. During the fiscal year ending September 30, the SBA backed 76,465 loans to small businesses. The overall increase in loan approvals under the SBA's three major loan programs - the 7(a) General Business Loan Guaranty program, the Certified Development Company (or 504) loan program and the Microloan program - came to 29.8 percent, reflecting an increase from 59,563 loans in FY 2002.

Strong increases were registered in the two larger programs: 7(a) loans were up by 30.3 percent and 504 loans rose by 25.2 percent. The number of Micro-loans fell slightly, by 5 percent.